Lyft and Payfare Announce Long Term Extension of Lyft Direct Program

SAN FRANCISCO, Calif. and TORONTO, July 25, 2024

SAN FRANCISCO, Calif. and TORONTO, July 25, 2024 /PRNewswire/ - Lyft, Inc. (NASDAQ: LYFT), one of the largest transportation networks in North America, and Payfare Inc. (TSX: PAY) (OTCQX: PYFRF), a leading international Earned Wage Access ("EWA") company powering instant access to earnings and digital banking solutions for workforces, are excited to announce the long-term extension of their successful partnership on Lyft Direct. This extension allows drivers on the Lyft platform to continue benefiting from free instant pay, a feature rich digital banking platform, and a robust loyalty rewards program, so drivers on the Lyft platform can keep more of what they earn.

Lyft Direct, powered by Payfare, is a worry-free, mobile banking solution designed specifically for drivers on the Lyft platform. It offers free instant access to earnings after every ride, allowing drivers to better manage their finances and cash flow. The program also features a cashback rewards system, where drivers can save on everyday spending on essential items like fuel.

Lyft Direct offers drivers on the Lyft platform a suite of financial services tailored to their unique needs. Drivers can manage their earnings, track spending, and access exclusive discounts and offers through the Lyft Direct app. 

The long-term extension of the program is a testament to the success of Lyft Direct and the ongoing commitment to support the financial well-being of cardholders.

"We are thrilled to continue our partnership with Lyft through the extension of Lyft Direct," said Marco Margiotta, CEO and Founding Partner of Payfare. "Our mission has always been to empower gig economy workers with financial tools that improve their lives. By providing instant access to earnings and valuable cashback rewards, we are helping drivers on the Lyft platform achieve greater financial security and independence."

"Drivers can earn when, where, and for however long they want driving on the Lyft Platform, so they should also have access to those earnings whenever they need them," said Jeremy Bird, EVP of Driver Experience at Lyft. "Our partnership with Payfare provides drivers with immediate access to their finances via Lyft Direct, whether they are saving for their wedding, providing for a family, or trying to earn some extra money on the side to support their passions and dreams."