Payfare (PYFRF) announced that its core services agreement related to DoorDash, Inc.’s (DASH) DasherDirect card program will not be renewed beyond the current term in early 2025. DasherDirect is currently Payfare’s largest program, and the revenue derived from the program has been a substantial proportion of Payfare’s total revenues. As such, Payfare is withdrawing its previously issued 2024 financial guidance for revenue and earnings, as the company and DoorDash establish a transition plan to begin in the fourth quarter of 2024. Both parties are expected to work collaboratively during the remainder of the term. Payfare has over $100M in cash, cash equivalents, and guaranteed investment certificates and is well capitalized to fund its new strategic initiatives.
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