Canadian workers now have access to their wages before payday, thanks to the launch of Pronto by Payfare, a new earned wage access (EWA) product aimed at providing financial flexibility to employees while addressing workforce retention challenges.
Payfare Inc., a Toronto-based company specializing in instant access to earnings and digital banking solutions, announced the launch of Pronto on Tuesday. The product allows workers to access a portion of their earned wages in real-time, rather than waiting for traditional pay cycles. The company says this service can help employees manage unexpected expenses and reduce financial stress.
Marco Margiotta, CEO and founding partner of Payfare, said the new product aims to enhance workplace financial wellness. “EWA empowers employees by giving them greater control over their personal finances, while enabling employers to foster a more satisfied and productive workforce,” he said.
Earned wage access programs have been gaining traction in industries with high rates of hourly and part-time workers. According to Statistics Canada, there are more than 10 million hourly-paid employees across the country, representing a significant share of the labour market. Many businesses reliant on shift or part-time workers report struggles with staff retention, with nearly half identifying it as a challenge in 2023, Statistics Canada data shows.
Payfare believes Pronto could help address these challenges by improving employee satisfaction and retention. The company said the product is designed to integrate seamlessly with payroll systems, making it a practical option for employers looking to offer financial solutions in a competitive labour market.
Payfare has positioned Pronto as a tool to strengthen workforce stability, particularly in sectors where financial stress and tight pay cycles have contributed to turnover and absenteeism.
The company’s broader platform has been recognized for its innovations in financial technology and already serves e-commerce marketplaces and payroll providers globally.