Fiserv, Inc. (NYSE: FI), a global provider of payments and financial services technology, announced it has entered into a definitive agreement to acquire Payfare Inc. (TSX:PAY), a provider of program management solutions with a focus on new economy workforces.
The transaction is subject to obtaining shareholder and court approvals and other customary closing conditions and is “expected to close in the first half of 2025.”
This acquisition complements the embedded finance solutions of Fiserv with card program management, “a white-label consumer app, and a microservices orchestration layer.”
These Payfare offerings, combined with the strengths of Fiserv in processing, bank ledgers and value-added services, enhance the Fiserv solution in embedded banking, payments and lending and “help meet needs of large enterprises and financial institutions.”
Frank Bisignano, Chairman, President and Chief Executive Officer of Fiserv said:
“Payfare has built a reputation as an innovator in workforce payments for gig-economy companies. Together, we can accelerate the delivery of embedded finance solutions for all of our clients, empowering their next chapter of success. We look forward to welcoming the talented Payfare team to Fiserv.”
Marco Margiotta, CEO and Founding Partner of Payfare said:
“Joining Fiserv is a tremendous opportunity for Payfare. We recognize that Fiserv gives us enhanced scale and technology which better positions us to serve a growing number of large organizations and deliver a modern digital experience.”
As noted in the update, Payfare is an international Earned Wage Access company powering “instant access to earnings” through a digital banking platform for today’s workforce.
Payfare partners with e-commerce marketplaces, payroll platforms and employers to provide “financial security and inclusion for all workers.”
As covered, Fiserv, Inc., a Fortune 500 company, aspires to “move money and information in a way that moves the world.”
As a global enabler of payments and financial technology, the company helps customers achieve the results through a commitment to innovation in areas such “as account processing and digital banking solutions; processing of card issuers and network services; Payments; e-commerce; acquiring and processing business; and the cloud-based business management and point-of-sale platform Clover.”
Fiserv is a member of the S&P 500 Index.