Fiserv has announced its definitive agreement to acquire Payfare, a provider specialising in program management solutions aimed at new economy workforces.
This transaction, pending shareholder and court approvals along with other customary closing conditions, is expected to be finalised in the first half of 2025.
The acquisition aims to enhance Fiserv’s embedded finance solutions by integrating Payfare’s offerings, which include card program management, a white-label consumer app, and a microservices orchestration layer. This integration will significantly bolster Fiserv’s capabilities in embedded banking, payments, and lending solutions, specifically catering to the needs of large enterprises and financial institutions.
Fiserv is renowned for its extensive financial services technology, including payment processing, bank ledgers, and integrated value-added services. Payfare, on the other hand, has carved a niche for itself by developing innovative payment solutions for gig-economy workers, establishing a strong foothold in the workforce payment sector.
The merger is poised to create substantial synergies between Fiserv’s robust processing infrastructure and Payfare’s innovative solutions. This strategic move will likely accelerate the delivery of comprehensive embedded finance solutions, enhancing the digital experience for a broad spectrum of clients.
Fiserv’s Chairman, President, and Chief Executive Officer, Frank Bisignano, commented on the acquisition, stating, “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, also expressed enthusiasm about joining Fiserv, noting, “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.”
Keep up with all the latest FinTech news here
Copyright © 2024 FinTech Global
