Payments and financial services technology firm Fiserv announced this week that it will acquire Payfare Inc., a Canadian provider of program management solutions.
Fiserv to Acquire Payfare
The deal will see Fiserv pay C$201.5 million ($140 million) for the company and is expected to close in the first half of 2025.
Payfare’s offerings, which include card program management, a white-label consumer app, and a microservices orchestration layer, are expected to bolster Fiserv’s embedded finance capabilities.
Fiserv added that the solutions complement its strengths in processing, bank ledgers, and integrated services, enabling the delivery of advanced embedded banking, payments, and lending solutions for enterprises and financial institutions.
“Payfare has built a reputation as an innovator in workforce payments for gig-economy companies,” said Frank Bisignano, Chairman, President and Chief Executive Officer of Fiserv. “Together, we can accelerate the delivery of embedded finance solutions for all of our clients.”
Marco Margiotta, CEO of Payfare, said joining Fiserv is a “tremendous opportunity” that will provide enhanced scale and technology, better positioning the company to serve larger organisations and deliver modern digital experiences.
Payfare is known for its Earned Wage Access platform, which provides instant earnings access for gig-economy workers.
