Fiserv has announced a definitive agreement to acquire Payfare, a leading provider of program management solutions tailored to modern workforce needs. The transaction, subject to shareholder and court approvals as well as other customary closing conditions, is expected to close in the first half of 2025.
This strategic acquisition aims to expand Fiserv’s embedded finance capabilities by incorporating Payfare’s innovative offerings, including card program management, a white-label consumer application, and a microservices orchestration layer. By integrating these solutions, Fiserv will strengthen its embedded banking, payments, and lending services, particularly for 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 expected to generate significant synergies by combining Fiserv’s advanced processing infrastructure with Payfare’s cutting-edge solutions. This collaboration will accelerate the delivery of holistic embedded finance solutions, providing enhanced digital experiences for a diverse range of clients.
Frank Bisignano, Chairman, President, and Chief Executive Officer of Fiserv, highlighted the potential of the acquisition, stating, “Payfare has earned a reputation as an innovator in workforce payments for gig-economy companies. Together, we can expedite the delivery of embedded finance solutions to all our clients, empowering their future success. We are excited to welcome 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.”
