Fiserv, a provider of payments and financial services technology, has agreed to acquire Payfare, a company specialising in programme management solutions for new economy workforces, for an undisclosed sum.
The acquisition aims to bolster Fiserv’s embedded finance capabilities, particularly in serving gig workers with instant access to earnings and comprehensive digital banking services.
The acquisition, which remains subject to shareholder and court approvals, along with other customary closing conditions, is anticipated to conclude in the first half of 2025.
This strategic move will integrate Payfare’s offerings, including card programme management, a white-label consumer app, and a microservices orchestration layer, into Fiserv’s existing solutions.
By combining these capabilities with Fiserv’s strengths in processing, bank ledgers, and integrated value-added services, the company aims to enhance its embedded banking, payments, and lending solutions.
This will help meet the needs of large enterprises and financial institutions, providing them with a more robust service offering.
Fiserv chairman, president and CEO Frank Bisignano 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.”
Payfare CEO and founding partner Marco Margiotta said: “Joining Fiserv is a tremendous opportunity for Payfare. We recognise that Fiserv gives us enhanced scale and technology, which better positions us to serve a growing number of large organisations and deliver a modern digital experience.”
Earlier this year, WaFd Bank selected CashFlow Central from Fiserv to enhance its small business banking services. This partnership allows WaFd Bank’s small business customers to access a comprehensive suite of capabilities for managing payments through their digital banking platforms.
