US-based Fiserv has entered into an agreement to acquire Payfare, a provider of program management solutions with a focus on “new economy workforces”, to enhance its embedded finance offerings.
According to Fiserv, the acquisition of Payfare will complement its embedded finance solutions.
Payfare’s offerings, including card program management, a white-label consumer app, and a microservices orchestration layer, combined with Fiserv’s expertise in processing, bank ledgers and value-added services, will improve the Fiserv solution in embedded banking, payments and lending.
The deal, which is expected to close in the first half of 2025, is subject to obtaining shareholder and court approvals, as well as other customary closing conditions.
“Payfare has built a reputation as an innovator in workforce payments for gig-economy companies,” said Frank Bisignano, chair, president and chief executive officer of Fiserv.
“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 provides workforces with instant access to earnings via a digital banking platform, partnering with ecommerce marketplaces, payroll platforms and employers to offer workers financial security and inclusion. Its clients include DoorDash, Lyft and Uber.
Marco Margiotta, chief executive officer and founding partner of Payfare, added: “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.”
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