Fiserv has announced its acquisition of Payfare, a workforce payments provider catering to gig economy companies. This move further strengthens Fiserv’s embedded finance capabilities by integrating Payfare’s expertise into its portfolio.
Expansion of Embedded Finance Services:
The acquisition aligns with Fiserv’s broader strategy, initiated in October 2023, to extend its merchant acceptance, banking, and card issuing services through a robust API platform.
Complementary Solutions:
Payfare’s offerings—such as card program management, a white-label consumer app, and a microservices orchestration layer—enhance Fiserv’s ability to deliver end-to-end embedded finance solutions.
Leadership Insights:
- Frank Bisignano, Chairman, President, and CEO of Fiserv, emphasized the combined effort to accelerate the delivery of embedded finance solutions, helping clients achieve greater success.
- Marco Margiotta, CEO and Founding Partner of Payfare, highlighted how the acquisition will scale their operations and enhance their capacity to serve larger organizations.
The financial terms of the acquisition have not been disclosed.