Wells Fargo and Fiserv to End Merchant Acquiring Joint Venture in 2025

Wells Fargo and Fiserv will end their merchant acquiring joint venture in April 2025, with Fiserv expecting an impairment charge. A new multiyear processing agreement has been signed

Wells Fargo and Fiserv have announced that they will end their long-standing merchant acquiring joint venture, Wells Fargo Merchant Services (WFMS), on April 1, 2025. The joint venture, in which Fiserv acquired a 40% stake following its merger with First Data in 2019, is set to conclude after nearly two decades of collaboration.

According to a recent SEC filing, Fiserv expects to receive either a cash payment or assets equivalent to the value of its share in WFMS. Additionally, the payment processing giant anticipates an impairment charge ranging between $400 million and $600 million due to the dissolution of the partnership.

Despite the conclusion of the joint venture, the two companies have agreed on a new multiyear agreement. Under this deal, Fiserv will continue to provide payment processing services for both existing and future Wells Fargo merchant clients.

Search