Fiserv, a provider of payments and financial services technology, has announced a definitive agreement to acquire Payfare, an international provider of Earned Wage Access and digital banking solutions for modern workforces. This strategic acquisition, expected to close in the first half of 2025 is subject to customary approvals, including those from shareholders and the courts. The integration of Payfare’s expertise in program management, white-label consumer apps, and microservices orchestration will enhance Fiserv’s embedded finance capabilities, offering advanced solutions in banking, payments, and lending for large enterprises and financial institutions.
Payfare, known for empowering the gig economy and modern workforce payments, partners with e-commerce platforms and employers to deliver financial inclusion and security. Its platform aligns with Fiserv’s strengths in processing, digital banking, and integrated services. Frank Bisignano, Chairman, President, and CEO of Fiserv, highlighted the synergy, emphasizing their shared commitment to innovation and client success. Payfare’s CEO Marco Margiotta expressed enthusiasm for leveraging Fiserv’s scale and technology to expand their offerings. This collaboration represents a significant step in advancing embedded finance solutions, underscoring Fiserv’s ongoing mission to move money and information efficiently and securely while fostering financial innovation.
