Payfare To Sell Its Business To Fiserv In New Deal

Fiserv, a leading company in payments and financial services technology, has revealed that it has reached an agreement to buy Payfare Inc. This deal will help Fiserv get better at offering easy financial tools, like Payfare’s card program, special app, and smart service system.

The company plans to finalize the transaction in the first half of next year, pending approval from shareholders and other necessary legal steps. The acquisition will allow Fiserv to enhance its offerings in embedded banking, payments, and lending. It will also help large businesses and financial institutions meet their needs.

Fiserv Aims To Offer Its Clients Better Embedded Finance Solutions

Fiserv’s leader, Frank Bisignano, shared that Payfare’s experience in workforce payments for gig-economy companies will help Fiserv deliver better-embedded finance solutions for all of its clients. He said he is happy about combining Payfare’s good ideas with Fiserv’s services, like processing and other helpful tools. This deal will also help Fiserv grow in the fast-changing gig economy.

Payfare’s ideas are great for gig workers because they need fast ways to get their money. The company said it created a digital banking platform that allows workers to receive their payments quickly. This helps them feel safe and included. Payfare also revealed that it has partnered with some online shops, payroll companies, and employers to achieve its goal.

Fiserv said the deal will enable it to help large companies that complete many transactions and need updated financial services. It will also let the firm grow in the embedded finance market, which might be worth $7.2 trillion by 2030.

Payfare’s custom solutions and organized system are a big part of this deal since they match Fiserv’s technology. The company said bringing these into Fiserv will let it provide new features quicker, improving its stance in the digital finance world.

Payfare Aims To Serve More Large Organizations After The Latest Deal

Fiserv’s focus on working with large companies and banks will likely help the company earn more money. These companies said they often have customers for a longer time and process more transactions. The deal will also help Fiserv give better financial tools to these businesses.

Marco Margiotta, the leader of Payfare said by working together, Payfare will have the tools and reach to help more big companies and offer its services. Marco also said Payfare’s solutions, including its award-winning platform, will add even more value to Fiserv’s current services.

This new deal helps Fiserv compete better in the growing embedded finance market. By adding Payfare’s tools, Fiserv will be able to reach more customers and find new ways to earn money. Together, both companies said they will create a stronger platform that will help businesses in many areas.