Milwaukee-based Fiserv Inc. announced today that it has reached an agreement to acquire Toronto-based fintech company Payfare Inc.
Terms of the transaction were not disclosed.
Payfare is a provider of program management solutions focused on new economy workforces.
Fiserv is a Fortune 500 company (ranked #215) and an industry leader in payments and financial technology.
“Payfare has built a reputation as an innovator in workforce payments for gig-economy companies,” said Frank Bisignano, chairman, 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.”
“Joining Fiserv is a tremendous opportunity for Payfare,” said Marco Margiotta, CEO and founding partner of Payfare. “We recognize that Fiserv gives us enhanced scale and technology which better positions us to serve a growing number of large organizations and deliver a modern digital experience.”
Payfare had record revenue of $186 million and net income of $13.1 million in its 2023 fiscal year.
Fiserv had revenues of $19.1 billion and net income of $3.1 billion in its 2023 fiscal year.
