Fiserv, a global financial technology leader, has announced its agreement to acquire Toronto-based Payfare. The deal, pending shareholder and court approvals, is set to close in early 2025. Known for its instant banking solutions for gig workers and hourly employees, Payfare’s innovations include its Pronto platform for on-demand wage access.
Fiserv aims to integrate Payfare’s program management solutions with its own banking and payment expertise, enhancing embedded finance solutions for enterprises. CEO Marco Margiotta called the merger a “tremendous opportunity.”
The acquisition aligns with Fiserv’s goal to empower clients with scalable financial tools for workforce payments and lending solutions.
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