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Canadian Tech in 100 Words

Fiserv

TD Sells Merchant Portfolio to Fiserv

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Fiserv has signed a multi-year Strategic Managed Services agreement with TD Bank Group to support TD Merchant Solutions using Fiserv’s Clover point-of-sale technology. The deal also includes Fiserv’s acquisition of a portion of TD’s Canadian merchant processing business, comprising 3,400 merchant relationships across 30,000 locations.

These will migrate to Fiserv’s processing systems and expand Clover’s footprint in Canada. Executives from both companies cited the benefits for small and medium-sized businesses, which will gain access to advanced payment tools and integrated banking solutions. The partnership strengthens Fiserv’s presence in Canada’s competitive fintech and merchant services market.

Want to know more? Check out the source code on Fintech.ca.

Fiserv to Acquire Toronto’s Payfare in Major Deal

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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.

Want to know more? Check out the source code on Fintech.ca.