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Payfare

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.

Payfare Launches Pronto for On-Demand Wage Access

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Earned wage access company Payfare has launched Pronto, a product offering Canadian hourly workers on-demand access to their earned wages. Built on Payfare’s payout platform, Pronto enables employees to access wages as they earn, bypassing traditional pay cycles. CEO Marco Margiotta highlighted Pronto’s benefits, including improved employee satisfaction, retention, and productivity.

Despite a recent strategic review following a customer loss, Payfare remains profitable and committed to innovation. Pronto reflects Payfare’s ongoing focus on financial wellness solutions for workforces, with a strong pipeline of opportunities in the gig economy and earned wage access markets.

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

Payfare Explores Strategic Options Amid Revenue Loss from DoorDash Exit

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Payfare, the Toronto-based fintech behind instant banking access for gig workers, is launching a strategic review after losing its biggest client, DoorDash. The review, conducted with financial and legal advisors, will explore everything from partnerships to potential mergers to keep the company on track.

DoorDash’s exit hits Payfare’s revenues hard, but the company insists its foundation and funding are solid, with over $100 million in cash. Despite the review, Payfare is committed to supporting gig workers with fast access to earnings and remains focused on its business strategy. No timeline for the review’s completion has been set.

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

Payfare Fintech to Continue Powering Payments for Lyft Drivers in Canada

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Lyft and Toronto’s Payfare have announced a long-term extension of the Lyft Direct program in Canada. This extension ensures drivers can continue enjoying benefits such as instant pay and a cashback rewards program. The digital program, powered by Payfare, offers financial services to Lyft drivers, allowing them to manage earnings, track spending, and access discounts.

“Our partnership with Payfare provides drivers with immediate access to their finances via Lyft Direct, whether they are saving for their wedding, providing for a family, or trying to earn some extra money on the side to support their passions and dreams,” stated Jeremy Bird, EVP of Driver Experience at Lyft.

Want to know more? Check out the source code here.