Fiserv is boosting its embedded finance capabilities with the acquisition of Payfare, a provider of workforce payments for gig economy companies.
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Fiserv made its move into embedded finance in October last year, making capabilities from its merchant acceptance, banking, and card issuing businesses available to others through a set of APIs.
The acquisition of Payfare complements the embedded finance solutions of Fiserv with card programme management, a white-label consumer app, and a microservices orchestration layer.
Frank Bisignano, chairman, president and CEO of Fiserv, says: “Together, we can accelerate the delivery of embedded finance solutions for all of our clients, empowering their next chapter of success.”
“Joining Fiserv is a tremendous opportunity for Payfare,” adds 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.”
Terms of the transaction have not been disclosed.
