Fiserv, a global leader in financial technology solutions, has successfully completed its acquisition of Payfare, a move aimed at expanding its embedded finance capabilities. This acquisition strengthens Fiserv’s position in the digital banking and payments space by integrating Payfare’s expertise in on-demand and gig economy financial solutions.
With this acquisition, Fiserv gains access to Payfare’s instant payment solutions, widely used by gig workers and independent contractors. The integration is expected to enhance Fiserv’s embedded finance ecosystem, offering seamless digital payment experiences across various industries.
CEO’s Perspective on the Acquisition
“Our acquisition of Payfare accelerates our mission to deliver real-time, embedded financial services,” said Frank Bisignano, Chairman and CEO of Fiserv. “By integrating Payfare’s technology, we are expanding our ability to serve gig economy workers and businesses with instant and secure financial solutions.”
Expanding Financial Access Through Innovation
Payfare has been a pioneer in real-time payments and digital banking, offering gig workers instant access to earnings through partnerships with platforms like Uber, Lyft, and DoorDash. The acquisition aligns with Fiserv’s commitment to providing frictionless digital financial services and improving financial inclusion for independent workers.
About Fiserv
Fiserv is a leading fintech company specializing in payments, banking, and commerce solutions. The company serves financial institutions, businesses, and consumers by enabling secure and innovative payment experiences. The acquisition of Payfare enhances Fiserv’s digital payment infrastructure, further solidifying its role as a key player in the embedded finance space.
Future of Embedded Finance at Fiserv
This strategic move underscores Fiserv’s focus on expanding financial accessibility and driving innovation in embedded finance. The company plans to integrate Payfare’s solutions into its existing payment platforms, enhancing the speed and efficiency of financial transactions for businesses and consumers alike.
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