Fiserv is enhancing its embedded finance capabilities through the acquisition of Payfare, a provider specializing in workforce payments for gig economy companies.
Fiserv took its initial steps into embedded finance in October of last year, enabling access to its merchant acceptance, banking, and card issuing services via a suite of APIs. The addition of Payfare expands Fiserv’s embedded finance offerings by providing card program management, a white-label consumer app, and microservices orchestration.
Frank Bisignano, chairman, president, and CEO of Fiserv, stated, “Together, we can accelerate the delivery of embedded finance solutions for all of our clients, empowering their next chapter of success.”
Marco Margiotta, CEO and founding partner of Payfare, remarked, “Joining Fiserv is a tremendous opportunity for 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.”
The terms of the transaction remain undisclosed.