With the completion of the transaction, Payfare’s co-founders and employees have joined Fiserv. The acquisition adds to Fiserv’s Embedded Finance offerings by incorporating Payfare’s card programme management and white-label consumer application.
These capabilities, combined with Fiserv’s processing infrastructure, banking ledger services, and additional integrated solutions, create a wider suite of Embedded Banking, payment, and lending services.
In accordance with Canadian securities regulations, a wholly owned subsidiary of Fiserv, will submit an early warning report. The report will be available under Payfare’s profile on SEDAR+.
Under the terms of the agreement, the Purchaser (Fiserv) acquired all 48,287,259 outstanding shares of Payfare at CAD 4.00 per share, amounting to a total transaction value of CAD 193,149,036. The final amount may be subject to adjustments related to any exercised dissent rights. Prior to the acquisition, the Purchaser did not hold any Payfare shares, resulting in an increase in ownership from 0% to 100% upon completion.
Following the transaction, Payfare shares will be delisted from the Toronto Stock Exchange (TSX) and will no longer be quoted on the OTCQX market. The Purchaser plans to apply for Payfare to cease being a reporting issuer.
Fiserv is a global provider of payment and financial technology solutions. The company offers services in account processing, digital banking, card issuer processing, network services, payments, ecommerce, and merchant acquiring. Fiserv also operates Clover, which is a cloud-based point-of-sale and business management platform.
In February 2025, FirstRand Group, an Africa-based bank, selected Fiserv to help with its digital transformation and support wider innovation in the EMEA region. Following the announcement, the bank leveraged Fiserv’s Finxact, a cloud-native, real-time banking solution to support the growth objectives of its customer franchises FNB (First National Bank) and RMB (Rand Merchant Bank).
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