Fiserv acquires US paytech Elan for USD 690 mln

Monday 1 October 2018 11:36 CET | News

US-based fintech Fiserv has agreed to acquire the debit card processing network of Elan Financial Services, a unit of US Bancorp, for USD 690 million

The acquired business has revenues of more than USD 170 million. Fiserv says the acquisition will help it build on the growth of its card services business by expanding its suite of solutions in key areas such as ATM managed services.

Fiserv will offer Elan clients additional services, including risk management solutions, Accel debit payments network and enhanced debit platform capabilities. This deal, however, does not include the Elan credit card issuing and corporate payments businesses, which are also US Bancorp units. The transaction is expected to close in Q4 this year.

Fiserv is a technology provider serving the financial services industry, processing services, risk and compliance, customer and channel management, and business insights and optimisation.

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Keywords: Fiserv, fintech, US, paytech, debit card processing network, cards, payments, Elan Financial Services, US Bancorp
Countries: World