Fiserv Makes a Bold Move: Acquires Payfare for $201.5 Million!
In a strategic move to fortify its foothold in the gig economy payments arena, U.S. fintech giant Fiserv is set to acquire Canada's Payfare for a whopping $201.5 million. Payfare, known for facilitating cash flows for gig workers on platforms like Uber and Lyft, has recently seen its stock plummet after losing a deal with DoorDash. However, Fiserv is offering a $4 per share deal, providing a huge 90% premium over the recent closing price. This acquisition, expected to close in early 2025, is a significant step in Fiserv's strategy to enhance its embedded finance capabilities by leveraging Payfare's innovative market solutions.
Dec 23