News Summary

Fiserv, an American FinTech giant, has announced its acquisition of Toronto-based Payfare for $201.5 million CAD ($140 million USD). This strategic move follows a challenging year for Payfare, marked by a significant share price drop and a strategic review after losing its major client, DoorDash. Payfare, known for its earned wage access platform serving gig and contract workers, powered DoorDash’s DasherDirect program. The acquisition, expected to close in the first half of 2025, will enable Fiserv to bolster its presence in the gig economy by incorporating services such as card program management and a white-label consumer app. The deal underscores Fiserv’s commitment to expanding its financial services for gig workers worldwide.