Fiserv Inc. is looking to beef up its capabilities in embedded payments with an agreement to acquire Payfare Inc., a Toronto-based company, for $201.5 million Canadian, or approximately $139 million in U.S. currency.
The deal, which was announced early Monday and is subject to shareholder approval, comes as processors look to build or acquire capabilities in relatively new and growing fields such as earned-wage access.
The announcement also reflects mounting interest in the payments industry this year in locking in new capabilities quickly via acquisitions. There have been 77 deals so far, ahead of the pace seen in 2023, when there had been 72 combinations by this time, according to data compiled by TSG, formerly The Strawhecker Group.