Fiserv, Inc. (NYSE: FI), a global leader in payments and financial technology, has successfully completed its acquisition of Payfare Inc. (TSX: PAY), a prominent provider of program management solutions tailored for new economy workforces. Payfare’s co-founders and employees have now joined the Fiserv team.
This strategic acquisition enhances Fiserv’s embedded finance offerings by integrating Payfare’s card program management and white-label consumer applications. Combined with Fiserv’s robust capabilities in payment processing, banking ledgers, and value-added services, the expanded suite delivers a comprehensive solution for embedded banking, payments, and lending.
Regulatory Compliance & Early Warning Report
In compliance with National Instrument 62-104 and National Instrument 62-103, 1517452 B.C. LTD. (the “Purchaser”), a wholly owned subsidiary of Fiserv, will file an early warning report as required by Canadian securities laws. The report will be available under Payfare’s profile on SEDAR+ (www.sedarplus.ca).
Transaction Details
Under the plan of arrangement, the Purchaser acquired 48,287,259 shares of Payfare, representing 100% ownership, at C$4.00 per share, totaling C$193,149,036 (subject to adjustments for dissenting shareholder rights). Before the transaction, the Purchaser held no shares of Payfare.
Following the acquisition:
- Payfare shares will no longer be listed on the TSX or quoted on the OTCQX.
- The Purchaser intends to apply for Payfare to cease being a reporting issuer.
This acquisition marks a significant step in Fiserv’s mission to innovate and expand its embedded finance solutions, delivering seamless digital banking and payment experiences to businesses and consumers.
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