Fiserv Completes Acquisition of Payfare

Rhea-AI Summary

Fiserv has completed its acquisition of Payfare Inc. (TSX: PAY, OTCQX: PYFRF) through its affiliate 1517452 B.C. , as announced on March 3, 2025. The acquisition was executed via a plan of arrangement under the British Columbia Business Corporations Act.

Payfare, which has facilitated over $20 billion in instant earnings access for millions of gig workers, will be delisted from the Toronto Stock Exchange and withdrawn from OTCQX trading. The company will also cease to be a reporting issuer in Canada.

CEO Marco Margiotta described the acquisition as a transformative step that will enhance their mission of providing financial security and inclusion for workers, enabling faster innovation through the partnership with Fiserv.

Positive

• Access to Fiserv's resources for accelerated innovation
• $20B+ in processed instant earnings demonstrates strong market position
• Enhanced capability to scale financial inclusion services

Negative

• Delisting from TSX and OTCQX reduces investment liquidity
• Loss of independent public company status

TORONTO, March 3, 2025 /PRNewswire/ - Payfare Inc. ("Payfare" or the "Company") (TSX: PAY) (OTCQX: PYFRF) today announced that 1517452 B.C. Ltd. (the "Purchaser"), an affiliate of Fiserv, Inc. ("Fiserv") (NYSE: FI) has completed its previously announced acquisition of Payfare pursuant to a plan of arrangement under the British Columbia Business Corporations Act (the "Arrangement").

"It's an exciting day for Payfare as we join together with Fiserv," said Marco Margiotta, Chief Executive Officer & Founding Partner of Payfare. "This is a transformative step that will further our mission of providing financial security and inclusion for all workers, as we innovate further and faster with Fiserv. Thank you to the dedicated Payfare team, our clients, and partners who have paved a new way of pay, as we powered over $20 billion in instant access to earnings for millions of gig workers over the years." 

The Class A common shares of Payfare ("Payfare Shares") will be delisted from the Toronto Stock Exchange, and will be withdrawn from trading in the U.S. on the OTCQX. Payfare will apply to cease to be a reporting issuer in Canada. The Toronto Stock Exchange will disseminate a notice announcing the delisting of the Payfare Shares in due course.

About Fiserv

Fiserv, Inc. (NYSE: FI), a Fortune 500™ company, aspires to move money and information in a way that moves the world. As a global leader in payments and financial technology, the company helps clients achieve best-in-class results through a commitment to innovation and excellence in areas including account processing and digital banking solutions; card issuer processing and network services; payments; e-commerce; merchant acquiring and processing; and the Clover^® cloud-based point-of-sale and business management platform. Fiserv is a member of the S&P 500^® Index and is one of Fortune^® World's Most Admired Companies™. Visit fiserv.com and follow on social media for more information and the latest company news.

View original content:https://www.prnewswire.com/news-releases/fiserv-completes-acquisition-of-payfare-302389984.html

SOURCE Payfare Inc.

FAQ

What is the value of transactions processed by Payfare (PYFRF) before the Fiserv acquisition?

Payfare processed over $20 billion in instant earnings access for millions of gig workers before the acquisition.

When will Payfare (PYFRF) be delisted from the Toronto Stock Exchange?

Payfare shares will be delisted from the Toronto Stock Exchange, with the exact date to be announced in a forthcoming notice.

What happens to Payfare's (PYFRF) reporting status after the Fiserv acquisition?

Payfare will apply to cease being a reporting issuer in Canada and will be delisted from both TSX and OTCQX trading.

What is the strategic purpose of Fiserv's acquisition of Payfare (PYFRF)?

The acquisition aims to enhance financial security and inclusion for workers while accelerating innovation through the combined capabilities of both companies.