In October of last year, Fiserv entered the embedded finance space by opening up its merchant acceptance, banking, and card issuance operations to third parties via a suite of APIs.

The purchase of Payfare adds a microservices orchestration layer, card program administration, and a white-label consumer app to Fiserv's integrated financial offerings.

"Together, we can accelerate the delivery of embedded finance solutions for all of our clients, empowering their next chapter of success," says Frank Bisignano, chairman, president, and CEO of Fiserv.

The CEO and founding partner of Payfare, Marco Margiotta, continues, "Joining Fiserv is a tremendous opportunity for Payfare." "We understand that Fiserv provides us with increased technology and scale, which puts us in a better position to serve an increasing number of large organizations and provide a contemporary digital experience."