Payfare Inc. announced that 1517452 B.C. Ltd. (the “Purchaser”), an affiliate of Fiserv, Inc. 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.”
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The Class A common shares of Payfare (“Payfare Shares”) will be delisted from the Toronto Stock Exchange, and will be withdrawn from trading in the U.S. on the OTCQX.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.
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.
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