Fiserv Acquires TD Bank's 3,400 Merchant Contracts, to Provide Clover POS System

Fiserv has struck a deal with TD Bank Group to acquire 3,400 merchant contracts and provide its Clover point-of-sale system to some of the bank's business clients. The contracts will encompass around 30,000 merchant locations, with terms of the deal not disclosed. TD Bank expects the adoption of Fiserv's systems to generate cost savings and the transition to be seamless for clients.

Fiserv, Inc. (NYSE:FI), a leading fintech company with a market cap of $92 billion and annual revenues exceeding $20 billion, has announced a strategic partnership with TD Bank Group. The agreement involves Fiserv acquiring approximately 3,400 merchant contracts and providing its Clover point-of-sale system to some of TD Bank's business clients. This deal encompasses around 30,000 merchant locations across Canada.

As part of the arrangement, Fiserv will integrate its Clover platform into TD Merchant Solutions, enabling seamless transitions for clients. The acquisition aims to expand Fiserv's Canadian presence and enhance its merchant processing capabilities. The financial terms of the deal have not been disclosed, and the transaction is expected to close later this year, subject to customary closing conditions.

The move aligns with Fiserv's strategy to leverage its innovative merchant product offerings, such as the Clover platform, to provide value to clients. This partnership with TD Bank Group is expected to generate cost savings for the bank and facilitate a smoother transition for clients.

Fiserv's recent initiatives, including the launch of Clover PracticePay and its expanded partnership with Mastercard to integrate FIUSD stablecoin across its global payments network, underscore the company's commitment to technological innovation and financial technology services. These developments have been positively noted by financial analysts, with William Blair reiterating its Outperform rating for Fiserv.

References:
[1] https://www.investing.com/news/company-news/fiserv-partners-with-td-bank-group-acquires-part-of-merchant-business-93CH-4148032