Court Grants Final Order to Payfare Approving Arrangement with Fiserv

TORONTO, Feb. 27, 2025 - Payfare Inc. ("Payfare" or the "Company") (TSX: PAY, OTCQX: PYFRF) is pleased to announce that the Supreme Court of British Columbia has issued a final order approving the previously announced plan of arrangement (the "Arrangement") pursuant to which 1517452 B.C. Ltd. (the "Purchaser"), an affiliate of Fiserv, Inc. ("Fiserv") will acquire all of the issued and outstanding Class A Common shares of Payfare.

The Arrangement, which was first announced on December 22, 2024, is expected to close in the first half of 2025, subject to the satisfaction or waiver of certain customary closing conditions. Upon closing, Payfare shareholders will receive CA$4.00 in cash for each share held, representing a premium of approximately 90% to the closing price on the Toronto Stock Exchange on December 20, 2024, the last trading day prior to the announcement of the Transaction.



The acquisition of Payfare by Fiserv is a strategic move that will strengthen Fiserv's embedded finance offerings and enhance its capabilities in embedded banking, lending, and payments. Frank Bisignano, Chairman, President, and CEO of Fiserv, stated, "Payfare has built a reputation as an innovator in workforce payments for gig-economy companies. Together, we can accelerate the delivery of embedded finance solutions for all of our clients, empowering their next chapter of success. We look forward to welcoming the talented Payfare team to Fiserv."

Payfare's CEO and Founding Partner, Marco Margiotta, expressed enthusiasm about the acquisition, noting, "Joining Fiserv is a tremendous opportunity for Payfare. We recognize that Fiserv gives us enhanced scale and technology which better positions us to serve a growing number of large organizations and deliver a modern digital experience."



The acquisition aligns with the broader trend in the fintech industry toward more inclusive, digital, and integrated financial services. By combining Fiserv's scale and technology with Payfare's innovative solutions, the merged entity will be better positioned to serve a growing number of large organizations and deliver a modern digital experience. This acquisition will also enable Fiserv to attract a broader audience by offering a more comprehensive range of services.

In conclusion, the court's approval of the Arrangement marks a significant milestone in the acquisition of Payfare by Fiserv. This strategic move will strengthen Fiserv's embedded finance offerings and enhance its capabilities in embedded banking, lending, and payments. The combined entity will be well-positioned to serve a growing number of large organizations and deliver a modern digital experience, ultimately driving innovation and growth in the fintech industry.