Fiserv, Inc. is a leading global provider of payments and financial services technology solutions, catering to a diverse clientele that includes merchants, banks, credit unions, other financial institutions, and corporate clients worldwide . The company operates through two main segments: Merchant Solutions and Financial Solutions, offering a range of commerce-enabling products and services . Fiserv is committed to innovation and integration, delivering superior value through its technology and services .
- Financial Solutions - Provides products and services to financial institutions, corporate, and public sector clients, facilitating the processing of customer loan and deposit accounts, digital payments, and card transactions. Includes services like debit and credit card processing, digital banking, financial and risk management, and check processing .
- Merchant Solutions - Offers commerce-enabling products and services such as merchant acquiring, digital commerce services, mobile payment services, security and fraud protection solutions, and pay-by-bank solutions.
- Clover® - A point-of-sale integrated commerce operating system for small businesses.
- CaratSM - An integrated commerce operating system for enterprise clients .
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Frank J. Bisignano ExecutiveBoard | Chairman, President, and CEO | None | Frank J. Bisignano joined Fiserv in 2019 as part of the acquisition of First Data Corporation. He has held various roles, including COO, President, CEO, and Chairman. | |
Adam L. Rosman Executive | Chief Administrative Officer and Chief Legal Officer | None | Adam L. Rosman joined Fiserv in 2019 and has served as Chief Administrative Officer and Chief Legal Officer since 2021. He was previously General Counsel at OneMain Financial. | |
Guy Chiarello Executive | Chief Operating Officer | None | Guy Chiarello joined Fiserv in 2019 and has served as Chief Administrative Officer and Chief Operating Officer. He played a significant role in advancing Fiserv's innovation agenda. | |
Jennifer LaClair Executive | Head of Global Business Solutions | None | Jennifer LaClair joined Fiserv in 2023 as Chief Revenue Officer and became Head of Global Business Solutions in 2024. She was previously CFO at Ally Financial. | |
Michael P. Lyons Executive | President and CEO-Elect | None | Michael P. Lyons was appointed President and CEO-Elect of Fiserv in 2025. He was previously President of The PNC Financial Services Group. | |
Robert W. Hau Executive | Chief Financial Officer | None | Robert W. Hau has been the CFO of Fiserv since 2016. He previously held CFO roles at TE Connectivity Ltd. and Lennox International Inc. | |
Ajei S. Gopal Board | Director | Director at ANSYS, Inc. | Ajei S. Gopal joined the board of Fiserv in 2024. He is the President and CEO of ANSYS, Inc. | |
Charlotte B. Yarkoni Board | Director | None | Charlotte B. Yarkoni joined the board of Fiserv in 2023. She has held leadership roles at Microsoft and VMware. | |
Doyle R. Simons Board | Non-Executive Chairman of the Board | Director at Union Pacific Corporation, Director at Iron Mountain Incorporated | Doyle R. Simons has been a director at Fiserv since 2007 and was appointed Non-Executive Chairman in 2025. He was previously CEO of Weyerhaeuser Company. | |
Harry F. DiSimone Board | Director | None | Harry F. DiSimone has been a director at Fiserv since 2018. He serves as Chair of the Risk Committee and is a member of the Audit Committee. | |
Heidi G. Miller Board | Director | Director at Waystar, Inc. | Heidi G. Miller has been a director at Fiserv since 2019. She has held leadership roles at JPMorgan Chase and Citigroup. | |
Henrique de Castro Board | Director | Director at Banco Santander, S.A. | Henrique de Castro has been a director at Fiserv since 2019. He has held senior positions at Google and Yahoo! Inc. | |
Kevin M. Warren Board | Director | None | Kevin M. Warren joined the board of Fiserv in 2020. He has held executive roles at UPS and Xerox. | |
Lance M. Fritz Board | Director | Director at Parker-Hannifin Corporation, Member of The Business Council | Lance M. Fritz joined the board of Fiserv in 2024. He was previously Chairman, President, and CEO of Union Pacific Corporation. | |
Wafaa Mamilli Board | Director | Executive Vice President, Chief Digital & Technology Officer at Zoetis, Inc. | Wafaa Mamilli joined the board of Fiserv in 2021. She has extensive expertise in cybersecurity and digital transformation. |
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Regarding the SMB bundle, can you elaborate on the specific challenges of integrating products across both the Merchant and Financial Solutions segments, and how you plan to ensure its successful contribution to growth next year?
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As you expand Clover into Latin America and Australia, what risks do you anticipate in these new markets, and what strategies are in place to mitigate potential adoption hurdles?
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With the approval of your merchant acquirer limited purpose bank charter in Georgia, how might this change affect your relationships with existing bank partners, and are there any regulatory concerns that could impact this initiative?
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Given the raised guidance for organic revenue growth and adjusted earnings per share, what key factors are driving this optimism, and what potential headwinds could jeopardize achieving these targets?
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Can you provide more details on the partnership with DoorDash, specifically how this embedded finance application will impact your financial performance, considering the challenges associated with long implementation cycles in such initiatives?
Research analysts who have asked questions during FISERV earnings calls.
Darrin Peller
Wolfe Research, LLC
5 questions for FI
Tien-tsin Huang
JPMorgan Chase & Co.
5 questions for FI
Timothy Chiodo
UBS Group AG
5 questions for FI
David Koning
Robert W. Baird & Co.
4 questions for FI
Harshita Rawat
AllianceBernstein
4 questions for FI
Andrew Jeffrey
William Blair & Company
3 questions for FI
Dan Dolev
Mizuho Financial Group
3 questions for FI
James Faucette
Morgan Stanley
3 questions for FI
Jason Kupferberg
Bank of America
3 questions for FI
Ramsey El-Assal
Barclays
3 questions for FI
Will Nance
Goldman Sachs
2 questions for FI
Bryan Keane
Deutsche Bank
1 question for FI
James Friedman
Susquehanna Financial Group, LLLP
1 question for FI
William Nance
The Goldman Sachs Group, Inc.
1 question for FI
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
CCV Group B.V. | 2025 | Planned acquisition of a POS payment solutions provider, to be closed in Q1 2025 as part of a combined deal (with Payfare Inc.) valued at approximately $360 million. The move is strategically aimed at expanding the company's network of payment solutions within its Merchant segment. |
Payfare Inc. | 2025 | Planned acquisition designed to boost embedded finance capabilities by incorporating program management solutions that enable instant access to earnings and banking. It is included in the Financial segment and is part of the combined transaction valued at approximately $360 million closing in Q1 2025, subject to customary approvals. |
European Merchant Services B.V. | 2023 | Completed acquisition in September 2023 for $56 million, acquiring the remaining 49% interest in the Netherlands-based merchant acceptance business. The acquisition, funded by available cash and commercial paper proceeds, consolidates reporting within the Acceptance segment. |
Finxact, Inc. | 2022 | Completed acquisition on April 1, 2022 for approximately $645 million (net of $27 million acquired cash), enhancing the company's Fintech segment through cloud-native banking solutions that support digital transformation. The deal also recognized a pre-tax gain from remeasurement of the previously held equity interest. |
City POS (The LR2 Group, LLC) | 2022 | Completed acquisition on June 1, 2022 for approximately $26 million with earn-out provisions valued at $3 million, intended to expand the company's merchant services capabilities in the Acceptance segment through the ISO's payment processing and POS equipment sales services. The purchase price allocation included intangible assets and goodwill for tax-deductible benefits. |
NexTable, Inc. | 2022 | Completed acquisition on September 1, 2022 as part of a group transaction with an aggregate purchase price of approximately $686 million (net of $27 million acquired cash and including $6 million in earn-out provisions). The acquisition adds cloud-based reservation and table management solutions to the Acceptance segment, enhancing the company's restaurant offerings and omnichannel capabilities. |
Recent press releases and 8-K filings for FI.
- Faruqi & Faruqi is investigating potential securities claims against Fiserv on behalf of investors who purchased securities between July 24, 2024 and July 22, 2025.
- Investors have until September 22, 2025 to move to serve as lead plaintiff in the class action.
- The complaint alleges Fiserv made false or misleading statements by forcing Payeezy merchants to migrate to Clover, temporarily boosting Clover’s GPV and revenue growth while concealing merchant attrition and unsustainable results.
- The Fiserv Small Business Index for August 2025 held steady at 149, with year-over-year sales growth of +3.9%, transactions +3.7%, and average ticket size +0.3%; month-over-month sales were flat, foot traffic rose +1.4%, and average ticket size fell -1.5%.
- Restaurant performance was powered by quick-service, with restaurant sales up +2.1% month-over-month and +2.2% year-over-year; quick-service restaurants delivered +8.3% year-over-year growth.
- Retail sales grew +1.1% month-over-month and foot traffic +0.9%, but year-over-year inflation-adjusted retail sales fell -1.4%, marking a continuation of the contraction that began in April.
- In wholesale trade, month-over-month sales slipped -0.3% and transactions -2.5% while average ticket size rose +2.3%; year-over-year sales were +3.1% driven by a +5.8% increase in ticket size despite a -2.7% drop in transactions; discretionary spending rose +1.2% month-over-month versus essentials down -1.5%.
- Faruqi & Faruqi is investigating potential securities claims against Fiserv and warns of a September 22, 2025 deadline to seek lead plaintiff status in the class action.
- The complaint alleges forced migration of Payeezy merchants to Clover artificially boosted Clover GPV growth—and that merchant attrition then revealed decelerating GPV and unsustainable revenue growth.
- Disclosure on April 24, 2025 showed Clover GPV growth slowed to 8% (vs. 14–17% in 2024), triggering an 18.5% stock drop to $176.90, followed by further declines on May 15 and July 23 as growth forecasts were lowered.
- Investors with losses exceeding $75,000 in Fiserv between July 24, 2024 and July 22, 2025 are urged to contact Faruqi & Faruqi partner Josh Wilson.
- Faruqi & Faruqi is investigating claims that Fiserv and its executives made false or misleading statements about the growth and attrition of its Clover payments platform.
- The complaint alleges forced migration of Payeezy merchants to Clover temporarily inflated GPV, masking a slowdown in new business and leading to later merchant losses.
- April 24, 2025: Clover GPV growth was 8% versus 14–17% in 2024, triggering an 18.5% stock drop; further deceleration announcements on May 15 and July 23, 2025 led to 16.2% and 13.9% share declines, respectively.
- Investors have until September 22, 2025 to seek lead plaintiff status in the class action and are urged to contact Josh Wilson at Faruqi & Faruqi for their legal options.
- On August 12, 2025, Fiserv entered into a $8.0 billion senior unsecured multicurrency revolving credit facility maturing August 12, 2030, replacing its prior credit agreement.
- The facility, with JPMorgan Chase Bank, N.A. as administrative agent and a syndicate of lenders, allows borrowings in U.S. dollars, euros, pounds sterling and other agreed currencies; no amounts were drawn at signing.
- Loans bear variable interest based on currency-specific reference rates (including Term SOFR for USD) plus a margin tied to Fiserv’s long-term debt rating, and there is a facility fee on unused commitments.
- The agreement includes customary events of default and a covenant limiting consolidated indebtedness to 3.75× EBITDA at each fiscal quarter end.
- On August 11, 2025, Fiserv issued $1 billion of 4.550% Senior Notes due 2031 and $1 billion of 5.250% Senior Notes due 2035 under its existing indenture.
- The 2031 Notes accrue interest at 4.550% per annum, payable semi-annually on February 15 and August 15, maturing February 15, 2031; the 2035 Notes accrue interest at 5.250%, payable semi-annually on February 11 and August 11, maturing August 11, 2035.
- Both series are redeemable at Fiserv’s option before their respective par call dates at the greater of a present-value-based price plus accrued interest or 100% of principal, and thereafter at 100% of principal, and must be repurchased upon a change of control at 101% of principal plus accrued interest.
- The 2031 Notes were priced at 99.672% of face value and the 2035 Notes at 99.846%, with settlement on August 11, 2025.
- Faruqi & Faruqi is investigating potential claims against Fiserv and reminds investors of the September 22, 2025 deadline to seek lead plaintiff status in the federal class action.
- The complaint alleges Fiserv forced Payeezy merchants onto its Clover platform, temporarily boosting Clover GPV and masking a slowdown in new merchant growth.
- On April 24, 2025, Fiserv reported Clover GPV growth of 8% (vs. 14–17% in 2024), and its shares fell 18.5% to $176.90.
- Further disclosures on May 15 and July 23, 2025—including continued GPV deceleration and a cut to guidance—triggered additional share declines of 16.2% (to $159.13) and 13.9% (to $143.00).
- The Fiserv Small Business Index increased to 149 in July 2025, up 1 point, with sales up 3.6% YoY and 1.0% MoM; transactions rose 3.0% YoY, indicating resilient consumer spending.
- Growth was driven by higher average ticket sizes, which climbed 0.7% YoY and 0.9% MoM, while foot traffic was flat MoM.
- Essentials outperformed discretionary, with essentials sales up 6.1% YoY and 1.5% MoM versus discretionary sales rising 1.1% YoY and 0.5% MoM.
- Restaurant visits dipped 0.3% MoM, leading to a 0.9% (inflation-adjusted 1.1%) MoM sales decline, though restaurant sales remained 1.8% YoY higher and foot traffic was up 2.2% YoY.
- Fiserv, Inc. (NYSE: FI) investors have until September 22, 2025 to file lead plaintiff motions in a class action covering July 24, 2024 – July 22, 2025.
- The complaint alleges cost issues and other problems with the Payeezy platform forced merchants to migrate to Clover, temporarily boosting Clover’s GPV and revenue growth at the expense of sustainable new merchant acquisition.
- It further claims many former Payeezy merchants later switched to competitors due to high pricing and customer service shortcomings, masking a slowdown in Clover’s growth and rendering Fiserv’s public statements materially misleading.
- Faruqi & Faruqi is investigating potential securities claims against Fiserv and reminds investors of the September 22, 2025 deadline to seek lead plaintiff status in a federal class action.
- The complaint alleges Fiserv forced Payeezy merchants onto its Clover platform, artificially boosting Clover’s revenue growth and gross payment volume before a subsequent slowdown concealed weakening new‐merchant activity.
- After Fiserv reported Clover GPV growth of 8 percent in Q1 2025 (down from 14–17 percent in 2024), shares dropped 18.5 percent on April 24, 2025; further deceleration news on May 15 and July 23 led to additional declines of 16.2 percent and 13.9 percent, respectively.