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연혁
Fiserv, Inc. is a payments and financial services technology company that completed its IPO on March 26, 1990. By 2025 it defined its business around two core segments, Merchant Solutions and Financial Solutions, serving merchants, banks, credit unions, other financial institutions, enterprises and public-sector clients. Revenue grew from $16.226 billion in 2021 to $21.193 billion in 2025 (a CAGR of roughly 7%), with the 2025 total split into $10.14 billion from Merchant, $9.664 billion from Financial, and $1.389 billion from Corporate and Other. Over 2021-2025 diluted shares outstanding fell from 671.6 million to 549.0 million, a reduction of about 18% driven by share repurchases. In 2025 the company carried out what management described as a reset of its earnings baseline; Mike Lyons became CEO in May 2025 and Paul Todd became CFO in October 2025, and an Investor Day set out a 2027-2029 mid-term framework. The Wells Fargo Merchant Services alliance expired in 2025, after which Fiserv received $453 million in cash and signed a new multi-year processing agreement with Wells Fargo. Its Clover small-business platform reached annualized gross payment volume of $324 billion in the first quarter of 2026.
업계 내 위치
Fiserv operates as a large infrastructure provider in payments and financial technology, spanning bank core systems, card and debit processing, the Clover merchant-acquiring platform, and payment network connectivity. On the Merchant side it competes with Global Payments, Block, Adyen, Shift4 and Toast; on the Financial side it competes with FIS, Jack Henry, other core-banking and card-issuing vendors, and banks' in-house systems. Its distinguishing characteristic is operating both the Merchant and Financial sides at scale, combining merchant entry points such as Clover with debit networks, card issuing, account processing and bank core systems. Roughly 80% of revenue comes from processing and services revenue under multi-year contracts that typically carry high renewal rates, and the company describes most of its products and services as non-discretionary to customers' operations; merchant distribution runs largely through financial institutions, ISVs, ISOs, alliances and referral agreements. Unlike Visa or Mastercard, Fiserv is not a pure payment network. In the first quarter of 2026 Clover reached $324 billion of annualized gross payment volume, with GPV up 12% year over year excluding gateway conversion and value-added-services penetration at 27%. In 2025 the total operating margin was 27.5%, with the Merchant segment margin moving from 37.0% to 34.5% and the Financial segment margin from 47.3% to 45.3%.
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