Payments and banking infrastructure
Fiserv
Fiserv earns processing, service and product revenue by providing account processing, card issuing, network connectivity, merchant acquiring and Clover point-of-sale tools to financial institutions and merchants. It relies on payment networks and cloud and AI software, while acquiring fintech businesses to add products and geographic reach.
Business categories Banking & Payments · Finance & Capital · primary
FISV Updated Sep 24, 2026 5 AI consumers· 3 recurring
Per the valuechain.wiki graph, Fiserv is directly linked to 4 companies (3 supply, 1 revenue relationships) and reaches 36 companies within two hops; the links are backed by 8 dated sources, 1 of them primary filings (as of 2026-09-24).
Financials & Segments
- Total revenue · FY2025 total revenue of $21.193 billion
- Segments · Merchant Solutions · Financial Solutions · Corporate and Other
Revenue from
- TD Bank Group High confidence· Count 30,000 merchant_locations · 2025 agreement and migration · TD merchant locations migrating to Fiserv processing and Clover
TD's Canadian merchant business uses Fiserv technology, including Clover, under a multi-year managed-services agreement. About 3,400 acquired merchant relationships covering 30,000 locations migrated to Fiserv processing and Clover. - Wells Fargo High confidence
After the merchant-services joint venture ended in April 2025, Fiserv retained a multi-year agreement to process current and future Wells Fargo merchant clients. The contract value was not disclosed.
Pays to
- Microsoft High confidence· Count 8,000 software_engineers · as of 2026-01-08 · Fiserv software engineers with GitHub Copilot deployed
Fiserv is deploying Microsoft 365 Copilot across the company and expanding its use of Azure-powered Microsoft Foundry. These software and AI infrastructure services directly support internal productivity and product development.Confirms EN Fiserv Published Jan 8, 2026: Fiserv Collaborates with Microsoft to Accelerate AI-Driven Innovation - Visa Inc Medium confidence
Card data read by Clover passes through Fiserv to the Visa network and the authorization response returns through that network. Visa's rail is a direct infrastructure input to Fiserv merchant processing, but counterparty-specific cost is undisclosed. - Mastercard Inc Medium confidence
Fiserv is integrating Mastercard Merchant Cloud into Commerce Hub to provide payment acceptance and value-added services. Mastercard merchant services are an input to Fiserv's offering, but commercial terms were not disclosed.Confirms KO Investing.com Korea Published Aug 4, 2026: Fiserv Partners with Mastercard on Merchant ServicesConfirms EN Fiserv Published Aug 4, 2026: Fiserv and Mastercard Deepen Global Partnership to Help Merchants Innovate & Expand
Investments
- Payfare Inc. High confidence· Amount $95M · 2025 acquisition · Payfare purchase price net of $46 million of acquired cash
Fiserv acquired 100% of Payfare in March 2025, adding program management for instant earnings access and workforce banking. The 10-K reports a $95 million purchase price net of acquired cash.
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Wells Fargo | lead1 | +61.1 | -11.9 | +22.9 | +46.5 | +35.6 | -1.9 |
| Fiserv | node | -8.8 | -2.6 | +31.4 | +54.6 | -67.3 | -21.1 |
| Visa Inc | benef1 | -0.3 | -3.4 | +26.3 | +22.3 | +11.8 | +7.6 |
| Microsoft | benef1 | +52.5 | -28 | +58.2 | +12.9 | +15.6 | +4 |
| Mastercard Inc | benef1 | +1.2 | -2.7 | +23.4 | +24.2 | +9 | +2 |
| Seagate Technology | benef2 | +87.5 | -51.4 | +69.1 | +4.1 | +225.3 | +209.1 |
| AMD | benef2 | +56.9 | -55 | +127.6 | -18.1 | +77.3 | +183.9 |
| Marvell | benef2 | +84.6 | -57.5 | +63.7 | +83.8 | -22.8 | +163.4 |
| Intel | benef2 | +6.1 | -46.6 | +94.6 | -59.6 | +84 | +159.6 |
| Western Digital | benef2 | +17.7 | -51.6 | +66 | +13.9 | +283.7 | +130.9 |
| Astera Labs | benef2 | · | · | · | · | +25.6 | +105.7 |
| Wiwynn | benef2 | +24.7 | -22.3 | +206.4 | +3.5 | +64.4 | +92.3 |
| Vertiv | benef2 | +33.8 | -45.3 | +251.8 | +136.8 | +42.8 | +73.2 |
| GE Vernova | benef2 | · | · | · | · | +99 | +54 |
| Occidental Petroleum | benef2 | +67.7 | +119.1 | -4.1 | -15.9 | -14.9 | +48.2 |
| Arista Networks | benef2 | +97.9 | -15.6 | +94.1 | +87.7 | +18.5 | +47.9 |
| Super Micro | benef2 | +38.8 | +86.8 | +246.2 | +7.2 | -4 | +43 |
| Caterpillar | benef2 | +16 | +18.6 | +25.9 | +24.7 | +60.3 | +40.6 |
| Ciena | benef2 | +45.6 | -33.8 | -11.7 | +88.4 | +175.8 | +37.3 |
| Equinix | benef2 | +20.3 | -21.1 | +25.4 | +19.5 | -16.9 | +37.3 |
| Eaton | benef2 | +46.7 | -7.2 | +56.2 | +39.5 | -2.8 | +36 |
| NVIDIA | benef2 | +125.5 | -50.3 | +239 | +171.2 | +38.9 | +23.2 |
| Live Nation Entertainment, Inc. | benef2 | +62.9 | -41.7 | +34.2 | +38.4 | +10 | +21.8 |
| Quanta Computer | benef2 | +22.2 | -12.8 | +254.5 | +12.7 | +8.9 | +21.2 |
| Credo Technology | benef2 | · | · | +46.3 | +245.2 | +114.1 | +18.5 |
| IREN | benef2 | · | -92.3 | +472 | +37.3 | +284.6 | +18.3 |
| Foxconn (Hon Hai) | benef2 | -5.1 | +2.8 | +7.8 | +80.1 | +26.9 | +16.3 |
| Schneider Electric | benef2 | +25.9 | +1.6 | +25.8 | +36.1 | +0.5 | +11.7 |
| Cummins | benef2 | -1.7 | +14.1 | +1.7 | +48.9 | +49.4 | +11 |
| Automatic Data Processing, Inc. | benef2 | +42.6 | -1.3 | -0.2 | +28.4 | -10.2 | +9.6 |
| 3M Company | benef2 | +4.9 | -29.6 | -3.3 | +46.1 | +26.4 | +6.8 |
| Expedia Group, Inc. | benef2 | +36.5 | -51.5 | +73.3 | +22.8 | +53.3 | +5.8 |
| WEC Energy Group | benef2 | +8.7 | -0.5 | -7 | +16.1 | +16 | +3.1 |
| Brookfield Asset Management Ltd. | benef2 | · | · | +45.6 | +39.7 | -0.2 | -9.7 |
| IonQ | benef2 | · | -79.3 | +259.1 | +237.1 | +7.4 | -11.9 |
| Constellation Energy | benef2 | · | · | +37.2 | +92.7 | +58.8 | -15.3 |
| Take-Two Interactive Software, Inc. | benef2 | -14.5 | -41.4 | +54.6 | +14.4 | +39.1 | -16.6 |
YTD as of 2026-09-04 · source: Yahoo Finance
Fiserv operates across Payments and banking infrastructure. It remained weak at -67.3% in 2025 and -21.1% in 2026. The supply side (avg +4.5%) leads the stock (-21.1%), with spending rippling down to suppliers first. Among connected nodes the furthest ahead is Visa Inc (+7.6%) and the furthest behind is Mastercard Inc (+2%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. It relies on payment networks and cloud and AI software, while acquiring fintech businesses to add products and geographic reach.
Analysis generated from returns as of 2026-09-04← All companiesMarkdown · JSON · Customers · Suppliers · Ripple