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Fiserv benefits from SMB-business demand, pens PayPal pact

April 28, 2021

Payments processing giant Fiserv is tapping recently acquired fintech units to spur more business, particularly among small and mid-sized companies, and will egg that trend on through a new partnership with rival PayPal.

Executives at suburban Milwaukee-based Fiserv said Tuesday the company’s profitable first-quarter included a fast-growing contribution from its Clover unit, Fiserv’s cloud-based point-of-sale platform that caters to small and mid-sized businesses (SMBs). Clover’s payment volume jumped 36% year-over-year on an annualized basis, and Fiserv doesn’t expect that kind of growth to be transitory.

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