Fiserv, Inc. is a Milwaukee-based payments and banking-technology company founded in 1984. It runs the Clover point-of-sale platform and merchant card processing, and supplies core banking, digital banking, card processing and the Accel debit network to thousands of banks and credit unions. Fiserv reported $21.19 billion of GAAP revenue in 2025, trades on Nasdaq as FISV and has been led by CEO Takis Georgakopoulos since June 2026.
How Fiserv makes money
Revenue comes from two segments. Merchant Solutions earns card processing fees, Clover subscriptions and hardware sales, and enterprise and e-commerce acquiring fees. Financial Solutions earns multi-year core processing fees from banks and credit unions, plus digital banking, card issuing, bill payment and debit network fees.
Origins
George Dalton's Milwaukee bank processing operation and Leslie Muma's Sunshine State Systems in Tampa merged in 1984 to offer shared mainframe processing to smaller banks. Fiserv listed on Nasdaq in 1986 and grew through acquisitions, including CheckFree in 2007 and First Data, which brought Clover, in 2019.
Financial results
2025 GAAP revenue rose 4% to $21.19 billion with GAAP EPS of $6.34 and free cash flow of $4.44 billion. In Q2 2026, GAAP revenue fell 4% to $5.29 billion and adjusted EPS was $1.84; Fiserv cut 2026 guidance to organic revenue of -1% to flat and adjusted EPS of $7.20 to $7.40.
The 2025-2026 reset
On October 29, 2025, Fiserv shares fell 44% after the company cut its 2025 outlook and replaced its CFO with Paul Todd. CEO Mike Lyons, who had succeeded Frank Bisignano in May 2025, left in June 2026 to lead Truist, and co-president Takis Georgakopoulos took over. By late September 2026, Fiserv's market value was roughly $25 billion.
Competitors
Fiserv competes with FIS and Jack Henry in bank technology, and with Global Payments, JPMorgan Payments, Block (Square), Toast, Stripe and Adyen in merchant payments.
