Afterpay vs Fiserv: Revenue, Profit and Business Model
Afterpay had ~$596.4M of annual revenue in FY2021 and a net loss of ~$102.8M. Fiserv had $21.2B of annual revenue in FY2025 and $3.5B of net income.
Latest financial snapshot
Financial summary
Afterpay
Afterpay reported standalone results in Australian dollars before Block acquired it. Total income rose from ~$903,000 (A$1.4 million) in FY2016 to ~$596 million (A$924.6 million) in FY2021, while FY2021 statutory loss after tax was ~$103 million (A$159.4 million). Block does not publish a comparable standalone Afterpay revenue series after the January 2022 close. Afterpay was acquired by Block, Inc. (formerly Square) in 2022 for approximately $29 billion, one of the largest acquisitions in Australian corporate history.
Fiserv
Fiserv's revenue climbed from $5.8 billion in 2018 to $10.2 billion in 2019 after the First Data deal and reached $21.19 billion in 2025, with GAAP EPS of $6.34. Adjusted revenue was $19.8 billion in 2025 and free cash flow was $4.44 billion. The trajectory then turned: in Q2 2026 GAAP revenue fell 4% to $5.29 billion, GAAP EPS dropped 37% to $1.17 and adjusted EPS fell to $1.84, although free cash flow stayed at $1.1 billion for the quarter. Management now expects 2026 organic revenue between -1% and flat. Fiserv, Inc. is a monumental global provider of financial services technology, commanding a market valuation that frequently exceeds $90 billion.
Revenue and profit by year
Afterpay
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2021 | ~$596.4M | ~-$102.8M | -17.2% | +78.1% | Source |
| FY2020 | ~$334.9M | — | — | +96.6% | Source |
| FY2019 | ~$170.3M | — | — | +85.6% | Source |
| FY2018 | ~$91.8M | — | — | +521.4% | Source |
| FY2017 | ~$14.8M | — | — | +1535.7% | Source |
| FY2016 | ~$903,000 | — | — | — | Source |
Fiserv
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $21.2B | $3.5B | 16.4% | +3.6% | Source |
| FY2024 | $20.5B | $3.1B | 15.3% | +7.1% | Source |
| FY2023 | $19.1B | $3.1B | 16.1% | +7.6% | Source |
| FY2022 | $17.7B | $2.5B | 14.3% | +9.3% | Source |
| FY2021 | $16.2B | $1.3B | 8.2% | +9.3% | Source |
| FY2020 | $14.9B | $958M | 6.5% | +45.8% | Source |
| FY2019 | $10.2B | $893M | 8.8% | +74.9% | Source |
| FY2018 | $5.8B | $1.2B | 20.4% | +2.2% | Source |
| FY2017 | $5.7B | $1.2B | 21.9% | +3.5% | Source |
| FY2016 | $5.5B | $930M | 16.9% | — | Source |
Where the revenue comes from
Afterpay
- Merchant fees
Not formally reported
Fees paid by merchants on transactions processed through Afterpay were the principal source of pre-acquisition income.
- Late fees
Not formally reported
Afterpay also earned capped late fees from overdue customer installments. A current standalone percentage is not disclosed.
Fiserv
- Merchant Solutions
About half of revenue
Card processing fees, Clover subscriptions and hardware, and enterprise/e-commerce acquiring. Segment GAAP revenue grew 5% in 2025 and fell 1% in Q2 2026.
- Financial Solutions
About half of revenue
Core account processing, digital banking, card issuing and processing, bill pay and Accel debit network fees. Segment GAAP revenue grew 2% in 2025 and fell 8% in Q2 2026.
Business model and strategy
Afterpay
How it makes money
Before the Block acquisition, Afterpay earned most income from merchant fees on purchases processed through its platform, with a smaller contribution from customer late fees. Customers generally paid four installments over six weeks and paid no interest. Block now reports Afterpay within its consolidated results rather than as a standalone public company.
Growth strategy
Block stated at closing that it intended to add Afterpay BNPL to Square checkout, let Afterpay customers manage installments in Cash App, and help Cash App customers discover sellers and BNPL offers. Subsequent expansion has focused on those seller and consumer connections.
Competitive advantage
Afterpay combines installment checkout with a merchant directory and an established consumer brand. Block can connect the product to Square sellers and Cash App customers, although Block identifies merchant retention and product integration as acquisition risks.
Fiserv
How it makes money
Fiserv earns mostly recurring, volume-based fees from two customer groups. Merchant Solutions charges merchants processing fees on card transactions, plus subscription and hardware revenue from Clover terminals and software, and fees from larger enterprise and e-commerce clients.
Growth strategy
Under the 'One Fiserv' plan launched in late 2025, management is reinvesting in technology, putting Clover at the center of its merchant strategy, adding AI and value-added services for banks, and simplifying the product portfolio.
Competitive advantage
Fiserv's main advantage is switching cost. Moving a bank's core ledger to a new vendor is a multi-year, high-risk project, so core banking clients rarely leave. Fiserv also sits on both sides of many transactions: it processes for card-issuing banks and for the merchants accepting those cards, and many of its bank clients refer local businesses to Clover.
Questions about Afterpay vs Fiserv
Which company has higher revenue — Afterpay Limited or Fiserv, Inc.?
Afterpay Limited had ~$596.4M (FY2021), while Fiserv, Inc. had $21.2B (FY2025). By latest annual revenue, Fiserv, Inc. is the larger business, with Afterpay Limited showing a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
What is the market cap of Afterpay Limited vs Fiserv, Inc.?
Fiserv, Inc. has a market capitalisation of $25.0B. A public market cap figure for Afterpay Limited was not available (it may be privately held).
How does revenue per employee compare for Afterpay Limited and Fiserv, Inc.?
Afterpay Limited has $459k / employee in revenue per employee, while Fiserv, Inc. has $558k / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do Afterpay Limited and Fiserv, Inc. make money?
Afterpay Limited and Fiserv, Inc. generate revenue in fundamentally different ways. Afterpay Limited: Before the Block acquisition, Afterpay earned most income from merchant fees on purchases processed through its platform, with a smaller contribution from customer late fees. Fiserv, Inc.: Fiserv earns mostly recurring, volume-based fees from two customer groups.
Is Afterpay Limited bigger than Fiserv, Inc.?
By last reported revenue, Fiserv, Inc. ($21.2B (FY2025)) is the larger company compared to Afterpay Limited (~$596.4M (FY2021)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Afterpay vs Fiserv overview