BharatPe vs Fiserv: Revenue, Profit and Business Model
BharatPe had ~$193.4M of annual revenue in FY2025 and a net loss of ~$10.2M. Fiserv had $21.2B of annual revenue in FY2025 and $3.5B of net income.
Latest financial snapshot
Financial summary
BharatPe
BharatPe's revenue from operations rose from ~$13.8 million (₹119 crore) in FY2021 to ~$53 million (₹457 crore) in FY2022, ~$119 million (₹1,029 crore) in FY2023, ~$165 million (₹1,426 crore) in FY2024 and ~$193 million (₹1,667 crore) in FY2025, according to consolidated filings reported by Entrackr. Losses fell faster: the consolidated net loss went from ~$109 million (₹941 crore) in FY2023 to ~$57.1 million (₹492 crore) in FY2024 and ~$10.2 million (₹88 crore) in FY2025. The company reported an adjusted profit before tax of ~$696,000 (₹6 crore) for FY2025, excluding ESOP costs, against a ~$39.7 million (₹342 crore) loss a year earlier, and adjusted EBITDA of ~$16.4 million (₹141 crore). Cost control did much of the work; advertising spend fell 84% to ~$3.02 million (₹26 crore). BharatPe closed FY2025 with ~$101 million (₹872 crore) in cash and bank balances. It has raised more than $650 million in equity and debt, and borrowed again in 2026 through non-convertible debentures. BharatPe is a prominent Indian fintech unicorn, having reached a private market valuation of approximately $2.8 billion.
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
BharatPe
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$193.4M | ~-$10.2M | -5.3% | +16.9% | Source |
| FY2024 | ~$165.4M | ~-$57.1M | -34.5% | +38.6% | Source |
| FY2023 | ~$119.4M | ~-$109.2M | -91.4% | +125.3% | Source |
| FY2022 | ~$53M | — | — | +283.9% | Source |
| FY2021 | ~$13.8M | — | — | — | 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
BharatPe
- Financial services (merchant lending)
About 60% (FY2025)
Collateral-free business loans underwritten on a merchant's QR payment history and repaid through daily deductions. Close to ~$116 million (₹1,000 crore) in FY2025.
- Devices
Not formally reported
BharatSwipe card machines and soundboxes rented to merchants.
- Payment processing
Not formally reported
Fees on card and online payments. UPI payments through the BharatPe QR code carry no fee for merchants.
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
BharatPe
How it makes money
BharatPe gives merchants a single UPI QR code with no fee on UPI payments and earns from the products it sells on top. The largest is credit: collateral-free business loans underwritten on a merchant's QR transaction history and repaid through small daily deductions from settlements. Financial services, mainly this lending, made up about 60% of FY2025 revenue, close to ~$116 million (₹1,000 crore).
Growth strategy
Since 2023 BharatPe has grown by going deeper with the merchants it has. Lending stays at the centre: it added secured two-wheeler loans with OTO Capital and loans against mutual funds with Volt Money in August 2024, onboarded more NBFC partners in FY2025 and raised its Trillion Loans stake from 51% to 74%. Payment acceptance is the second push, with card machines and soundboxes;
Competitive advantage
BharatPe's edge is data, not the QR code, which rivals copied quickly. Because it settles a merchant's UPI receipts every day, it sees cash flow that a bank never does, and it uses that to lend to shopkeepers who have no formal credit history. CEO Nalin Negi describes this as underwriting the merchant's livelihood. In 2025 the average loan was about $1,160 (₹1 lakh) with a weighted tenure of 11 months.
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 BharatPe vs Fiserv
Which company has higher revenue — BharatPe or Fiserv, Inc.?
BharatPe had ~$193.4M (FY2025), while Fiserv, Inc. had $21.2B (FY2025). By latest annual revenue, Fiserv, Inc. is the larger business, with BharatPe showing a smaller revenue base.
What is the market cap of BharatPe vs Fiserv, Inc.?
Fiserv, Inc. has a market capitalisation of $25.0B. A public market cap figure for BharatPe was not available (it may be privately held).
How does revenue per employee compare for BharatPe and Fiserv, Inc.?
BharatPe has $97k / 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 BharatPe and Fiserv, Inc. make money?
BharatPe and Fiserv, Inc. generate revenue in fundamentally different ways. BharatPe: BharatPe gives merchants a single UPI QR code with no fee on UPI payments and earns from the products it sells on top. Fiserv, Inc.: Fiserv earns mostly recurring, volume-based fees from two customer groups.
Is BharatPe bigger than Fiserv, Inc.?
By last reported revenue, Fiserv, Inc. ($21.2B (FY2025)) is the larger company compared to BharatPe (~$193.4M (FY2025)). 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 BharatPe vs Fiserv overview