Fiserv vs PhonePe: Revenue, Profit and Business Model
Fiserv had $21.2B of annual revenue in FY2025 and $3.5B of net income. PhonePe had ~$918.7M of annual revenue in FY2026 and a net loss of ~$323.9M.
Latest financial snapshot
Financial summary
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.
PhonePe
PhonePe's revenue from operations grew from ~$338 million (₹2,914 crore) in FY23 to ~$587 million (₹5,064 crore) in FY24 and ~$825 million (₹7,115 crore) in FY25, a CAGR of about 56% according to its DRHP. Over the same period, its loss margin improved from about -91% to -23%. FY25 net loss was ~$200 million (₹1,727 crore), and the company reported positive free cash flow that year. Growth then slowed. FY26 revenue rose 11% to about $919 million (₹7,920 crore), and consolidated net loss widened 62% to ~$324 million (₹2,792 crore), according to MCA filings reported by Moneycontrol. ESOP charges tied to the IPO and losses at subsidiaries drove much of the wider loss, and PhonePe put its normalised FY26 loss at about $160 million (₹1,377 crore). PhonePe is India's absolute dominant digital payments and financial services platform, commanding a massive private market valuation of approximately $12 billion.
Revenue and profit by year
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
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.
PhonePe
- Merchant payments
About 28% (FY25)
SmartSpeaker and POS device rentals, payment gateway fees and card-based transactions.
- Consumer payments
Not formally reported
Bill payments, recharges and incentives, including government UPI incentives.
- Loan and insurance distribution
About 7.8% (FY25)
Products from partner lenders and insurers, up from about 1% of revenue in FY23. FY25 revenue from operations was ~$825 million (₹7,115 crore).
Business model and strategy
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.
PhonePe
How it makes money
Consumer UPI payments on PhonePe are free, and person-to-merchant UPI has carried zero merchant discount rate (MDR), so the payments app mostly works as a way to bring in users. Revenue comes from four main areas. First, merchant payments: SmartSpeaker soundbox and POS device rentals, payment gateway fees and card-based transactions.
Growth strategy
PhonePe's growth plan is to earn more from the users it already has rather than add payments users. It is focusing on four areas. Credit distribution covers personal, merchant and secured loans through partner lenders. Insurance broking is a second area. Wealth covers mutual funds and Share.Market broking. Merchant services cover soundboxes, POS devices and the payment gateway.
Competitive advantage
PhonePe's lead comes from scale on both sides of the UPI network. It has more than 700 million registered consumers and 50 million registered merchants. Much of that merchant base was built by field sales teams placing QR codes and SmartSpeaker devices across nearly every Indian pin code. That reach lets PhonePe sell loans, insurance and investments to customers it already has, without paying much to acquire them.
Questions about Fiserv vs PhonePe
Which company has higher revenue — Fiserv, Inc. or PhonePe?
Fiserv, Inc. had $21.2B (FY2025), while PhonePe had ~$918.7M (FY2026). By latest annual revenue, Fiserv, Inc. is the larger business, with PhonePe 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 Fiserv, Inc. vs PhonePe?
Fiserv, Inc. has a market capitalisation of $25.0B. A public market cap figure for PhonePe was not available (it may be privately held).
How does revenue per employee compare for Fiserv, Inc. and PhonePe?
Fiserv, Inc. has $558k / employee in revenue per employee, while PhonePe has $46k / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do Fiserv, Inc. and PhonePe make money?
Fiserv, Inc. and PhonePe generate revenue in fundamentally different ways. Fiserv, Inc.: Fiserv earns mostly recurring, volume-based fees from two customer groups. PhonePe: Consumer UPI payments on PhonePe are free, and person-to-merchant UPI has carried zero merchant discount rate (MDR), so the payments app mostly works as a way to bring in users.
Is Fiserv, Inc. bigger than PhonePe?
By last reported revenue, Fiserv, Inc. ($21.2B (FY2025)) is the larger company compared to PhonePe (~$918.7M (FY2026)). 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 Fiserv vs PhonePe overview