Fiserv (NYSE:FI) signs strategic deal with TD Bank Group to expand in Canada

Fiserv Inc. (NYSE:FI) announced it has signed a multi-year Strategic Managed Services program agreement with TD Bank Group, where TD Merchant Solutions will utilize Fiserv technology, including its Clover point-of-sale system, for its merchant business.

The financial services technology company also entered into a purchase agreement with TD to acquire part of TD’s merchant processing business in Canada. The acquisition includes approximately 3,400 TD merchant relationships with 30,000 merchant locations that will migrate to Fiserv’s processing system and Clover platform.

“We are pleased to expand Clover’s reach and increase our commitment to Canada through this partnership with TD,” said Takis Georgakopoulos, Chief Operating Officer at Fiserv. “This agreement reinforces our strong relationship with TD and underscores our shared commitment to delivering value to clients.”

Barbara Hooper, Group Head, Canadian Business Banking at TD Bank Group, said the strategic relationship will combine Clover with TD’s business banking solutions to provide merchants with payment processing capabilities.

The transaction is expected to close later this year, subject to customary closing conditions. Financial terms were not disclosed in the press release statement.

The agreement expands Fiserv’s Canadian presence and creates opportunities to scale Clover hardware and software-as-a-service solutions for small and medium-sized businesses.