Fiserv deepens Canadian footprint with acquisition of TD merchant portfolio

US payments technology leader Fiserv is bolstering its Canadian presence through a strategic agreement with TD Bank Group that combines a technology services partnership with a partial acquisition of TD’s merchant acquiring business.

The deal is expected to significantly expand the reach of Fiserv’s Clover point-of-sale platform across Canada’s SME segment.

Under a new multi-year strategic managed services programme, TD Merchant Solutions will adopt Fiserv’s payment technology, including Clover hardware and software, to support its merchant clients.

Simultaneously, Fiserv will acquire a portfolio comprising approximately 3,400 TD merchant relationships spanning 30,000 locations.

These clients will transition to Fiserv’s processing systems and begin using Clover solutions.

The transaction, which is expected to close later this year subject to regulatory approvals, reinforces Fiserv’s ambition to scale its presence in international markets.

While financial details were not disclosed, the acquisition represents a meaningful expansion of Clover’s footprint in Canada—a market historically dominated by incumbent banks and domestic processors.

“This agreement reinforces our strong relationship with TD and underscores our shared commitment to delivering value to clients,” said Takis Georgakopoulos, Chief Operating Officer at Fiserv.

“We are pleased to expand Clover’s reach and increase our commitment to Canada through this partnership.”

TD Bank sees the agreement as a path to simplification and innovation.

“Combining Clover’s capabilities with our business banking services will allow our merchant clients to access cutting-edge technology to grow and succeed,” said Barbara Hooper, Group Head of Canadian Business Banking at TD.

The partnership reflects a broader industry trend in which financial institutions are outsourcing technology operations to specialist providers.

For Fiserv, it marks another step in its global expansion strategy, aimed at delivering end-to-end digital commerce solutions to businesses of all sizes.