Payments processor Fiserv saw GAAP revenues (those recognised in conformity with generally accepted accounting principles) grow 9% to $4.63bn in Q4 2022, bringing its total for FY 2022 to $17.7bn (up 9% YoY).
The company met its revenue expectations for the year and increased its operating margin to 21.1% in 2022, up from 14.1%. Merchant acceptance and payments drove 11% organic revenue growth across the year, with these segments recording 17% and 9% organic growth respectively across the full year.
Looking at Q4 specifically, organic growth was 12%, led by 16% growth in acceptance, 10% growth in payments and 8% growth in fintechs. Key drivers were point-of-sale offering Clover, which saw 23% revenue growth during the quarter, and omnichannel commerce system Carat, which grew 15%.
Fiserv spent $1bn on acquisitions in 2022, including credit card processor Merchant One in Q4. Now, Fiserv is looking to expand its presence in the credit processing space, having signed deals with US retail giant Target and Canadian financial services group Desjardins.
In 2023, Fiserv is expecting revenue growth of 7-9%, the same as its expectation for 2022. The processor may not be growing at the same rate as other companies in the payment space, but it is continuing to stick to its revenue targets.
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