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One Fiserv Inc. business stood out in the processor’s first-quarter earnings. Clover, its point-of-sale system and services unit, saw a 12% increase in its gross payment volume from the same quarter in 2025. That is despite a 9% decrease in Clover’s first-quarter revenue from lower hardware and data and analytics sales.
Clover is an important part of Milwaukee, Wis.-based Fiserv’s strategy, said Michael Lyons, Fiserv chief executive, during an earnings call Tuesday. Fiserv added two verticals to the Clover suite, one for health-care practices and the other for professional services.
Lyons said Fiserv’s bank and independent sales organization partners have long asked for a health-care vertical for Clover. “We’re thrilled to get it launched this quarter, very optimistic about our growth in that area,” Lyons said, noting it is a large total addressable market, referring to potential sales.
These verticals, especially the one for health care, could be a key to converting merchants to Fiserv, he said, adding, “We launched this month, so it’s still early, but we’re very pleased with the progress we’re making, and we’ll continue to remain very focused on execution here.”
Internationally, the number of Clover locations in Brazil increased 30% in the quarter from the previous quarter, Lyons said, according to a MotleyFool.com transcript. In Canada, Fiserv is on track to enable TD Merchant Solutions to make Clover available to its merchants, he said.
Clover’s strengths will help Fiserv weather what one analyst firm calls a “trough” for the processor’s financial wellbeing.
“We have little doubt Fiserv can stabilize its business and return to modest organic revenue growth with strong operating leverage,” says a research note from William Blair & Co. LLC. “In this sense, we think first half 2026 is an organic revenue growth trough.”
That extends to Clover’s financial results, too. “Our view is that Clover can support four to six points of long-term segment organic revenue growth, providing a solid base,” the note says.
Yet, Fiserv faces risks, especially in the form of competition from entities such as Adyen, Stripe, and Checkout.com, that could grow faster. Each of them also has deep technology stacks and valuable merchant prospects, the note adds.
