Home / Fintech M&A / Fintech M&A Multiples Benchmark
The median disclosed fintech M&A valuation is 11.0x EV/Revenue, in a range of 2.4x to 50.0x, across transactions announced January 2020 through June 2026. The figures on this page are computed from the Windsor Drake Fintech Exit Index, a hand-curated record of more than 240 fintech M&A transactions across 23 sub-sectors, each carrying a public source. Last updated June 11, 2026. Refreshed quarterly, updated in place.
Fintech does not price as one market. The spread between the cheapest and the most expensive sub-sector below is more than five turns of revenue, and it is persistent, not cyclical.
| Sub-sector | Median EV/Revenue | Range | Deals (n) |
|---|---|---|---|
| Regtech, compliance and open banking | 19.6x | 8.8x to 50.0x | 3 |
| Banking and payments infrastructure | 15.7x | 12.0x to 25.0x | 3 |
| Capital markets and mortgage technology | 11.6x | 7.6x to 17.8x | 4 |
| Payments processing | 3.8x | 2.4x to 4.7x | 3 |
| All disclosed transactions | 11.0x | 2.4x to 50.0x | 19 |
| Lending and BNPL | Suppressed. Fewer than 3 disclosed multiples. | ||
| Insurtech | Suppressed. Fewer than 3 disclosed multiples. | ||
| Wealthtech | Suppressed. Fewer than 3 disclosed multiples. | ||
Any cell with fewer than 3 observations is suppressed rather than reported. EV/EBITDA is not reported as a benchmark row: EBITDA was publicly disclosed in only 2 of the 240+ transactions in the Index (Adenza at 31x, Vertafore at 18.4x). Fintech M&A prices on revenue.
The deals behind the medians. A median is only as defensible as the deals beneath it. The full disclosed set follows. Every figure carries its public source.
| Transaction | Announced | Sub-sector | EV ($M) | Revenue ($M) | EV/Rev | Source |
|---|---|---|---|---|---|---|
| Visa / Tink 2022 | 2021-06 | Regtech, compliance and open banking | 2,150 | 43 | 50.0x | source |
| Block / Afterpay 2022 | 2021-08 | Lending and BNPL | 29,000 | 925 | 42.0x | source |
| Bill.com / Divvy 2021 | 2021-05 | Banking and payments infrastructure | 2,500 | 100 | 25.0x | source |
| Nasdaq / Verafin 2020 | 2020-11 | Regtech, compliance and open banking | 2,750 | 140 | 19.6x | source |
| Nasdaq / Adenza 2023 | 2023-06 | Capital markets and mortgage technology | 10,500 | 590 | 17.8x | source |
| SoFi / Technisys 2022 | 2022-02 | Banking and payments infrastructure | 1,100 | 70 | 15.7x | source |
| Rocket Companies / Truebill 2021 | 2021-02 | Financial data and open banking | 1,275 | 100 | 12.8x | source |
| ICE / Ellie Mae 2020 | 2020-08 | Capital markets and mortgage technology | 11,000 | 900 | 12.2x | source |
| SoFi / Galileo 2020 | 2020-04 | Banking and payments infrastructure | 1,200 | 100 | 12.0x | source |
| FactSet / CUSIP 2022 | 2021-12 | Capital markets and mortgage technology | 1,925 | 175 | 11.0x | source |
| Roper / Vertafore 2020 | 2020-08 | Insurtech | 5,350 | 590 | 9.1x | source |
| Mastercard / Recorded Future 2024 | 2024-09 | Regtech, compliance and open banking | 2,650 | 300 | 8.8x | source |
| ICE / Black Knight 2023 | 2022-05 | Capital markets and mortgage technology | 11,800 | 1,550 | 7.6x | source |
| Thoma Bravo / Bottomline 2022 | 2022-01 | Treasury and cash management | 2,600 | 494 | 5.3x * | source |
| Nuvei / Paya 2023 | 2023-01 | Payments processing | 1,300 | 277 | 4.7x | source |
| Goldman Sachs / GreenSky 2022 | 2021-09 | Lending and BNPL | 2,240 | 526 | 4.3x | source |
| GTCR / Worldpay 2023 | 2023-07 | Payments processing | 18,500 | 4,900 | 3.8x | source |
| NEC / Avaloq 2020 | 2020-10 | Financial data and open banking | 2,200 | 660 | 3.4x | source |
| Nuvei / Payoneer | 2026-06 | Payments processing | 2,300 | 978 | 2.4x * | source |
Enterprise values and revenue as publicly reported at announcement. * Computed from annualized quarterly disclosure or reported terms of a transaction in progress; flagged in the Index. Download the comps set (CSV).
Size does not price linearly in fintech M&A. The mid-band carries the lowest median because it holds the broadest mix of business models, while the largest transactions are dominated by software and exchange-grade infrastructure that prices on quality rather than scale.
| Announced enterprise value | Median EV/Revenue | Range | Deals (n) |
|---|---|---|---|
| Under $1.5 billion | 12.4x | 4.7x to 15.7x | 4 |
| $1.5 billion to $3 billion | 8.8x | 2.4x to 50.0x | 9 |
| Above $3 billion | 10.7x | 3.8x to 42.0x | 6 |
Bands reflect announced enterprise value at the time of the transaction. Transactions below roughly $1 billion rarely disclose terms, so no band below $1.5 billion clears the 3-observation floor.
The more important reading is what the table cannot show. A disclosed multiple is the exception in fintech M&A: 41% of tracked transactions disclose a value and 8% disclose enough to compute a multiple. Below roughly $1 billion, disclosure nearly disappears. Private lower-middle-market transactions generally clear several turns below these headline comps, which is precisely why a founder should not price a process from public comps alone.
A disclosed multiple is the exception, not the rule: 41% of tracked transactions disclose a value and 8% disclose enough to compute a multiple. The benchmark exists because the full record does not publish itself.
The computed benchmark above reports only what was publicly disclosed, and disclosure skews to transactions above $1 billion. For the lower middle market, where disclosure nearly disappears, Windsor Drake publishes the following advisory estimates. They reconcile the disclosed comps with published market benchmarks and the firm’s own process experience, and they are stated as ranges because false precision serves no one.
| Sub-sector | Est. EV/Revenue | Est. EV/EBITDA | Basis |
|---|---|---|---|
| Banking and payments infrastructure | 6x to 12x | n/m | Comps, market benchmarks |
| Regtech and compliance | 5x to 10x | n/m | Comps, market benchmarks |
| Capital markets and wealth technology | 5x to 10x | n/m | Comps, market benchmarks |
| Wealthtech platforms | 4x to 8x | n/m | Market benchmarks |
| Insurtech (software and MGA platforms) | 3x to 7x | n/m | Comps, market benchmarks |
| Payments processing | 2.5x to 5x | 8x to 12x | Comps, market benchmarks |
| Lending and BNPL (capital-light) | 1.5x to 4x | 6x to 10x | Comps, market benchmarks |
Advisory estimates for founder-led, lower-middle-market companies, stated as ranges deliberately. Basis: the disclosed comps above, reconciled with published market benchmarks and Windsor Drake’s process experience that private transactions below roughly $100 million in enterprise value generally clear below large-cap disclosed comps. n/m: no defensible basis; nothing is published without one. These are estimates, not computed medians; the computed benchmark contains only sourced, disclosed figures.
A benchmark tells you where the market cleared, not where your company will. Within every sub-sector the multiple moves with revenue quality: recurring share, retention, capital intensity, and regulatory standing. The right use of this page is as a ceiling check and a sub-sector map. A credible number for your company comes from current private comparables and a read on which strategic buyers are active in your category this quarter.
Jeff Barrington, Founder and Managing Director, Windsor Drake. Windsor Drake is a boutique sell-side M&A advisory firm running confidential, competitive sale processes for founder-led fintech and software companies. Published June 11, 2026. The benchmark is refreshed quarterly and this page is updated in place.
The median disclosed multiple in fintech M&A is 11.0x EV/Revenue, computed across transactions announced January 2020 through June 2026 in the Windsor Drake Fintech Exit Index. The dispersion matters more than the midpoint: payments processors cleared a median of 3.8x while regtech and open banking platforms cleared 19.6x.
Disclosed payments processing transactions in the Index cleared a median of 3.8x EV/Revenue, in a range of 2.4x to 4.7x. Companies selling payments software rather than processing volume price in a different bracket: banking and payments infrastructure cleared a median of 15.7x. The market pays for software economics, not volume.
Because almost nobody discloses them. EBITDA was public in only 2 of the 240+ transactions tracked in the Index: Adenza at 31x and Vertafore at 18.4x. Revenue is the pricing convention in fintech M&A, and any EBITDA benchmark quoted without a disclosed sample should be treated with caution.
No. The median disclosed multiple was 12.1x across 2020 and 2021 and has been 7.6x on transactions announced since the start of 2022. The market repriced and stayed repriced. Sellers anchored to a 2021 comparable are the most common reason a process stalls.
The disclosed record cannot fully answer this, and that is the honest reading of it. Deals under roughly $1 billion in enterprise value rarely disclose terms, so published multiples skew to large transactions. In Windsor Drake’s experience, private lower-middle-market fintech transactions generally clear several turns below the headline comps on this page, with sub-sector and revenue model driving the gap.
Windsor Drake’s advisory estimates for founder-led, lower-middle-market companies: banking and payments infrastructure 6x to 12x revenue, regtech 5x to 10x, capital markets and wealth technology 5x to 10x, wealthtech platforms 4x to 8x, insurtech platforms 3x to 7x, payments processing 2.5x to 5x, and capital-light lending 1.5x to 4x. These are estimates stated as ranges, with the basis published in the methodology; where a company lands inside its range is driven by recurring revenue share, retention, capital intensity, and regulatory standing.
Strategic acquirers dominate the record: 98% of transactions in the Index were strategic or PE-backed strategic buyers, against 2% pure financial sponsors. The clearing price in fintech M&A is set by strategics buying capability, licensing, or distribution they would otherwise build.
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