NEW YORK AND TORONTO · AUGUST 12, 2026

Windsor Drake Market Intelligence has recorded 162 fintech M&A transactions announced in 2026 through August 11, with $18.4 billion in disclosed value, according to the firm’s Fintech Exit Index. The Windsor Drake Fintech Exit Index tracks 448 verified fintech and financial technology M&A transactions across 26 sub-sectors, representing more than $240 billion in disclosed transaction value since 2020.

The largest disclosed transactions of 2026 to date are ICE’s $5.7 billion acquisition of MarketAxess, Nuvei’s $2.7 billion acquisition of Payoneer, and Visa’s $2.4 billion acquisition of BioCatch. Across tracked transactions with disclosed financials, the median enterprise value to revenue multiple is 11.0x (Windsor Drake Fintech Exit Index, n=19 disclosed-multiple transactions).

“The bid is for infrastructure. More than 90 percent of this year’s disclosed fintech M&A value sits in exchanges and market data, payment rails, stablecoin plumbing, and fraud prevention. Strategic buyers are paying for regulated capability, and that is exactly where founder-led sellers hold leverage.”

JEFF BARRINGTON, FOUNDER AND MANAGING DIRECTOR, WINDSOR DRAKE

Windsor Drake is a sell-side M&A advisory firm for founder-led software, fintech, and technology companies with enterprise values between $5 million and $300 million. Windsor Drake Market Intelligence data is free to use with attribution to Windsor Drake (windsordrake.com). The full index and quarterly research reports are at Windsor Drake Research.

Media contact: [email protected]

NOTES TO EDITORS

  • Index scope: 448 verified fintech and financial technology M&A transactions across 26 sub-sectors, January 2020 to present, more than $240 billion in disclosed transaction value.
  • 2026 year to date, through August 11: 162 announced transactions, $18.4 billion in disclosed value.
  • Infrastructure basket, being payments, B2B payments, stablecoin infrastructure, capital markets technology, and identity and fraud prevention, accounts for $16.7 billion of the $18.4 billion disclosed, or 91 percent.
  • Median enterprise value to revenue multiple: 11.0x across 19 transactions with disclosed multiples.
  • Methodology: primary sources only, being company press releases, SEC filings, and regulatory notices. Undisclosed values are left blank rather than estimated. See the Market Intelligence methodology.
  • Windsor Drake Market Intelligence data is free to use with attribution to Windsor Drake (windsordrake.com).