Updated Public multiples as of June 30, 2026Model 2026.10Free, no sign-up
Windsor Drake research. Reviewed by Jeff Barrington, Founder and Managing Director.
Short answer
A fintech company is usually valued at a multiple of revenue that depends on its business model. At June 30, 2026, the closest public baskets ranged from 0.8x revenue for insurance distribution to 5.6x for insurance software and data, with merchant processing at 2.2x and B2B payments at 3.3x (Houlihan Lokey). Disclosed fintech acquisitions since 2020 cleared a 10.8x revenue median across 21 deals, but those skew large and strategic (Windsor Drake Fintech Exit Index). This calculator starts from your model’s public band and places you in it by growth and EBITDA margin.
Multiples used
Each model starts from the closest public basket at June 30, 2026 and borrows its sector’s 25th to 75th percentile spread. Disclosed deal medians from the Windsor Drake Fintech Exit Index are shown where at least three deals exist. Click a model to load it into the calculator.
| EV / revenue band | Anchor and band source | ||||||
|---|---|---|---|---|---|---|---|
| Banking, lending and BaaS softwareRecurring software or data | 2.6x | 3.4x | 4.6x | 11.7x | 15.7x3 deals | Banking and lending software; band from banking and lending tech | |
| Capital markets and trading softwareRecurring software or data | 1.6x | 2.9x | 4.6x | 8.3x | 11.6x4 deals | Buyside and sellside software; band from capital markets tech | |
| Financial data and analyticsRecurring software or data | 1.9x | 3.5x | 6.5x | 10.8x | 5.6x3 deals | Sector median (no closer public basket); band from financial information and analytics | |
| Fraud, identity and compliance softwareRecurring software or data | 1.0x | 1.8x | 3.3x | 8.1x | 19.6x3 deals | Financial GRC and ID and fraud analytics; band from financial information and analytics | |
| Insurance software and dataRecurring software or data | 1.7x | 5.6x | 8.9x | 12.2x | n/a | Pure-play insurance software and data; band from insurtech | |
| Wealth and advisor software (subscription)Recurring software or data | 2.4x | 3.0x | 4.7x | 9.8x | n/a | Wealth technology; band from asset and wealth management tech | |
| Insurance distribution (commission revenue, no risk)Recurring software or data | 0.2x | 0.8x | 1.3x | 6.2x | n/a | Digital insurance distribution; band from insurtech | |
| Wealth or investment platform paid on assetsPaid on client assets | 2.4x | 3.0x | 4.7x | 9.8x | n/a | Wealth technology; band from asset and wealth management tech | |
| Merchant acquiring and processingPaid per transaction | 1.2x | 2.2x | 4.3x | 6.4x | 3.8x3 deals | Merchant acceptance and processing; band from payments | |
| B2B payments and AP/AR automationPaid per transaction | 1.8x | 3.3x | 6.5x | 10.7x | n/a | B2B payments; band from payments | |
| Vertical software with integrated paymentsPaid per transaction | 1.2x | 2.1x | 4.1x | 11.8x | n/a | Vertical software and integrated payments; band from payments | |
| Money transfer and cross-border FXPaid per transaction | 1.1x | 2.0x | 3.9x | 8.6x | n/a | Money transfer; band from payments |
Sources: Houlihan Lokey, FinTech Market Update Q2 2026, observed June 30, 2026, consensus 2026 estimates; deal medians from the Windsor Drake Fintech Exit Index, EV / revenue at announcement, version 2026.10. Bars run 0x to 9x revenue. Low and high are the sector’s 25th and 75th percentiles, scaled to the anchor; they are Windsor Drake calculations from published figures, not quoted values.
Enterprise value at each model’s public anchor, with the 25th to 75th percentile band beneath it. Growth and margin move a company within the band, so run your own numbers above.
| Merchant acquiring and processingAnchor 2.2x revenue | $11.0M$6.0M to $21.5M | $22.0M$12.0M to $43.0M | $55.0M$30.0M to $108M | $110M$60.0M to $215M |
| B2B payments and AP/AR automationAnchor 3.3x revenue | $16.5M$9.0M to $32.3M | $33.0M$18.0M to $64.5M | $82.5M$45.0M to $161M | $165M$90.0M to $323M |
| Vertical software with integrated paymentsAnchor 2.1x revenue | $10.5M$5.8M to $20.5M | $21.0M$11.5M to $41.0M | $52.5M$28.7M to $102M | $105M$57.5M to $205M |
| Money transfer and cross-border FXAnchor 2.0x revenue | $10.0M$5.5M to $19.6M | $20.0M$10.9M to $39.1M | $50.0M$27.3M to $97.8M | $100M$54.5M to $196M |
| Banking, lending and BaaS softwareAnchor 3.4x revenue | $17.0M$12.8M to $23.1M | $34.0M$25.5M to $46.1M | $85.0M$63.7M to $115M | $170M$127M to $231M |
| Capital markets and trading softwareAnchor 2.9x revenue | $14.5M$8.1M to $22.9M | $29.0M$16.2M to $45.8M | $72.5M$40.5M to $115M | $145M$81.0M to $229M |
| Financial data and analyticsAnchor 3.5x revenue | $17.5M$9.5M to $32.5M | $35.0M$19.0M to $65.0M | $87.5M$47.5M to $163M | $175M$95.0M to $325M |
| Fraud, identity and compliance softwareAnchor 1.8x revenue | $9.0M$4.9M to $16.7M | $18.0M$9.8M to $33.4M | $45.0M$24.5M to $83.5M | $90.0M$49.0M to $167M |
| Insurance software and dataAnchor 5.6x revenue | $28.0M$8.3M to $44.6M | $56.0M$16.6M to $89.2M | $140M$41.5M to $223M | $280M$83.0M to $446M |
| Wealth or investment platform paid on assetsAnchor 3.0x revenue | $15.0M$11.8M to $23.7M | $30.0M$23.6M to $47.3M | $75.0M$59.0M to $118M | $150M$118M to $237M |
Revenue times the public anchor and band at June 30, 2026 (Houlihan Lokey). Windsor Drake calculation; enterprise value before cash and debt.
How it works
Fintech companies earn revenue in three different ways, and buyers value each differently. The calculator asks which one applies before it asks for numbers, then runs every model through the same bridge from enterprise value to equity value.
Revenue = ARR or net revenue
Banking, capital markets, data, compliance, insurance and wealth software, plus commission-based insurance distribution. The anchor is the closest public software basket.
Revenue = client assets × fee rate
Wealth and investment platforms. A platform with $2B of client assets at 25 basis points earns about $5M of revenue, and that is the figure the multiple applies to.
Revenue = volume × net take rate + software fees
Processors, B2B payments, vertical software with payments, and money transfer. Use net revenue: payment volume and pass-through costs are never revenue.
The bridge, step by step
No generic fintech premium is applied. Client assets, payment volume and gross written premium are never treated as company revenue.
Worked example
Calculator result
Model 2026.10, the calculator’s default inputs
| Business model | B2B payments and AP/AR automation |
| Payment volume and net take rate | $1.5B at 60 bps = $9.0M |
| Other recurring software fees | $3.0M |
| Net revenue | $12.0M |
| Growth and EBITDA margin | 25% and 20% (EBITDA $2.4M) |
| Public anchor and band | 3.3x, band 1.8x to 6.5x |
| Rule of 40 score | 45, about the 54th percentile |
| Selected multiple | 3.8x revenue |
| Enterprise value | $45.9M |
| Range | $21.6M to $77.4M |
| Less debt | $4.0M |
| Equity value | $41.9M |
| Implied EV / EBITDA | 19.1x |
A B2B payments company processes $1.5B a year at a 60 basis point net take rate and bills $3.0M of software fees: $12.0M of net revenue, growing 25% with a 20% EBITDA margin. The anchor is the public B2B payments basket at 3.3x revenue. A Rule of 40 score of 45 places the company a little above the anchor, at 3.8x, for $45.9M of enterprise value inside a $21.6M to $77.4M band. After $4.0M of debt, equity value is $41.9M. The implied 19.1x EBITDA multiple is well above the 6.6x that lower-middle-market deals of $25M to $50M averaged across all sectors (GF Data), so a buyer paying it is paying for growth and recurring revenue, and will test both.
For a hand-built version that adjusts for retention and scale, see the worked bridge on the multiples page. Both are starting points. A competitive process with the right buyers is what turns a range into a price: see how a sell-side process works.
Exclusions
A lender that holds loans and an insurer that retains risk are balance-sheet businesses. They are valued on capital, credit and loss experience, not on an EV / revenue multiple, so the calculator declines to produce one rather than produce a misleading number.
Balance-sheet lenders and banks
Price to tangible book
Loans on the balance sheet make revenue a poor guide to value. Buyers price capital, credit losses and funding cost. Software sold to lenders is covered.
Insurers retaining risk
Price to book, combined ratio
Premium is not revenue and underwriting risk dominates value. Insurance software and commission-only distribution are covered.
Pre-revenue companies
No multiple applies
With no revenue there is nothing to multiply. Value rests on the team, product and the next financing; a venture method fits better.
Public multiples price small, liquid stakes in large companies on forward estimates; private sales price control of smaller companies, usually on trailing figures. Bands move with markets and are refreshed quarterly. The positioning rule is a Windsor Drake estimate, not a market fact, and customer concentration, retention, licensing and deal structure can move a real price outside the band. Use the result as a starting point for a conversation, not as a valuation, fairness opinion or offer.
Methodology
Every multiple in the calculator is a published figure with a source and a date. The only Windsor Drake judgment is the positioning rule, which is stated in full below.
| Source | What it supplies | As of |
|---|---|---|
| Houlihan Lokey, FinTech Market Update Q2 2026 | Public sector quartiles and basket medians, EV / 2026E revenue and EBITDA | Observed June 30, 2026 |
| Windsor Drake Fintech Exit Index | 21 disclosed fintech control deals, EV / revenue at announcement | Version 2026.10, October 21, 2026 |
| GF Data | Lower-middle-market EV / EBITDA by deal size, all sectors | First nine months of 2025 |
Net revenue: revenue after interchange, network fees and other pass-through costs. Take rate: net revenue as a share of payment volume, in basis points. Enterprise value: the value of the operating business before cash and debt. Equity value: enterprise value plus excess cash, less debt. Rule of 40: revenue growth percentage plus EBITDA margin percentage.
Cite this calculator
Windsor Drake. “Fintech Valuation Calculator.” Model 2026.10, October 21, 2026. https://windsordrake.com/fintech-valuation-calculator/
FAQ
It depends on the business model. Public sector medians at June 30, 2026: capital markets tech 5.0x revenue, financial data 3.5x, wealth tech 3.3x, banking and lending software 2.8x, insurtech 2.7x, payments 2.2x (Houlihan Lokey). Closer baskets run from 0.8x for insurance distribution to 5.6x for insurance software and data. Private companies price inside or below those ranges depending on growth, margin, retention and regulatory exposure.
Start with net revenue and the multiple for your business model. A B2B payments company with $12.0M of net revenue, 25% growth and a 20% EBITDA margin comes out at about $45.9M of enterprise value in this calculator, inside a $21.6M to $77.4M band. Add excess cash and subtract debt to get equity value. A real price depends on which buyers compete, so treat the result as a range, not an offer.
Public fintech sector medians ran from 2.2x enterprise value to 2026 estimated revenue for payments to 5.0x for capital markets technology at June 30, 2026 (Houlihan Lokey). Disclosed acquisitions cleared a 10.8x median across 21 deals announced since 2020, and 9.8x for completed deals announced since 2022 (Windsor Drake Fintech Exit Index). Disclosed deals skew large, so treat them as upper anchors.
At the public merchant processing median of 2.2x, $10 million of 2026 net revenue implies about $22.0M of enterprise value, inside a $12.0M to $43.0M band (Houlihan Lokey, June 30, 2026). A B2B payments company at the 3.3x basket median would be about $33.0M. Software, recurring revenue and growth decide where in the band a company lands.
No. Revenue is the fee rate applied to average client assets. A platform with $2B of client assets at 25 basis points earns about $5M of revenue, and that is the figure a multiple applies to.
On net revenue, never on total payment volume. Public merchant processing traded at 2.2x revenue at June 30, 2026, B2B payments at 3.3x and vertical software with integrated payments at 2.1x (Houlihan Lokey). Disclosed payments processing acquisitions cleared a 3.8x revenue median in the Windsor Drake Fintech Exit Index (3 deals). Software and recurring revenue push a company toward the top of the band.
Because a lender that holds loans is a balance-sheet business valued on capital and credit performance, not on EV / revenue. Windsor Drake advises fintech operating companies and the tool reflects that scope. Software sold to lenders is covered: choose banking, lending and BaaS software.
Use EV / EBITDA once the EBITDA margin is durable and above roughly 15%; use EV / revenue while the company is reinvesting for growth. The basis switch in the calculator changes the multiple and the band with it, and the EBITDA cross-check shows both views at once.
Growth and profitability are the two numbers buyers ask about first, and their sum is a simple, widely used test of quality for software and fintech companies. A score of 40 places a company at its model’s public anchor; each point above or below moves it toward the 75th or 25th percentile of the band.
Often, but there is no fixed discount. Size, illiquidity and customer concentration work against a private seller; control and buyer synergies work for them. Lower-middle-market deals across all sectors averaged 5.9x EBITDA at $10M to $25M of deal value and 10.0x at $100M to $250M (GF Data), which shows how much scale matters.
It is accurate about the comparable set and transparent about the arithmetic, and that is all. It cannot see retention cohorts, customer concentration, licensing, technical debt or how many buyers will compete. Expect a real outcome to land inside the band for a typical company and outside it when one of those factors is unusual.
Enterprise value is the value of the operating business; equity value is what the shareholders receive. Equity value equals enterprise value plus excess cash, less debt and debt-like items, before deal structure such as earnouts or rollover equity.
Windsor Drake advises founder-led fintech and payments companies on sell-side M&A. A confidential valuation applies the full data set to your numbers: the right comparables, the buyers most likely to pay, and a complete enterprise value to equity bridge.
Research and an illustrative calculation, not investment advice, a fairness opinion or a valuation of any specific company. Third-party data is cited to its source and remains its owner’s.