Valuation Lab · Calculator
Fintech is not one valuation model. This calculator asks which business you run, then exposes the drivers that actually set revenue: ARR and net retention for financial software and data; client assets, fee rate, net flows and market return for an AUM platform; activity volume and fee rate plus separate software fees for a transaction platform. Compliance costs and operating margin drive EBITDA. The multiple comes from the matching Houlihan Lokey Q2 2026 public subsector (P25 to P75, median selected), and no generic fintech premium is added. Banks, balance-sheet lenders and risk-bearing insurers do not receive an EV/revenue result.
Public fintech medians at 30 June 2026 ran from 2.2x revenue for payments to 5.0x for capital markets technology, and the interquartile ranges inside each subsector are wider than the gaps between them. A private company’s answer depends far more on which drivers it can prove than on which label it uses, so the tool starts with the driver, derives revenue, and only then applies a range.
The AUM model is the one most often misvalued. Client assets are not company revenue; the fee on them is. The tool separates starting assets, market return, net flows and fee rate, and revenue is the average of opening and closing assets times the fee.
The interactive calculator loads here. The published example scenario below is the same model (2026.09.22-1) evaluated at the example inputs.
Indicative enterprise value, EV / revenue (Financial information & analytics (HL Q2 2026, public P25/median/P75)): $17.5M. $9.5M to $32.5M at 1.9x to 6.5x; selected 3.5x
Revenue $5.0M derived from ARR; EBITDA $850K after compliance costs. No generic fintech premium is applied; client assets are never treated as company revenue. Equity value $17.5M.
Revenue: $5.0M · EBITDA: $850K · EBITDA margin: 17.0% · Year-3 revenue: $8.9M
| Line | Value |
|---|---|
| Revenue driver | ARR $5.0M |
| Revenue | $5.0M |
| Compliance costs | -$400K |
| EBITDA | $850K |
| Basis | EV / revenue |
| Sector range (P25 to P75) | 1.9x to 6.5x |
| Enterprise value at selected multiple | $17.5M |
| Equity value | $17.5M |
Public sector medians are trading multiples of listed companies; private, founder-led companies usually transact below the public median.
| Input | Value |
|---|---|
| Business model | Recurring financial software or data |
| ARR | $5,000,000 |
| Net revenue retention | 108% |
| New ARR added per year | $800,000 |
| Operating margin before compliance | 25% |
| Compliance and regulatory costs (annual) | $400,000 |
| Valuation basis | EV / revenue |
| Selected multiple (0 = sector median) | 0x |
| Excess cash | $0 |
| Debt | $0 |
A balance-sheet lender earns a spread on capital it has to hold; a risk-bearing insurer prices claims it has not yet paid. Neither is valued on a revenue or EBITDA multiple of an operating company; they are valued on book value, capital ratios and loss experience. Applying a software multiple to interest income produces a number that no buyer will recognize, so the tool declines to produce one and says why.
Exploring what your company is worth? A principal will give you a confidential perspective on how the market is pricing businesses like yours: current multiples, the acquirers active in your sector, and where your company would likely land.
It depends on the business model. Public medians at Q2 2026: capital markets tech 5.0x revenue, financial data 3.5x, wealth tech 3.3x, banking and lending software 2.8x, insurtech software 2.7x, payments 2.2x. Private companies price inside or below those ranges on retention, margin and regulatory exposure.
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.
Because a lender that holds loans is a balance-sheet business valued on capital and credit performance, not on EV/revenue. Windsor Drake advises on fintech operating companies and the tool reflects that scope.
EV/EBITDA once EBITDA margin is durable and above roughly 15%; EV/revenue while the company is reinvesting. The advanced toggle switches basis and the sector range with it.
Enterprise value is quoted cash-free and debt-free; equity value adds excess cash and subtracts debt and debt-like items, before fees, taxes, escrow, rollover and earn-outs. Every method states its denominator, period (trailing twelve months unless labelled), currency (USD) and treatment of cash and debt. Results are ranges under stated assumptions, not statistical confidence intervals. Company inputs stay in the browser and are never transmitted. Benchmark snapshot 2026.09.22-1; model 2026.09.22-1; changes are recorded in the Valuation Lab changelog in the Windsor Drake repository.
Benchmark: Fintech valuation multiples · Related: Payments valuation calculator · SaaS valuation calculator · Fintech M&A advisory · All valuation tools