{
  "meta": {
    "source": "Windsor Drake Market Intelligence",
    "description": "The most active acquirers of each fintech sub-sector, from sourced M&A transactions. Use to answer \"who buys [sector] companies\".",
    "url": "https://windsordrake.com/market-intelligence/who-buys",
    "cite_as": "Windsor Drake Market Intelligence (windsordrake.com)",
    "license": "Free to use with attribution to Windsor Drake.",
    "generated": "2026-08-18T02:02:50.840Z",
    "count": 18
  },
  "sectors": [
    {
      "sector": "Payments",
      "totalDeals": 21,
      "disclosedValueUSD": 24323400000,
      "url": "https://windsordrake.com/market-intelligence/who-buys/payments",
      "topBuyers": [
        {
          "name": "Stripe",
          "type": "Strategic",
          "dealCount": 2,
          "mostRecentTarget": "Metronome"
        },
        {
          "name": "Visa",
          "type": "Strategic",
          "dealCount": 2,
          "mostRecentTarget": "Prosa"
        },
        {
          "name": "GTCR",
          "type": "PE",
          "dealCount": 1,
          "mostRecentTarget": "Worldpay"
        },
        {
          "name": "Enel SpA and Intesa Sanpaolo SpA",
          "type": "Strategic",
          "dealCount": 1,
          "mostRecentTarget": "Mooney"
        },
        {
          "name": "Nuvei",
          "type": "Strategic",
          "dealCount": 1,
          "mostRecentTarget": "Paya"
        },
        {
          "name": "Meta",
          "type": "Strategic",
          "dealCount": 1,
          "mostRecentTarget": "CRED"
        },
        {
          "name": "JPMorgan Chase",
          "type": "Strategic",
          "dealCount": 1,
          "mostRecentTarget": "Viva Wallet"
        },
        {
          "name": "Shift4",
          "type": "Strategic",
          "dealCount": 1,
          "mostRecentTarget": "Finaro"
        }
      ]
    },
    {
      "sector": "Crypto / Digital Assets",
      "totalDeals": 16,
      "disclosedValueUSD": 12547800000,
      "url": "https://windsordrake.com/market-intelligence/who-buys/crypto-digital-assets",
      "topBuyers": [
        {
          "name": "Coinbase",
          "type": "Strategic",
          "dealCount": 2,
          "mostRecentTarget": "FairX"
        },
        {
          "name": "Circle",
          "type": "Strategic",
          "dealCount": 2,
          "mostRecentTarget": "Interop Labs"
        },
        {
          "name": "Naver",
          "type": "Strategic",
          "dealCount": 1,
          "mostRecentTarget": "Dunamu"
        },
        {
          "name": "Stripe",
          "type": "Strategic",
          "dealCount": 1,
          "mostRecentTarget": "Bridge"
        },
        {
          "name": "OceanTech Acquisitions I Corp.",
          "type": "Strategic",
          "dealCount": 1,
          "mostRecentTarget": "Majic Wheels Corp."
        },
        {
          "name": "Exodus Movement, Inc.",
          "type": "Strategic",
          "dealCount": 1,
          "mostRecentTarget": "W3C Corp"
        },
        {
          "name": "Kasikornbank",
          "type": "Strategic",
          "dealCount": 1,
          "mostRecentTarget": "Satang Pro"
        },
        {
          "name": "Paxos",
          "type": "Strategic",
          "dealCount": 1,
          "mostRecentTarget": "Fordefi"
        }
      ]
    },
    {
      "sector": "Capital Markets Tech",
      "totalDeals": 11,
      "disclosedValueUSD": 27929780000,
      "url": "https://windsordrake.com/market-intelligence/who-buys/capital-markets-tech",
      "topBuyers": [
        {
          "name": "Intercontinental Exchange",
          "type": "Strategic",
          "dealCount": 2,
          "mostRecentTarget": "Black Knight"
        },
        {
          "name": "FactSet",
          "type": "Strategic",
          "dealCount": 1,
          "mostRecentTarget": "CUSIP Global Services"
        },
        {
          "name": "Quantum FinTech Acquisition Corporation",
          "type": "Strategic",
          "dealCount": 1,
          "mostRecentTarget": "TradeStation Group"
        },
        {
          "name": "Cantor Fitzgerald",
          "type": "Strategic",
          "dealCount": 1,
          "mostRecentTarget": "Securitize"
        },
        {
          "name": "Wolters Kluwer",
          "type": "Strategic",
          "dealCount": 1,
          "mostRecentTarget": "eOriginal"
        },
        {
          "name": "LQR House Inc.",
          "type": "Strategic",
          "dealCount": 1,
          "mostRecentTarget": "Fusion Five Continents Limited"
        },
        {
          "name": "FINTECH.TV",
          "type": "Strategic",
          "dealCount": 1,
          "mostRecentTarget": "TAP, Inc."
        },
        {
          "name": "DTCC",
          "type": "Strategic",
          "dealCount": 1,
          "mostRecentTarget": "Securrency"
        }
      ]
    },
    {
      "sector": "Wealthtech",
      "totalDeals": 9,
      "disclosedValueUSD": 22108000000,
      "url": "https://windsordrake.com/market-intelligence/who-buys/wealthtech",
      "topBuyers": [
        {
          "name": "Morgan Stanley",
          "type": "Strategic",
          "dealCount": 2,
          "mostRecentTarget": "Eaton Vance"
        },
        {
          "name": "BlackRock",
          "type": "Strategic",
          "dealCount": 1,
          "mostRecentTarget": "Aperio Group"
        },
        {
          "name": "Coinbase",
          "type": "Strategic",
          "dealCount": 1,
          "mostRecentTarget": "Echo"
        },
        {
          "name": "iClick Interactive Asia Group Limited",
          "type": "Strategic",
          "dealCount": 1,
          "mostRecentTarget": "Amber DWM Holding Limited"
        },
        {
          "name": "Robinhood Markets",
          "type": "Strategic",
          "dealCount": 1,
          "mostRecentTarget": "TradePMR"
        },
        {
          "name": "BridgeWise",
          "type": "Strategic",
          "dealCount": 1,
          "mostRecentTarget": "Context Analytics"
        },
        {
          "name": "Dhan",
          "type": "Strategic",
          "dealCount": 1,
          "mostRecentTarget": "Infinyte Club"
        },
        {
          "name": "JPMorgan Chase",
          "type": "Strategic",
          "dealCount": 1,
          "mostRecentTarget": "55ip"
        }
      ]
    },
    {
      "sector": "Regtech",
      "totalDeals": 7,
      "disclosedValueUSD": 7275000000,
      "url": "https://windsordrake.com/market-intelligence/who-buys/regtech",
      "topBuyers": [
        {
          "name": "Mastercard",
          "type": "Strategic",
          "dealCount": 4,
          "mostRecentTarget": "Recorded Future"
        },
        {
          "name": "Visa",
          "type": "Strategic",
          "dealCount": 2,
          "mostRecentTarget": "Featurespace"
        },
        {
          "name": "Thomson Reuters",
          "type": "Strategic",
          "dealCount": 1,
          "mostRecentTarget": "Pagero"
        }
      ]
    },
    {
      "sector": "Neobank",
      "totalDeals": 7,
      "disclosedValueUSD": 12128800000,
      "url": "https://windsordrake.com/market-intelligence/who-buys/neobank",
      "topBuyers": [
        {
          "name": "PNC Financial Services Group",
          "type": "Strategic",
          "dealCount": 1,
          "mostRecentTarget": "BBVA USA"
        },
        {
          "name": "Oportun",
          "type": "Strategic",
          "dealCount": 1,
          "mostRecentTarget": "Digit"
        },
        {
          "name": "LendingClub",
          "type": "Strategic",
          "dealCount": 1,
          "mostRecentTarget": "Radius Bank"
        },
        {
          "name": "Patriot National Bancorp",
          "type": "Strategic",
          "dealCount": 1,
          "mostRecentTarget": "American Challenger Development Corp."
        },
        {
          "name": "Open",
          "type": "Strategic",
          "dealCount": 1,
          "mostRecentTarget": "Finin"
        },
        {
          "name": "GSTechnologies Limited",
          "type": "Strategic",
          "dealCount": 1,
          "mostRecentTarget": "Semnet"
        },
        {
          "name": "MoneyLion",
          "type": "Strategic",
          "dealCount": 1,
          "mostRecentTarget": "Malka Media"
        }
      ]
    },
    {
      "sector": "B2B Payments",
      "totalDeals": 6,
      "disclosedValueUSD": 7815000000,
      "url": "https://windsordrake.com/market-intelligence/who-buys/b2b-payments",
      "topBuyers": [
        {
          "name": "Deluxe",
          "type": "Strategic",
          "dealCount": 2,
          "mostRecentTarget": "Celero"
        },
        {
          "name": "Nuvei",
          "type": "Strategic",
          "dealCount": 1,
          "mostRecentTarget": "Payoneer"
        },
        {
          "name": "Thoma Bravo",
          "type": "PE",
          "dealCount": 1,
          "mostRecentTarget": "Bottomline Technologies"
        },
        {
          "name": "Visa",
          "type": "Strategic",
          "dealCount": 1,
          "mostRecentTarget": "CurrencyCloud"
        },
        {
          "name": "Adyen",
          "type": "Strategic",
          "dealCount": 1,
          "mostRecentTarget": "Orb"
        }
      ]
    },
    {
      "sector": "Embedded Finance",
      "totalDeals": 6,
      "disclosedValueUSD": 2300800000,
      "url": "https://windsordrake.com/market-intelligence/who-buys/embedded-finance",
      "topBuyers": [
        {
          "name": "Getir",
          "type": "Strategic",
          "dealCount": 1,
          "mostRecentTarget": "Gorillas"
        },
        {
          "name": "MoneyLion",
          "type": "Strategic",
          "dealCount": 1,
          "mostRecentTarget": "Even Financial"
        },
        {
          "name": "Alakazam Holdings Bidco Ltd",
          "type": "PE",
          "dealCount": 1,
          "mostRecentTarget": "Equals Group"
        },
        {
          "name": "Marqeta",
          "type": "Strategic",
          "dealCount": 1,
          "mostRecentTarget": "Power Finance"
        },
        {
          "name": "M2P Fintech",
          "type": "Strategic",
          "dealCount": 1,
          "mostRecentTarget": "Goals101"
        },
        {
          "name": "Stripe",
          "type": "Strategic",
          "dealCount": 1,
          "mostRecentTarget": "Privy"
        }
      ]
    },
    {
      "sector": "Vertical SaaS Payments",
      "totalDeals": 6,
      "disclosedValueUSD": 6135000000,
      "url": "https://windsordrake.com/market-intelligence/who-buys/vertical-saas-payments",
      "topBuyers": [
        {
          "name": "Bill.com",
          "type": "Strategic",
          "dealCount": 2,
          "mostRecentTarget": "Invoice2go"
        },
        {
          "name": "Shopify",
          "type": "Strategic",
          "dealCount": 1,
          "mostRecentTarget": "Deliverr"
        },
        {
          "name": "Procore Technologies",
          "type": "Strategic",
          "dealCount": 1,
          "mostRecentTarget": "Levelset"
        },
        {
          "name": "Lightspeed Commerce",
          "type": "Strategic",
          "dealCount": 1,
          "mostRecentTarget": "Vend"
        },
        {
          "name": "Toast",
          "type": "Strategic",
          "dealCount": 1,
          "mostRecentTarget": "xtraCHEF"
        }
      ]
    },
    {
      "sector": "Insurtech",
      "totalDeals": 5,
      "disclosedValueUSD": 10704600000,
      "url": "https://windsordrake.com/market-intelligence/who-buys/insurtech",
      "topBuyers": [
        {
          "name": "Roper Technologies",
          "type": "Strategic",
          "dealCount": 1,
          "mostRecentTarget": "Vertafore"
        },
        {
          "name": "Allstate",
          "type": "Strategic",
          "dealCount": 1,
          "mostRecentTarget": "National General"
        },
        {
          "name": "Willis Towers Watson",
          "type": "Strategic",
          "dealCount": 1,
          "mostRecentTarget": "Newfront"
        },
        {
          "name": "Hippo Insurance",
          "type": "Strategic",
          "dealCount": 1,
          "mostRecentTarget": "Spinnaker Insurance Company"
        },
        {
          "name": "Jazz International Holding Limited",
          "type": "Strategic",
          "dealCount": 1,
          "mostRecentTarget": "TPL Insurance"
        }
      ]
    },
    {
      "sector": "Lending",
      "totalDeals": 5,
      "disclosedValueUSD": 32723000000,
      "url": "https://windsordrake.com/market-intelligence/who-buys/lending",
      "topBuyers": [
        {
          "name": "Block",
          "type": "Strategic",
          "dealCount": 1,
          "mostRecentTarget": "Afterpay"
        },
        {
          "name": "PayPal",
          "type": "Strategic",
          "dealCount": 1,
          "mostRecentTarget": "Paidy"
        },
        {
          "name": "Figure Technology Solutions",
          "type": "Strategic",
          "dealCount": 1,
          "mostRecentTarget": "Kiavi"
        },
        {
          "name": "Affirm",
          "type": "Strategic",
          "dealCount": 1,
          "mostRecentTarget": "PayBright"
        },
        {
          "name": "Collectius",
          "type": "Strategic",
          "dealCount": 1,
          "mostRecentTarget": "Non-performing loan portfolio"
        }
      ]
    },
    {
      "sector": "Crypto / Stablecoin",
      "totalDeals": 4,
      "disclosedValueUSD": 2689000000,
      "url": "https://windsordrake.com/market-intelligence/who-buys/crypto-stablecoin",
      "topBuyers": [
        {
          "name": "Mastercard",
          "type": "Strategic",
          "dealCount": 1,
          "mostRecentTarget": "BVNK"
        },
        {
          "name": "Kraken (Payward)",
          "type": "Strategic",
          "dealCount": 1,
          "mostRecentTarget": "Reap Technologies"
        },
        {
          "name": "SBI Holdings",
          "type": "Strategic",
          "dealCount": 1,
          "mostRecentTarget": "Japanese crypto exchange Bitbank"
        },
        {
          "name": "Ripple",
          "type": "Strategic",
          "dealCount": 1,
          "mostRecentTarget": "Flutterwave"
        }
      ]
    },
    {
      "sector": "Treasury / Cash Management",
      "totalDeals": 4,
      "disclosedValueUSD": 2280000000,
      "url": "https://windsordrake.com/market-intelligence/who-buys/treasury-cash-management",
      "topBuyers": [
        {
          "name": "Ripple",
          "type": "Strategic",
          "dealCount": 2,
          "mostRecentTarget": "GTreasury"
        },
        {
          "name": "Safe Harbor Financial",
          "type": "Strategic",
          "dealCount": 1,
          "mostRecentTarget": "Abaca"
        },
        {
          "name": "Stripe",
          "type": "Strategic",
          "dealCount": 1,
          "mostRecentTarget": "Recko"
        }
      ]
    },
    {
      "sector": "BaaS",
      "totalDeals": 3,
      "disclosedValueUSD": 2395000000,
      "url": "https://windsordrake.com/market-intelligence/who-buys/baas",
      "topBuyers": [
        {
          "name": "SoFi",
          "type": "Strategic",
          "dealCount": 2,
          "mostRecentTarget": "Technisys"
        },
        {
          "name": "Equity Group Holdings",
          "type": "Strategic",
          "dealCount": 1,
          "mostRecentTarget": "BCDC Bank"
        }
      ]
    },
    {
      "sector": "Financial Data / Open Banking",
      "totalDeals": 3,
      "disclosedValueUSD": 7501000000,
      "url": "https://windsordrake.com/market-intelligence/who-buys/financial-data-open-banking",
      "topBuyers": [
        {
          "name": "Visa",
          "type": "Strategic",
          "dealCount": 1,
          "mostRecentTarget": "Plaid"
        },
        {
          "name": "NEC Corporation",
          "type": "Strategic",
          "dealCount": 1,
          "mostRecentTarget": "Avaloq"
        },
        {
          "name": "PayPoint",
          "type": "Strategic",
          "dealCount": 1,
          "mostRecentTarget": "Aperidata"
        }
      ]
    },
    {
      "sector": "Mortgage Tech",
      "totalDeals": 2,
      "disclosedValueUSD": 1917000000,
      "url": "https://windsordrake.com/market-intelligence/who-buys/mortgage-tech",
      "topBuyers": [
        {
          "name": "nCino",
          "type": "Strategic",
          "dealCount": 1,
          "mostRecentTarget": "SimpleNexus"
        },
        {
          "name": "Figure",
          "type": "Strategic",
          "dealCount": 1,
          "mostRecentTarget": "Kiavi"
        }
      ]
    },
    {
      "sector": "Lending Tech (SMB)",
      "totalDeals": 1,
      "disclosedValueUSD": 30000000,
      "url": "https://windsordrake.com/market-intelligence/who-buys/lending-tech-smb",
      "topBuyers": [
        {
          "name": "Sumitomo Mitsui Bank",
          "type": "Strategic",
          "dealCount": 1,
          "mostRecentTarget": "OakNorth"
        }
      ]
    },
    {
      "sector": "Lending Tech (Consumer)",
      "totalDeals": 1,
      "disclosedValueUSD": 0,
      "url": "https://windsordrake.com/market-intelligence/who-buys/lending-tech-consumer",
      "topBuyers": [
        {
          "name": "SoFi",
          "type": "Strategic",
          "dealCount": 1,
          "mostRecentTarget": "Peach Finance"
        }
      ]
    }
  ]
}