Research report · Fintech · Valuations · Q2 2026

Cross-border Payments & FX Valuations: Q2 2026

Windsor Drake's Q2 2026 deep-dive into cross-border payments and FX valuations finds a market rewired around software-shaped infrastructure and on-chain settlement, with a 6.5x EV/Revenue benchmark masking a wide split between stablecoin and B2B FX leaders at 10-15x and consumer remittance and legacy MTOs near 1-3x. Mastercard's $1.8B BVNK acquisition and Stripe's $159B tender frame the capability premium, while public comparables (Wise, Remitly) anchor a 2x revenue floor for non-software cross-border. The report sets out subsegment ranges, valuation drivers and a six-point founder playbook for the current cycle.

Sector

Fintech

Focus

Valuations

Published

May 29, 2026