Fintech M&A Valuation Multiples: 2026 Report

EV/revenue and EV/EBITDA multiples across 638 fintech M&A deals from H1 2022 through H1 2026, by segment, growth, buyer type, and deal size.

This report looks at what fintech companies sell for in mergers and acquisitions, using a dataset of 638 deals with disclosed or reliably estimated deal terms that closed from the first half of 2022 through the first half of 2026. For each deal we calculated enterprise value (EV) as a multiple of the target's trailing twelve-month revenue and, where the target was profitable, its EBITDA. The results below show multiples by segment, growth rate, buyer type and deal size, how multiples have moved since 2022, and which deal characteristics raised or lowered the price.

Median Valuation Multiples by Fintech Segment

The table below shows median EV/revenue and EV/EBITDA multiples by segment for the 125 deals in our dataset that closed in the most recent twelve months.

• B2B finance software commands the highest median multiple at 6.3x revenue, 3.3 times the 1.9x paid for lending platforms.
• Payments splits in two: payments infrastructure deals priced at 4.6x revenue, while merchant acquiring and processing deals priced at 2.8x.
• Payments infrastructure was the most active segment, with 20 of the 125 deals closed in the past twelve months.

Fintech M&A Multiples, 2022 to 2026

In the table below, we track the number of deals and the median EV/revenue multiple across all segments by half-year.

• The median multiple fell 50%, from 6.8x in H1 2022 to 3.4x in H2 2023.
• It has risen in every half-year since, reaching 4.4x in H1 2026, 29% above the low.
• Deal count has not recovered with prices: 64 deals closed in H1 2026, 35% fewer than the 98 in H1 2022.

Multiples by Target Revenue Growth

Growth is the strongest single predictor of price in our dataset. The table below groups deals by the target's year-over-year revenue growth at the time of the transaction.

• Targets growing faster than 40% a year sold for a median 8.9x revenue, 4.2 times the 2.1x paid for targets growing under 10%.
• The largest step between bands is at the top: moving from 25% to 40% growth into the over-40% band adds 3.1 turns of revenue.
• Only 11% of deals involved a target growing faster than 40%, while 68% involved targets growing 25% or less.

Multiples by Buyer Type

The table below compares strategic incumbents (banks, card networks and established processors), private equity firms, and venture-backed or public fintech companies acting as acquirers.

• Private equity was the most frequent buyer, accounting for 41% of deals, and wrote the largest checks at a median $265 million.
• Strategic incumbents paid the highest median multiple, 4.7x revenue, 0.8 turns above private equity.
• Fintech acquirers made up 21% of deals, mostly smaller tuck-ins at a median $58 million.

Multiples by Deal Size and Buyer Type

Larger fintech deals price at higher multiples. The table below shows the median EV/revenue multiple by deal size, and the heatmap below it splits each size band by buyer type.

• Deals above $1 billion priced at a median 6.1x revenue, more than twice the 2.9x for deals under $50 million.
• Strategic buyers paid the highest multiple of any buyer type in the two largest size bands, reaching 6.9x for deals above $1 billion.
• Fintech acquirers paid the most in deals under $250 million (3.4x and 4.6x), where they compete for teams and technology.

What Raises and Lowers Fintech Multiples

We compared deals with and without each of the characteristics below, holding segment and growth band constant. The table shows how often each characteristic appeared and the resulting premium or discount in turns of revenue.

• A recurring revenue share above 70% added a median 1.4 turns of revenue, the largest premium we measured.
• A regulatory action in the 24 months before the deal cut 1.6 turns, the largest discount, even though it appeared in only 9% of deals.
• Dependence on a single partner bank, present in 27% of deals, reduced the multiple by 0.8 turns as buyers priced in the risk of a forced bank migration.

Sources

1. Pulse of Fintech H1 2026. KPMG International, August 2026.
2. A Closer Look at Public Fintech Health and Efficiency. Flagship Advisory Partners, October 2025.
3. Full Year 2015 Finance Industry Trends. Berkery Noyes.
4. Capital Markets Sector Leads Fintech M&A Activity. Finextra.