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PitchBookData,Inc.
NizarTarhuniExecutiveVicePresidentof
ResearchandMarketIntelligence
PaulCondraHeadofEmerging
TechnologyResearch
InstitutionalResearchGroup
EMERGINGTECHRESEARCH
FintechM&AReview:Middle-
MarketValuationAnalysis
Creatinganewcompsetforthemiddlemarket
Analysis
JamesUlan
LeadAnalyst,Emerging
Technology
james.ulan@
PitchBookisaMorningstarcompanyprovidingthemostcomprehensive,most
accurate,andhard-to-finddataforprofessionalsdoingbusinessintheprivatemarkets.
RudyYang
SeniorAnalyst,Emerging
Technology
rudy.yang@
Keytakeaways
Data
CollinAnderson
DataAnalyst
pbinstitutionalresearch@
Publishing
DesignedbyMeganWoodard
?PEbuyoutsflattenaftertwostrongquarters:Theheatcameoffthefintech
buyoutmarketinQ2.PEfintechbuyoutsdeceleratedtoanestimated12deals
inQ2,down57%fromQ1’s28estimatedbuyouts,anddown37%fromQ4’s19
estimatedbuyouts.However,Q2’s12buyoutswereessentiallyflatcompared
withQ22023.DespiteasoftQ2,buyoutsinthepast12monthshavebeen
healthy,withanestimated68fintechdealscomparedwith2023’s55,2022’s62,
2021’s104,and2020’s72buyouts.Lowerrateswouldprovidethefirstlegofa
truePErevival,butaddingastrongIPOandcorporateM&Amarketwouldputus
closerto2021levels.
PublishedonAugust12,2024
Contents
Keytakeaways1
CorporateandPEB2Bfintechacquisitions2
PEbuyouts5
Corporatefintechacquisitions7
Proprietaryfintechvaluationsformiddle-
marketandlower-middle-marketPE
9
?Largefintechandpaymentsbuyoutswillcontinue—herearethelikelypublic
targets:Weexpectmorelargefintech/paymentsbuyouts,despitealackof
accelerationinthebuyoutcount.TheacquisitionsofNuveifor$6.2billion,
Worldpayfor$12.5billion,andCoupafor$8.0billionandthepresenceofbig
PEsuchasBlackstoneandCarlyleinthespaceremindusthatpaymentsand
softwareareperfectcandidatesforPEduetotheirstrongrevenuegrowth
andhealthymargins.UsingPitchBook’sproprietaryPEtake-privatemodel,we
identifiedsixpubliclytradedfintech/paymentscompanieswiththehighest
likelihoodofbeingacquiredbyPE:nCino(7.7%takeoutprobability),AvidXchange
(6.5%),EuronetWorldwide(5.3%),Corpay(4.7%),Remitly(4.4%),and
BILL(4.2%).
VC-backedfintechsuccessmeasures10
?Corporateacquisitionsremainsubdued:Q2saw26estimatedcorporatedeals,
comparedwith26inQ12024and25inQ22023.Thetrailing12-month(TTM)
corporateacquisitioncountwasestimatedat98deals,comparedwith91in
2023,120in2022,165in2021,and88in2020.WepredictthatcorporateM&A
willtaketwoormoreyearsto“comeback”infullandwillbedrivenbythree
factors:CEOconfidence,whichisheavilyinfluencedbystockprice;consistent
economicandcompanyoperatingperformanceovertime;andFOMOwhile
watchingpeersmakeacquisitions.
1
PitchBookAnalystNote:FintechM&AReview:Middle-MarketValuationAnalysis
?Paymentsleadsinnewvaluationanalysisformiddle-marketandlower-
middle-marketPE:Weexaminedtheratioofacquisitionpricestoemployee
headcount(aproxyforrevenueandprofitability)from2020toQ22024.
Paymentscompaniesloggedthehighestmedianvaluationratioat1.61x,followed
byfinancialservicesinfrastructureat1.40x,capitalmarketsat1.34x,CFOstack
at1.26x,wealthtechat1.06x,regtechat0.86x,andfinallyalternativelending
at0.86x.
?B2B(enterprise)paymentsalsooutperformonexitvaluemeasures:Foreach
fintechsector,wecomparedVCdollarsinvestedinfirst-timefinancingroundsto
eventualexitvaluetodeterminewhichsubsectorsgeneratedstrongreturnsfor
earlyinvestors.Enterprisepaymentsledwitha2.1xratio,followedbyregtechat
1.6x,consumerpaymentsat1.55x,andfinancialservicesinfrastructureat1.06x.
Allothercategorieswerebelow1.0x.
CorporateandPEB2Bfintechacquisitions
CorporateandPEB2Bfintechacquisitionsstallaftertwostrongquarters:Q2’s37
estimatedB2Bfintechdealsrosebyonly3%YoY(essentiallyflat)fromQ22023’s36
dealsbutdeclinedby32%fromQ12024’sestimated54deals.The32%QoQdecline
wasdrivenbyfewerPEbuyouts(Q2isaseasonallylowquarterforfintechbuyouts),
whereascorporateacquisitionswereflatQoQ.PEbuyoutsaredecliningaftera
strongQ4andQ1,whilecorporateM&Aremainsslow.
ThereismorethanonereasonwhycorporateM&Aremainsslow:CorporateM&A
risesandfallswithC-suiteconfidence,whichisheavilyinfluencedbyoperating
performanceandstockprice,aswellaswhetherthesemetricsarestableor
improvingovertime.
Duringtimesofstress,theC-suitefocusesmoreonthecore,notonM&A:
CorporateC-suitesreducedM&Ain2022and2023asrevenuedecelerateddueto
theevaporationofCOVID-19pandemicstimulusandeconomistsnear-unanimously
callingforarecession.Inresponse,corporateleadersfocusedtheirenergyontheir
corebusinesses(costoptimization,revenuestabilization),notonM&A.Additionally,
thepooropticsoflargecorporateacquisitionsduringorafterlayoffsfurther
dampenedthedealenvironment.
Inanenvironmentwherevaluations,revenuegrowthrates,andprofitmarginsare
expanding,theC-suiteismorelikelytotaketheriskofmakingabigacquisition.
OurpredictionforfuturecorporatefintechM&A:Webelievethatcorporate
M&Awilltaketwoormoreyearsto“comeback.”Weexpectacquisitionsby
corporatestobedrivenbythreefactors:CEOconfidence,whichisheavily
influencedbysuccessivestockpricegainsovertheyears;consistenteconomic
andcompanyoperatingperformanceovertime;andFOMOwhilewatchingpeers
makeacquisitions.
Whileastockmarketmelt-upormeltdowncanhappenatanytime,weputhigher
oddsonamelt-upastheFederalReserve(theFed)preparestolowerratesandifthe
lower-endconsumercontinuestospend.
2
PitchBookAnalystNote:FintechM&AReview:Middle-MarketValuationAnalysis
Timehelps:GreaterC-suiteconfidence—drivenbygoodcompany,economic,and
stockpriceperformance—strengthensovermultipleyears.Eachyearofconsistent
growthcausestheC-suitetoextrapolateintothefuture,thusboostingconfidencein
bothbuilding/buyingnewcapabilitiesandassets.
QuarterlyenterprisefintechM&Aactivity
$2080
70
$1560
50
$1040
30
$520
10
$00
Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2
20202021202220232024*
Dealvalue($B)DealcountEstimateddealcount
Source:PitchBook?Geography:USandCanada?*AsofJune30,2024
Popularacquisitioncategories:Separately,welookedatthemostfrequently
acquiredsubsegmentswithinourlargercategories.Unsurprisingly,payments
andsoftwarecontinuetodominate.InH12024,wesawthemostacquisitionsin
paymentplatforms&pointofsale(POS),expensemanagement&accountspayable
(AP)/accountsreceivable(AR)automation,platforms&APIs,data&analytics,and
alternativeinvestments.Theseresultsweremostlyinlinewithprioryears,withthe
exceptionofalternativeinvestments,whichoutperformeditsdealcountsfromthe
2010-2023period.Thisislikelyduetothegrowthofprivatemarkets.Separately,
softwareandpaymentscontrastwithlendingbusinesses,whichareseeing
feweracquisitions.
Whylendingstrugglesandpaymentsandsoftwareoutperform:VCsknow
thatpaymentsandsoftwarepresentbetterrevenueandmarginopportunities
thanlending,whichisamorematureindustry.Thelendingbusinessisalsomore
competitivebecausebankslargeandsmallcompetevigorouslyforborrowers.
Additionally,loanprovidersessentiallysupplyacommodity(capital)withlow
switchingcosts,whereassoftwareandpaymentsbusinessescandeveloptailored
industry-specificsolutions,thuscreatingamoat.
3
PitchBookAnalystNote:FintechM&AReview:Middle-MarketValuationAnalysis
Topfintechsubsegmentsbydealcount(2020-Q22024)*
2020202120222023Q12024Q22024
Paymentplatforms&POS475642321110
Data&analytics78121532
Platforms&APIs918111261
Enterprisearchitecture1217141112
Investmenttools&platforms296801
B2Bpayments5912700
Underwriting&creditscoring544610
Alternativecapital598510
Trading5145520
Realestatelending193501
AlternativeInvestments414523
Credit&buynow,paylater(BNPL)730511
Expensemanagement&AP/ARautomation122318553
Source:PitchBook?Geography:USandCanada?*AsofJune30,2024
Withrespecttoexitsize,thelargestacquisitionsandbuyoutscontinuetobein
paymentplatforms&POS,enterprisearchitecture,platforms&APIs,andB2B
payments.Data&analyticshasalsobeencompletinglargerexits.
Topfintechsubsegmentsbydealvalue($M)(2020-Q22024)*
2020202120222023Q12024Q22024
Paymentplatforms&POS$1,063.3$5,596.5$5,189.1$13,958.3$74.7$6,367.0
Enterprisearchitecture$2,478.0$3,785.0$15,340.2$11,317.7$0.0$0.0
Platforms&APIs$2,074.1$3,723.9$699.7$2,890.9$75.0$0.0
B2Bpayments$818.7$1,495.1$437.0$1,538.0$0.0$0.0
Data&analytics$0.0$219.0$247.3$906.0$0.0$930.0
Alternativeinvestments$0.0$0.0$29.9$596.8$97.1$0.0
Infrastructure$29.6$0.0$449.9$452.6$0.0$0.0
Payroll&earnedwageaccess$0.0$286.2$0.0$419.0$0.0$0.0
Accounting,tax&compliance$281.8$789.7$8,400.0$323.9$0.0$0.0
Wallets&superapps$0.0$80.0$20.7$320.0$0.0$0.0
Source:PitchBook?Geography:USandCanada?*AsofJune30,2024
4
PitchBookAnalystNote:FintechM&AReview:Middle-MarketValuationAnalysis
PEbuyouts
Q2fintechbuyoutsslowsignificantly,butTTMdealcountishealthy:PEfintech
buyoutsdeceleratedtoanestimated12dealsinQ2,down57%fromQ1’s28
estimatedbuyoutsanddown37%fromQ4’s19estimatedbuyouts.Q2’s12buyouts
wereessentiallyflatcomparedwiththeprioryear,whenQ22023logged11buyouts.
Still,thepast12monthshavebeenhealthy,with68estimatedfintechbuyouts,
comparedwith2023’s55,2022’s62,2021’s104,and2020’s72buyouts.
WewillneedIPOsandcorporateM&Atocomebackinadditiontolowerrates:
Lowerrates,absentarecession,willboostPEbuyouts.However,thatwillonlygoso
far.Toignitethebuyoutmarket,wewillalsoneedIPOsandcorporateM&A.These
wouldcreatedistributionstoLPs,whichwouldinturnequipLPswithdrypowderfor
newbuyoutfunds,whichwouldmakeacquisitions.
QuarterlyenterprisefintechPEbuyoutactivity
$1630
$14
$12
$10
25
20
$815
$6
$4
$2
10
5
$00
Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2
20202021202220232024*
Dealvalue($B)DealcountEstimateddealcount
Source:PitchBook?Geography:USandCanada?*AsofJune30,2024
DespiteQ2’sflatteningbuyoutcountfollowingastrongQ4andQ1,therehavebeen
severallargebuyoutsoverthepast12months,includingNuveiandWorldpay.The
takeaway:PElikesfintech/paymentsandwillcontinuetomaketheseacquisitions.
Bothpaymentsandfintechcontinuetoprovidehealthyrevenuegrowthand
improvingmargins.
5
PitchBookAnalystNote:FintechM&AReview:Middle-MarketValuationAnalysis
FintechandpaymentsbuyoutsinQ22024*
CompanyDealvalue($M)ClosedateSegmentSubsegmentHQlocation
Copperleaf$731.4June11CapitalmarketsN/AVancouver,Canada
SonaN/AJune7PaymentsPaymentplatforms&POSBedford,Canada
SpringbrookSoftwareN/AJune5CFOsoftwareBudgeting&forecastingAmericanFork,US
STATRecoveryServicesN/AMay13CFOsoftwareExpensemanagement&AP/ARautomationBentonville,US
CoinlessN/AMay13PaymentsPaymentplatforms&POSSaltLakeCity,US
FluenceTechnologiesN/AMay9CFOsoftwareBudgeting&forecastingToronto,Canada
WashCardSystemsN/AApril1PaymentsPaymentplatforms&POSCenterville,US
Nuvei$6,300.0April1PaymentsPaymentplatforms&POSMontreal,Canada
Source:PitchBook?Geography:USandCanada?*AsofJune30,2024
OurPEbuyoutleaguetableshowsthatthreePEarchetypesdominatefintechand
paymentsbuyouts:software-andtechnology-specificPEfirms,suchasThoma
BravoandFranciscoPartners;generalistswiththreetofivefocusareas,suchas
TAAssociatesandParthenonCapitalPartners;andbigPE,suchasBlackstone,
Carlyle,andKKR.
FintechandpaymentsPEleaguetable(2020-Q22024)*
InvestorDealcountGeneralist/specialistInvestortypeHQlocation
TAAssociatesManagement17GeneralistwithfocusPE/buyoutMassachusetts,US
ParthenonCapitalPartners15GeneralistwithfocusPE/buyoutMassachusetts,US
GenstarCapital11GeneralistwithfocusPE/buyoutCalifornia,US
Accel-KKR9GeneralistPE/buyoutCalifornia,US
FranciscoPartners9SpecialistPE/buyoutCalifornia,US
ThomaBravo9SpecialistPE/buyoutIllinois,US
AudaxPrivateDebt8N/AMezzanineNewYork,US
CorsairCapital8SpecialistPE/buyoutNewYork,US
LovellMinnickPartners8SpecialistPE/buyoutPennsylvania,US
Blackstone8GeneralistPE/buyoutNewYork,US
GreatHillPartners8GeneralistwithfocusPE/buyoutMassachusetts,US
TheCarlyleGroup8GeneralistPE/buyoutWashington,DC,US
AquilineCapitalPartners8SpecialistPE/buyoutNewYork,US
Hg7SpecialistPE/buyoutN/A
InsightPartners7SpecialistGrowth/expansionNewYork,US
LLRPartners7GeneralistwithfocusGrowth/expansionPennsylvania,US
ClearlakeCapitalGroup7GeneralistwithfocusPE/buyoutCalifornia,US
Source:PitchBook?Geography:USandCanada?*AsofJune30,2024
6
PitchBookAnalystNote:FintechM&AReview:Middle-MarketValuationAnalysis
Corporatefintechacquisitions
CorporateacquisitionsremainedmutedinQ2,with26estimateddeals,compared
with26dealsinQ12024and25inQ22023.TheTTMcorporateacquisitioncount
wasestimatedat98deals,comparedwith91in2023,120in2022,165in2021,and
88in2020.
Asdiscussedabove,corporateM&Awilllikelytaketwoormoreyearsto“come
back.”Weexpectacquisitionsbycorporatestobedrivenbythreefactors:CEO
confidence,whichisheavilyinfluencedbysuccessivestockpricegainsoveryears;
consistenteconomicandcompanyoperatingperformanceovertime;andFOMO
withwatchingpeersmakeacquisitions.
Quarterlyenterprisefintechcorporateacquisitionactivity
$1450
$12
$10
40
30
$8
$6
20
$4
$2
10
$00
Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2
20202021202220232024*
Dealvalue($B)DealcountEstimateddealcount
Source:PitchBook?Geography:USandCanada?*AsofJune30,2024
CorporateM&AinQ22024*
CompanyDealvalue($M)ClosedateSegmentSubsegmentHQlocation
LeaseQN/AMay7AlternativelendingMarketplacelendingBurlington,US
StackSourceN/AApril8AlternativelendingRealestatelendingNewYork,US
Tegus$930.0June11CapitalmarketsData&analyticsChicago,US
T-REXN/AApril24CapitalmarketsData&analyticsNewYork,US
BasisN/AJune17CFOsoftwareBudgeting&forecastingSanFrancisco,US
Paymerang$475.0May8CFOsoftwareExpensemanagement&
AP/ARautomationRichmond,US
AcumaticaN/AMay1CFOsoftwareAccounting,tax&complianceSeattle,US
TeampayN/AApril25CFOsoftwareExpensemanagement&
AP/ARautomationNewYork,US
HyperplaneN/AJune26FinancialservicesinfrastructureEnterprisearchitecturePaloAlto,US
AtomFinanceN/AMay15FinancialservicesinfrastructurePlatforms&APIsNewYork,US
Source:PitchBook?Geography:USandCanada?*AsofJune30,2024
7
PitchBookAnalystNote:FintechM&AReview:Middle-MarketValuationAnalysis
CorporateM&AinQ22024(continued)*
CompanyDealvalue($M)ClosedateSegmentSubsegmentHQlocation
ValeyoN/AApril8FinancialservicesinfrastructureEnterprisearchitectureBurnaby,Canada
RooamN/AJune21PaymentsPaymentplatforms&POSWashington,DC,US
iCGPay$17.0June3PaymentsPaymentplatforms&POSFortMyers,US
Exceleron$50.0May21PaymentsPaymentplatforms&POSDallas,US
ApogeePaymentSystemsN/AMay17PaymentsPaymentplatforms&POSMukwonago,US
FlashtractN/AMay8PaymentsPaymentplatforms&POSAtlanta,US
TiliaN/AApril23PaymentsPaymentplatforms&POSWestHollywood,US
SumatraN/AJune26RegtechCrimesurveillance&
frauddetectionAustin,US
Source:PitchBook?Geography:USandCanada?*AsofJune30,2024
OurcorporateM&Aleaguetableisdominatedbylargecorporatesknownfor
programmaticM&A.Theprimaryacquirertypesincludeemergingleaders,such
asRobinhood,Coinbase,Nubank,andSoFi,whichareacquiringinordertolaunch
entirelynewproductsthatcanbecross-soldtocustomers;andlegacypayments
andbanktechproviders,suchasFiservandFIS,whichwanttodeepenrelationships
withexistingcustomersbutalsotomaintainrevenueandprofitabilitygrowth.
FintechandpaymentscorporateM&Aleaguetable(2020-Q22024)*
InvestorDealcountInvestortypeHQlocation
Fiserv9CorporationWisconsin,US
Nuvei5CorporationQuébec,Canada
Mastercard4CorporationNewYork,US
Corpay4CorporationGeorgia,US
Stripe4VC-backedcompanyCalifornia,US
RealtimeElectronicPayments4CorporationGeorgia,US
Envestnet4CorporationPennsylvania,US
Source:PitchBook?Geography:USandCanada?*AsofJune30,2024
8
PitchBookAnalystNote:FintechM&AReview:Middle-MarketValuationAnalysis
ForPitchBookclients,weprovideafull
Proprietaryfintechvaluationsformiddle-marketand
lower-middle-marketPE
listofcompany-by-companyvaluation
multiplesforcreatingmiddle-market
andlower-middle-marketcomps.
Emailjames.ulan@for
moreinformation.
B2B(enterprise)paymentsleadsinvaluation:Byexaminingtheratioofacquisition
pricestoemployeeheadcount(aproxyforrevenueandprofitability)from2020to
Q22024,wedeterminedthatpaymentscompaniesloggedthehighestvaluationsat
1.61x,followedbyfinancialservicesinfrastructureat1.40x,capitalmarketsat1.34x,
CFOstackat1.26x,wealthtechat1.06x,regtechat0.86x,andfinallyalternative
lendingat0.86x.
Rangeofacquisitionprice/employeecountratiosbysegment(2020-Q22024)*
3.0x
2.5x
2.0x
1.61x
1.5x
1.40x1.34x
1.26x
1.06x
0.86x0.86x
1.0x
0.5x
0x
PaymentsFinancialservices
infrastructure
Capital
markets
CFOstackWealthtechRegtechAlternative
lending
Median75thpercentile25thpercentile
Source:PitchBook?Geography:USandCanada?*AsofJune30,2024
Rangeofacquisitionprice/employeecountratiosbysegment(2020-Q22024)*
AverageMedian75thpercentile90thpercentile25thpercentile10thpercentile
Payments2.17x1.61x2.85x4.05x0.85x0.47x
Financialservicesinfrastructure2.14x1.40x2.90x4.87x1.05x0.65x
Capitalmarkets2.10x1.34x2.63x3.81x0.50x0.28x
CFOstack2.19x1.26x2.54x5.12x0.50x0.33x
Wealthtech1.55x1.06x1.66x2.95x0.71x0.49x
Regtech1.64x0.86x2.52x3.43x0.47x0.30x
Alternativelending1.55x0.86x2.01x3.37x0.30x0.21x
Source:PitchBook?Geography:USandCanada?*AsofJune30,2024
9
PitchBookAnalystNote:FintechM&AReview:Middle-MarketValuationAnalysis
VC-backedfintechsuccessmeasures
B2B(enterprisepayments)outperformsonexitvalue:Foreachfintechsector,
wecompareddollarsinvestedinfirstfinancingroundstoeventualexitvalueto
determinewhichsubsectorsgeneratestrongreturnsforearlyinvestors.Enterprise
paymentsledwitha2.09xratio($1.5billionofexitvalueand$0.74billionoffirst-
roundfinancing),followedbyregtechat1.62x($0.37billionofexitvalueand$0.23
billionoffirst-roundfinancing),andconsumerpaymentsat1.55x($0.44billionof
exitvalueand$0.28billionoffirst-roundfinancing).
Theseratiosdonottellthefullstory,asmanysubsectorshavevaluableunicorns
thathavenotexited,suchasRampandBrexinCFOstack.Ouranalysislookedat
VC-backedfintechcompaniesthatreceivedtheirfirstfundingover2017to2020and
havesinceexited.
Fintechfirst-timefinancing,exit,andVC-backedvaluebysegment(2020-Q22024)*
First-timefinancingvalue($M)Successfulexitvalue($M)CurrentVC-backedvalue($M)Success%
Financialservicesinfrastructure$710.2$753.6$42,626.7106.1%
CFOsoftware$787.0$247.0$117,282.331.4%
Wealthtech$1,107.3$753.1$58,534.068.0%
Capitalmarkets$1,628.0$1,394.6$45,990.785.7%
Payments$739.8$1,548.3$109,340.7209.3%
Alternativelending$1,038.1$948.6$45,650.991.4%
Credit&banking$1,072.3$95.0$50,641.28.9%
Regtech$226.5$367.8$25,421.7162.4%
Consumerpayments$280.8$435.2$12,450.8155.0%
Commercialfinance$348.4$130.0$11,791.337.3%
Source:PitchBook?Geography:USandCanada?*AsofJune30,2024Note:ExitsarelimitedtocompaniesthathadtheirfirstVCroundbetween2017-2020.Suc
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