M&A advisory for BNPL companies
BNPL M&A is being reshaped by regulation and funding cost. The CFPB's Regulation Z extension, the FCA's incoming framework and higher cost of warehouse and ABS funding have pushed the segment toward consolidation, with payments incumbents and card networks the most natural acquirers and specialty credit PE platforms taking selective positions at rational valuations. The 2021 valuations are not coming back, but disciplined deals are getting done.
The natural acquirers are the card networks (Visa, Mastercard), payments incumbents (PayPal, Stripe, Adyen, Block) and the larger BNPL players themselves - Klarna and Affirm have both been active consolidators. PE platforms in specialty credit (Apollo, Centerbridge, Warburg Pincus, KKR) take selective positions where vintage performance and the funding stack support a rational price. Flow has direct access across this buyer group.
Flow team has relevant sector experience and has worked with BNPL companies across consumer pay-in-X providers, longer-term instalment lenders, B2B BNPL and embedded BNPL platforms.
"BNPL" KPIs M&A buyers look at
Key metrics strategics and PE buyers look at when analayzing BNPL M&A targets
GMV financed
Merchant discount revenue
Approval rate
Default rate
Charge-off rate by vintage
Loss-adjusted margin
Cost of funds
Active customers
Repeat usage rate
Active merchants
BNPL valuations in May 2026
Public BNPL comps trade at 3.0x EV/Revenue.
3.0x
Median EV/Revenue as of May 2026 for public BNPL companies
1.5x
Block is the highest valued public BNPL company based on EV/Revenue (excluding outliers)
-
Median EV/Revenue across BNPL M&A deals in the last 12 months
7.5x
Median EV/Revenue across BNPL VC rounds in the last 12 months
Key recent BNPL M&A deals
$2.5M acquisition of Rio Money by Zaggle Prepaid Ocean was the largest BNPL M&A transaction completed in the last year.
See all BNPL M&A deals| Logo | HQ | Description | Buyer | ||||
|---|---|---|---|---|---|---|---|
Jul-25 | Rio Money |  | Rio Money is a Chennai-based fintech issuing virtual credit cards for digital payments in India. Users access no-minimum-spend cards convertible to EMIs, scan-to-pay features, and cashback rewards via its app, integrated with merchants nationwide. | Zaggle Prepaid Ocean | $2.5M | - | |
Jan-26 | Credit Key |  | Credit Key is a Pittsburgh-headquartered B2B financing platform providing patented pay-over-time options for e-commerce merchants. Integrated with Shopify and BigCommerce, it approves 80 percent of SMB applicants instantly up to $20,000 limits. The service reports payments to Dun & Bradstreet, aiding buyer credit building without merchant risk. | Barings | - | - | |
Jan-26 | Patient Plan Direct |  | Patient Plan Direct is a UK dental finance provider enabling practices to offer flexible patient payment plans. | Agilio Software | - | - | |
Dec-25 | Qlarifi | | Qlarifi is a fintech company offering the first real-time buy-now-pay-later consumer credit database. Based in Miami, it aggregates data from Affirm, Afterpay, and Klarna transactions, enabling lenders to assess BNPL risk instantly. Used by banks and payment processors across North America, it processes millions of queries daily. | Socure | - | - | |
Dec-25 | Backed Finance |  | Backed Finance generates tokenized stocks on Ethereum to broaden access and equity in capital markets. The platform supports compliant, functional tokenized equities, linking traditional finance with on-chain infrastructure. | Kraken | - | - | |
Nov-25 | Tandem | | Tandem is a financial app for couples headquartered in Vancouver. Enables automatic expense splitting, bill tracking, and shared budgeting by importing transactions from bank accounts and cards. Users in Canada and the United States settle balances via Venmo or direct transfers, managing joint finances for rent, groceries, and travel. | Reseda Group | - | - | |
Oct-25 | La Lenderia |  | La Lenderia, S.A.P.I. de C.V. is a Mexico City-based fintech providing consumer loans, leasing for electronics and vehicles, and installment payment plans through the Kredeo app. It uses AI underwriting for approvals under 5 minutes and serves over 1 million users with partnerships to retailers like Liverpool. | mPWR | - | - | |
Oct-25 | Versatile Credit | | Versatile Credit is a San Francisco-headquartered platform facilitating retail financing programs. The company connects merchants with lenders like Affirm and Synchrony for point-of-sale loans, lease-to-own options, and buy-now-pay-later across e-commerce and in-store channels. Versatile Credit powers applications for big-box retailers and specialty stores, processing approvals in seconds via API integrations. | Synchrony | - | - | |
Jul-25 | A | Aplauz NL |  | Aplauz NL is an Amsterdam-headquartered licensed electronic money institution operating prepaid digital wallets and voucher platforms. Users load credits for conscious spending at online merchants and physical stores across Europe, with features for budgeting controls and gift card redemptions. | WSPN | - | - |
Jun-25 | Vartana | | Vartana is a San Francisco-headquartered financing platform enabling sales teams to offer flexible payments, e-signatures, and accelerated deal closures. Founded in 2020 by Kush Kella, the all-in-one tool maximizes buyer purchasing power while improving finance agility through optimized cash flow. Vartana integrates with CRM systems for SaaS, hardware, and equipment sales. | Capchase | - | - |
Most active buyers of BNPL companies
Synchrony, Capchase and Kraken are the most active acquirers of BNPL companies in the last three years.
See all BNPL acquirers| Logo | HQ | Description | Key acquisitions | ||
|---|---|---|---|---|---|
Synchrony | | Synchrony Financial, originally a spinoff of GE Capital's retail financing business, is the largest provider of private-label credit cards in the United States by both outstanding receivables and purchasing volume. Synchrony partners with other firms to market its credit products in their physical stores as well as on their websites and mobile applications. Synchrony operates through three segments: retail card (private-label and co-branded general-purpose credit cards), payment solutions (promotional financing for large ticket purchases), and CareCredit (financing for elective healthcare procedures). | Versatile CreditAllegro CreditPets Best Insurance+1 | 1 | |
Capchase | | Capchase is a New York-headquartered fintech firm specializing in non-dilutive financing for SaaS businesses. The platform advances revenue from annual recurring contracts, enabling companies to access up to 100 percent of deferred payments immediately. Capchase serves clients including Typeform and Porch, processing over $1 billion in advances since inception. Founded in 2020, it expanded to Europe with offices in London and Madrid, integrating with billing tools like Zuora and Chargebee for seamless funding. | Vartana | 1 | |
Kraken | | Kraken is a San Francisco-headquartered cryptocurrency exchange supporting spot, futures, margin trading, staking, OTC services, and a multi-chain wallet. It lists over 200 assets including Bitcoin, Ethereum, and Solana against fiat pairs like USD, EUR, and GBP. Institutional tools cover API trading, dark pools, and custody for hedge funds. Founded in 2011, Kraken operates in 190 countries with offices in London and Tokyo, serving retail and pro traders through advanced charting and 24/7 support. | Backed FinanceBitnomialMagna+1 | 1 | |
Barings | | Barings is a Charlotte, North Carolina-headquartered global investment manager overseeing fixed income, real assets, and private credit strategies for institutional and retail clients worldwide. A subsidiary of Massachusetts Mutual Life Insurance Company since 2014, it operates from 17 offices across Asia, Europe, and the Americas. | Credit KeyPinion InsuranceArtemis Real Estate Partners+1 | 1 | |
WSPN |  | WSPN is a Singapore-headquartered digital payments platform utilizing distributed ledger technology to deliver cross-border payment solutions for merchants and consumers in Asia and the Middle East. The company issues digital tokens redeemable for fiat currencies and partners with regional banks and e-commerce platforms to facilitate seamless transactions. Launched in 2022 by Animoca Brands, WSPN supports financial inclusion through blockchain-based wallets and integrates with major payment networks in markets like Hong Kong, Thailand, and the UAE. | Aplauz NL | 1 | |
Reseda Group | | Reseda Group is a Credit Union Service Organization fully owned by MSU Federal Credit Union and based in East Lansing, Michigan. It supplies core processing systems, digital banking platforms, and compliance tools to credit unions nationwide. Supporting over 100 financial institutions, the firm focuses on payment processing, lending software, and member experience enhancements through integrated technology services. | TandempocketnestChannelNet Corporation+1 | 1 | |
Agilio Software | | Agilio Software is a UK provider of compliance management and HR software for dental practices, including its iComply platform for CQC inspections and staff scheduling. Based in Preston, Lancashire, the company serves over 1,000 UK dentists with automated audit trails, training trackers, and payroll integrations. Agilio offers outsourced HR advisory compliant with GDPR and employment law. Founded in 2014, it expanded with MyDentist group adoption in 2022. | Patient Plan DirectBlue Stream AcademyThe Fresh+1 | 1 | |
Zaggle Prepaid Ocean | | Zaggle Prepaid Ocean Services Ltd is into spend management, with a differentiated value proposition and diversified user base. It offers a diversified portfolio of SaaS, including tax and payroll software. The company's core product portfolio includes; Propel, a SaaS platform for channel partner rewards and incentives, employee rewards and recognition; SAVE, a SaaS-based platform for employee expense management, reimbursements and benefits; and Zoyer, an integrated data driven SaaS-based procure-to-pay and utility payment platform. The company's operating segments are based on the nature of the products and services provided and include; Propel platform revenue/gift cards which derives maximum revenue, Platform fee/SaaS fee/Service fee and Program fee. | Rio MoneyGreenedge EnterprisesDice+1 | 1 | |
mPWR | | mPWR is a UK-based mobile finance app integrating banking, insurance, and lifestyle services for underserved users. Launched in 2021 from London, the platform offers instant loans, savings accounts, and bill payments via smartphone, partnering with HSBC and Aviva to reach 500,000+ customers across emerging markets in Africa and Asia. | La Lenderia | 1 | |
Socure | | Socure is a New York-headquartered provider of AI-powered digital identity verification and fraud prevention solutions. The Sigma platform performs KYC, AML screening, and biometric authentication using device intelligence and email validation. Financial institutions like Chime and Capital One rely on Socure for instant approvals at onboarding. The company processes billions of transactions annually and holds SOC 2 Type II compliance. Founded in 2012, Socure operates globally with data centers in the United States and Europe. | QlarifiEffectivBerbix | 1 |
Founders and investors we've worked with
We've supported winning builders across BNPL and beyond.
Rebellion Pay
We acted as exclusive sell-side advisor to Rebellion Pay, Spain's leading Gen Z neobanking platform, on its sale to Turkish consumer fintech unicorn Papara.
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MAILINGWORK
We acted as exclusive sell-side advisor to MAILINGWORK, a Chemnitz-based email marketing software platform, on its sale to French digital marketing leader Positive Group.
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TestSolutions
We acted as exclusive financial advisor to Swiss PE firm Patrimonium on its majority stake acquisition of TestSolutions, a Frankfurt-based software testing and IT services provider.
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HAPPYCAR
We acted as exclusive sell-side advisor to HAPPYCAR, a Hamburg-based pan-European rental car comparison and booking platform, on its sale to Dutch online price comparison player EasyTerra.
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Resillion
We provided buy-side advice to a dominant TIC industry player on the carve-out and acquisition of Resillion (fka Eurofins Digital Testing), a Hasselt-based digital testing, cybersecurity and forensics provider.
See moreRecent M&A advisory track record
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