M&A advisory for embedded finance companies
Embedded finance M&A is happening but shaped by what went wrong in 2023. Sponsor bank consent orders, the failure of Synapse and the visibility of programme concentration mean buyers now diligence the bank relationship before the financials. Acquirers fall into three groups: payments incumbents and card networks buying issuer-processors, banks buying middleware to internalise BaaS, and PE-backed platforms rolling up programme managers with clean compliance histories.
The buyer set names cleanly. The card networks (Visa, Mastercard) and payments incumbents (FIS, Fiserv, Jack Henry, Stripe, Adyen) acquire programme management and issuer-processor capability. Banks acquire middleware to bring BaaS in-house. PE platforms - Advent, Hellman & Friedman, GTCR, Silver Lake - consolidate programme managers with clean regulatory histories. Flow has direct access across these acquirer groups.
Flow team has relevant sector experience and has worked with embedded finance companies across BaaS platforms, card issuing and programme management, payments infrastructure, embedded lending and embedded insurance.
"Embedded finance" KPIs M&A buyers look at
Key metrics strategics and PE buyers look at when analayzing embedded finance M&A targets
TPV
Net revenue
Take rate
Cards issued / active
Active programmes
Revenue per partner
Programme reserves
Sponsor bank cost
Partner concentration
Embedded finance valuations in May 2026
Public embedded finance comps trade at 2.2x EV/Revenue. Median revenue multiple across embedded finance M&A deals was 0.4x in the last 12 months.
2.2x
Median EV/Revenue as of May 2026 for public embedded finance companies
1.5x
Block is the highest valued public embedded finance company based on EV/Revenue (excluding outliers)
0.4x
Median EV/Revenue across embedded finance M&A deals in the last 12 months
8.8x
Median EV/Revenue across embedded finance VC rounds in the last 12 months
Key recent embedded finance M&A deals
$5.2B acquisition of Brex by Capital One was the largest embedded finance M&A transaction completed in the last year.
See all embedded finance M&A deals| Logo | HQ | Description | Buyer | ||||
|---|---|---|---|---|---|---|---|
Jan-26 | Brex |  | Brex is a San Francisco-headquartered fintech platform providing corporate credit cards, expense management, and venture debt to startups. The service integrates with accounting software like QuickBooks and NetSuite for real-time spend controls. Brex serves over 10,000 companies including DoorDash and Ramp with rewards programs. | Capital One | $5.2B | - | |
Feb-26 | NCR Atleos | | NCR Atleos Corp is financial technology company providing self-directed banking solutions to a customer base including financial institutions, merchants, manufacturers, retailers and consumers. Self-directed banking is a rapidly growing, secular trend that allows banking customers to transact seamlessly between various channels all for the same transaction. Their comprehensive solutions enable the acceleration of self-directed banking through ATM and interactive teller machine (ITM) technology, including software, services, hardware and its proprietary Allpoint network. Atleos manage its operations in the following segments which includes Self-Service Banking, Network, and Telecommunications abd Technology. | Brink’s | $4.0B | 0.4x | |
May-26 | Reap |  | Reap is a financial technology platform founded in 2018 that equips companies worldwide with card issuing APIs, expense management software, global payouts, and the Reap Visa Corporate Credit Card. With over 50 employees across offices in seven countries, it receives backing from investors such as Acorn Pacific Ventures, HashKey Capital, and Fresco Capital, enabling businesses to manage finances securely and efficiently. | Payward | $600M | - | |
Jan-26 | Coinme | | Coinme is the largest licensed cash-to-cryptocurrency exchange network in the United States, operating at thousands of Coinstar kiosks and MoneyGram locations across 48 states. Founded in 2014 and based in Seattle, Washington, the company enables cash purchases of Bitcoin and other digital assets with instant wallet transfers. Coinme provides an API for financial institutions to integrate crypto services and offers a mobile app for storage and management of holdings. | Polygon Labs | $125M | - | |
Mar-26 | Finergi |  | Finergi is a fintech that provides real-time credit access through prepaid power systems. | Optasia | $30M | - | |
Mar-26 | Brahma |  | - | Polymarket | - | - | |
Mar-26 | a55 (credit license) |  | a55 is a São Paulo-based Brazilian fintech holding a direct credit society (SCP) license from the Central Bank of Brazil. The company provides credit-as-a-service (CaaS) to e-commerce platforms for merchants to offer customers instant installment financing at checkout. a55 generates revenue from loan origination fees and interest on financed purchases. | Pagsmile | - | - | |
Feb-26 | Chimney | | Chimney is a New York fintech providing white-label tools for banks and credit unions to launch personalized financial products. Launched in 2021, it drives customer engagement and revenue through embedded finance solutions. | Array | - | - | |
Dec-25 | SecureSave | | - | HSA Bank | - | - | |
Nov-25 | PostCredit | | PostCredit streamlines financial operations for film productions with integrated bank accounts and Visa network spend cards akin to corporate expense tools. | - | - | - | |
Nov-25 | AjoMoney |  | AjoMoney runs a Nigeria-focused digital platform modernizing rotating savings and credit associations, facilitating group savings, interest-free loans, and investments for MSMEs. | Rank | - | - | |
Oct-25 | Sanad Cash |  | Sanad Cash is a UAE-headquartered mobile app offering instant salary advances to employees between paychecks. The platform integrates with employer payroll systems for fee-free access up to 50% of earned wages. Sanad Cash serves blue-collar workers in the Gulf, partnering with construction and hospitality firms. | Qashio | - | - | |
Sep-25 | Ezypay |  | Ezypay is a Sydney-headquartered FinTech provider specializing in subscription billing and recurring payment processing. Established in 1996, the company operates a cloud platform on AWS that supports direct debits, credit cards, and digital wallets across Australia, New Zealand, and seven other Asia-Pacific countries including Singapore and Thailand. Ezypay enables businesses to automate dynamic subscription plans, handle failed payments, and generate invoices through open APIs for seamless integrations. It maintains offices in Kuala Lumpur and Auckland, processing transactions for e-commerce merchants and SaaS providers in retail and membership sectors. | Xplor Technologies | - | - | |
Aug-25 | topi |  | topi is a Berlin-based fintech platform enabling retailers and manufacturers to offer Hardware-as-a-Service through B2B subscriptions for equipment rental. The service manages leasing, insurance, refinancing, and maintenance via dashboard for assets like point-of-sale systems and machinery. Founded in 2021, topi connects European businesses in retail and manufacturing for flexible hardware access. | PEAC Finance | - | - | |
Aug-25 | Handpoint |  | Handpoint is a Reykjavik-headquartered payments provider offering embedded payment solutions for SaaS platforms to enable global expansion. Founded in 2013, it processes over 100 million transactions yearly across Europe and North America, integrating with tools like Stripe and Adyen for seamless checkout experiences in hospitality and retail sectors. | Electronic Payments | - | - |
Most active buyers of embedded finance companies
Array, Payward and First Ally are the most active acquirers of embedded finance companies in the last three years.
See all embedded finance acquirers| Logo | HQ | Description | Key acquisitions | ||
|---|---|---|---|---|---|
Array | | Array is a financial technology platform enabling digital brands and institutions to launch consumer banking products rapidly. It provides FDIC-insured checking, savings, credit building, and debit card features integrated via APIs for seamless embedding. Headquartered in New York City, Array powers fintech apps and e-commerce sites serving millions of users with tools for transaction data analytics and compliance automation. Partnerships with banks like Evolve Bank & Trust support high-volume payouts and remittances across the U.S. | ChimneyPenny FinanceMoneyKit+1 | 1 | |
Payward | | Payward is the parent company of the Kraken cryptocurrency exchange and related financial products, serving as infrastructure for trading, holding, and investing in digital assets and other markets. | Reap | 1 | |
First Ally | | First Ally is a Lagos-based financial advisory firm serving issuing houses, corporations, and project developers in Africa. It delivers services in debt issuance, corporate finance structuring, mergers, acquisitions, and capital raising. Active in Nigeria's equity and debt markets, the firm advises on public offerings and private placements for infrastructure and energy projects. | Migo | 1 | |
Electronic Payments | | Electronic Payments is a Charlotte-headquartered payment processor offering merchant services, POS terminals, and gateway solutions nationwide. The company provides EMV-compliant equipment, virtual terminals, and e-commerce integrations with low-rate guarantees and 24/7 support. Targeting retail, restaurants, and ISVs, it handles debit, credit, and ACH transactions. Established in 2000, Electronic Payments emphasizes customized setups for high-volume merchants. | HandpointVault Payments Group | 1 | |
Optasia | | Optasia is a B2B2X AI-powered fintech platform covering scoring, financial decisioning, disbursement and collection. The company operates across Africa, the Middle East, Asia, Europe, and Latin America. Its services include: Micro Lending, Airtime Advance, and Data Monetization. | Finergi | 1 | |
H | HSA Bank | | HSA Bank is a Sheboygan-based financial institution offering health savings accounts, retirement products, and related services to individuals and employers nationwide. | SecureSave | 1 |
Polygon Labs |  | Polygon Labs develops Ethereum-compatible scaling infrastructure including zkEVM and proof-of-stake layers to enable efficient decentralized applications. | CoinmeSequence | 1 | |
Rank | | Rank is a São Paulo-based fintech platform offering point-of-sale financing for brick-and-mortar merchants in Brazil. It provides installment payment solutions at checkout, integrated with major acquirers, alongside insurance protecting POS terminals against theft, damage, and fraud. The company delivers Android and iOS apps for transaction management and analytics. | AjoMoneyZazzau Microfinance Bank | 1 | |
Zellis |  | Zellis is a London-headquartered provider of cloud-based HR and payroll software serving over 2,000 organizations in the UK and Ireland. The suite includes Dayforce for global payroll processing across 40 countries, CIPD-compliant compensation tools, and analytics dashboards for workforce planning. Acquired by Hg in 2022, Zellis manages payroll for 3 million employees annually, with clients like National Trust and Greene King relying on its automation for compliant tax filings and absence tracking. | HasteeElementsuiteBenify | 1 | |
Qashio | | Qashio is a Dubai-based expense management platform for Middle Eastern businesses, issuing corporate cards integrated with AP automation. Companies gain real-time spend visibility, receipt matching, and budget controls through its dashboard. The service supports vendors in UAE and Saudi Arabia, facilitating reimbursements and compliance reporting for sales teams. | Sanad Cash | 1 |
Founders and investors we've worked with
We've supported winning builders across embedded finance 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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