M&A advisory for online brokers companies
Broker M&A moves with the trading cycle and the regulatory backdrop. The PFOF debate, the SEC's market structure proposals and the EU's MiFID review have repriced the asset for strategic buyers, who now look harder at revenue diversification - financing spreads, NII, FX markup - rather than commission revenue alone. Active acquirers are incumbent retail brokers, banks adding execution capability and multi-asset platforms consolidating CFD and FX franchises in EMEA.
Acquirers are the incumbent retail brokers (Charles Schwab, Robinhood, Interactive Brokers), banks adding execution and clearing capability, and the multi-asset platforms consolidating CFD and FX in EMEA (IG, CMC, Plus500). PE-backed brokerage platforms - Advent, Apollo, Centerbridge - take selective positions where the regulatory profile is clean. Flow has direct access to these acquirers.
Flow team has relevant sector experience and has worked with online broker companies across retail equity and options platforms, crypto brokers, FX and CFD brokers, multi-asset platforms and B2B execution and clearing providers.
"Online brokers" KPIs M&A buyers look at
Key metrics strategics and PE buyers look at when analayzing online brokers M&A targets
Funded accounts
Customer assets
Net new assets
Trades per day
ARPU
Commission & PFOF revenue
Margin loan balances
Interest on cash
Asset retention
Online brokers valuations in May 2026
Public online brokers comps trade at 4.8x EV/Revenue. Median revenue multiple across online brokers M&A deals was 5.0x in the last 12 months.
4.8x
Median EV/Revenue as of May 2026 for public online brokers companies
8.2x
Charles Schwab is the highest valued public online brokers company based on EV/Revenue (excluding outliers)
5.0x
Median EV/Revenue across online brokers M&A deals in the last 12 months
8.0x
Median EV/Revenue across online brokers VC rounds in the last 12 months
Key recent online brokers M&A deals
$10B acquisition of Dunamu by Naver Financial Corp. was the largest online brokers M&A transaction completed in the last year.
See all online brokers M&A deals| Logo | HQ | Description | Buyer | ||||
|---|---|---|---|---|---|---|---|
Nov-25 | Dunamu |  | Dunamu is a Seoul-based fintech operator of Upbit, the largest cryptocurrency exchange in South Korea with over 10 million users. It also runs Stockplus for securities trading partnered with 11 broker-dealers, U-Stockplus for OTC private company shares, and Onboard for electronic equity management. Upbit extends to Indonesia, Thailand, and Singapore markets. Founded in 2017, Dunamu processes daily trading volumes surpassing $2 billion across platforms. | Naver Financial Corp. | $10B | - | |
Mar-26 | Abra |  | Abra is a United States-headquartered cryptocurrency platform founded in 2014 operating in over 150 countries. It allows buying, trading, and borrowing against digital assets with fiat conversions. Abra has processed $9 billion in transactions for 2 million customers, earning top wallet ratings from PYMNTS in 2022. Backed by American Express Ventures and First Round Capital. | New Providence Acquisition Corp. III | $750M | - | |
Sep-25 | Independent Reserve |  | Independent Reserve is an Australian cryptocurrency exchange operating in Australia, New Zealand, and Singapore since 2013. It facilitates trading of Bitcoin, Ethereum, USDC, and other digital assets with fiat on-ramps via bank transfers. The platform serves retail and institutional clients with OTC desks, wallet services, and compliance under AUSTRAC registration, processing millions in daily volume. | IG Group | $117M | 5.0x | |
Jan-26 | Boom.com |  | Boom.com is a Hong Kong online stock trading platform enabling direct access to the HKEX order book, along with stock signal tools for market analysis. | Clear Street | $100M | - | |
Jun-25 | Stocko |  | Stocko is an India-based trading platform tailored for novice and seasoned traders, offering tools for stock market transactions and analysis through stocko.in. | InCred Money | $35M | - | |
Mar-26 | Amana Financial Services UK |  | Amana Financial Services UK offers clients worldwide access to global financial markets through foreign exchange and CFDs. | 11:fs Holdings | - | - | |
Jan-26 | A | Arkonis Capital | | Arkonis Capital is a forex and CFD brokerage platform facilitating trades in currency pairs, stocks, commodities, and cryptocurrencies with fast execution and support. | Nant Global Finance | - | - |
Jan-26 | Openmarkets | | Openmarkets is an Australian retail brokerage offering white-label trading platforms, risk management tools, and CRM solutions. | Lake Superior Acquisition | - | - | |
Nov-25 | FXCI | | FXCI is a proprietary trading firm offering funded accounts up to $300,000 for forex and CFD traders. It provides trading challenges with profit targets from 8% to 10%, scaling plans, and educational resources including webinars and market analysis. The Cyprus-regulated platform supports MetaTrader 4 and 5 with leverage up to 1:100. FXCI emphasizes trader support through personal managers and bi-weekly payouts. Headquartered in Limassol, it caters to retail traders worldwide with low spreads on major pairs. | OneFunded | - | - | |
Oct-25 | MyFundedFX | | MyFundedFX is a proprietary trading firm providing funded accounts and educational resources for forex traders. Challenges grant access to accounts up to $600,000 with profit splits. Based in Prague since 2023, it offers Discord communities and risk management tools. | Seacrest Markets | - | - | |
Oct-25 | Roi | | Roi is a unified investment platform supporting stocks, retirement accounts, cryptocurrencies, NFTs, and collectibles. Headquartered in San Francisco, it organizes diverse asset classes into one dashboard for portfolio tracking and personalized opportunity discovery. Users access real-time market data and seamless trading across traditional and alternative investments. Roi integrates brokerage services with advanced analytics to simplify management of multi-asset portfolios. The platform launched publicly in 2023, catering to both novice and experienced investors seeking consolidated financial tools. | OpenAI | - | - | |
Jun-25 | Craftinsure |  | Ireland-based Craftinsure is an online boat insurance provider offering instant quotes for yachts, motor cruisers, narrowboats, RIBs, speedboats, and multihulls. The direct model skips brokers for policy management and claims via digital portals. Covering vessels up to 100ft, it includes third-party liability. Launched in 2018, it serves recreational owners across Europe. | Arachas Corporate Brokers | - | - | |
May-25 | Better.co.uk | | Better.co.uk is a London-based digital mortgage broker authorized by the Financial Conduct Authority through Mortgage Advice Bureau. The platform compares rates from over 90 lenders and handles applications entirely online. It serves UK homebuyers with fee-free services funded by lender commissions. | OneDome | - | - | |
May-25 | Huobi Japan |  | Huobi Japan is a cryptocurrency exchange platform regulated by Japan's Financial Services Agency, offering spot trading for bitcoin, ethereum, and altcoins. The service provides margin trading, futures contracts, and staking for institutional and retail investors. Tokyo-headquartered Huobi Japan emphasizes compliance and security with cold storage and multi-signature wallets. | Sinohope Technology Hldgs | - | - |
Most active buyers of online brokers companies
IG Group, Coinbase and Nant Global Finance are the most active acquirers of online brokers companies in the last three years.
See all online brokers acquirers| Logo | HQ | Description | Key acquisitions | ||
|---|---|---|---|---|---|
IG Group | | IG Group Holdings PLC provides online trading services to its clients. The majority of the company's revenue stems from its derivative products and contracts for difference (CFDs). The company operates through various segments which are The U.K. segment which derives its revenue from financial spread bets, CFDs, binary options, and execution-only stockbroking. The Australian segment derives its revenue from CFDs and binary options. The European segment derives its revenue from CFDs, binary options, and execution-only stockbroking. The Rest of the World segment derives its revenue from the operation of a regulated futures and options exchange as well as CFDs and binary options. The company generates more than half of its revenue from the U.K., followed by Europe and Australia. | Independent ReserveFreetradeThe Small Exchange | 2 | |
Coinbase | | Founded in 2012, Coinbase is the leading cryptocurrency exchange platform in the United States. The company intends to be the safe and regulation-compliant point of entry for retail investors and institutions into the cryptocurrency economy. Users can establish an account directly with the firm, instead of using an intermediary, and many choose to allow Coinbase to act as a custodian for their cryptocurrency, giving the company breadth beyond that of a traditional financial exchange. While the company still generates the majority of its revenue from transaction fees charged to its retail customers, Coinbase uses internal investment and acquisitions to expand into adjacent businesses, such as prime brokerage and data analytics. | DeribitStryk by BUXThe Clearing Company+2 | 2 | |
Nant Global Finance | | Nant Global Finance is a financial services firm specializing in digital securities issuance, trading, settlement, and ownership verification. | Arkonis CapitalBlockagent | 1 | |
Arachas Corporate Brokers | | Arachas Corporate Brokers is a Dublin-based broker distributing commercial insurance to trade associations and affinity groups in Ireland. It places policies for 50,000 SME members covering liability, property, and cyber risks through partnerships with AIG and Allianz. | CraftinsureInsight InsuranceJohn Brady Insurances+1 | 1 | |
OneFunded | | - | FXCI | 1 | |
Naver Financial Corp. | | Naver Financial Corp. is a financial technology subsidiary of Naver Corporation that delivers digital payment, lending, insurance, securities trading, and real estate services across South Korea. It operates Naver Pay, a mobile wallet integrated with over 3 million offline merchants and major banks like Shinhan and KB Financial Group. The company provides Line Pay in Japan through its partnership with Line Corporation and offers tools such as interest-bearing savings accounts, peer-to-peer transfers, and unlisted stock marketplaces. Headquartered in Seongnam, South Korea, Naver Financial Corp. supports small businesses with low-fee payment terminals that handle coupons, reviews, and loyalty points while expanding insurance comparisons for auto and travel policies. | Dunamu | 1 | |
New Providence Acquisition Corp. III | | New Providence Acquisition Corp. III is a special purpose acquisition company. | Abra | 1 | |
11:fs Holdings | | 11:fs Holdings is a London-based investment firm that backs and constructs digital financial services businesses. The outfit, started in 2016, supplies startups in challenger banking and wealth management with funding plus product and operations help. Collaboration with founders readies portfolio companies for later capital raises. | Amana Financial Services UK | 1 | |
OneDome | | OneDome is a London-headquartered online property transaction platform enabling end-to-end home buying and selling in the UK. Launched in 2019 following the acquisition of Nethouseprices.com, it integrated CMME Mortgages in 2022, one of the UK's largest brokers. The platform attracts nearly 3 million monthly visits, generating four property inquiries per minute, and connects users with agents, conveyancers, and lenders centrally. | Better.co.ukMortgage IntelligenceCoreco+1 | 1 | |
Clear Street | | Clear Street is a New York-headquartered financial services firm modernizing brokerage clearing and custody. Founded in 2018, the company built a cloud-native platform handling equities, options, fixed income, and futures across global markets. The system supports multi-currency settlements and real-time risk management for institutional clients. Clear Street replaces legacy mainframe infrastructure with scalable AWS-based technology. The firm serves hedge funds, market makers, and prime brokers in the United States and Europe. | Boom.comInstinet (Fox River Algorithmic Trading unit)React Consulting Services+1 | 1 |
Founders and investors we've worked with
We've supported winning builders across online brokers 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.
See more
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.
See more
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.
See more
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.
See more
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
See our M&A advisory experience across online brokers and beyond.
Explore our M&A advisory offering for similar verticals
We're a specialized M&A advisor to fintech companies.
Our M&A experience spans across all fintech verticals.
Explore other sectors
We know tech inside & out.
We provide M&A advisory services to companies operating across the entire tech.
More services
M&A is the ultimate goal, but we play a long game. We're your fractional CFO to help you build financial discipline, and advise you on raising growth capital.
Fractional CFO for online brokers companies
We integrate into your workflows to help with financial modelling, build out FP&A tech stack, and ultimately provide guidance towards an M&A or raising venture capital.
Learn moreVC fundraising for online brokers companies
We help you prepare materials, reach out to investors in our extensive network, negotiate fair term sheets and structure the VC round.
Learn moreTalk to us
Schedule a call to get a health check on your business and see how we could help.
Fractional CFO
- Fractional CFO for Software
- Fractional CFO for AI & ML
- Fractional CFO for Fintech
- Fractional CFO for Consumer internet
- Fractional CFO for Digital media
- Fractional CFO for E-commerce & marketplaces
- Fractional CFO for Consumer products
- Fractional CFO for Mobility
- Fractional CFO for Digital health
- Fractional CFO for Industrial technology
- Fractional CFO for Digital infrastructure
- Fractional CFO for IT services
Stages
Countries
- UK Fractional CFO
- Ireland Fractional CFO
- France Fractional CFO
- Germany Fractional CFO
- Spain Fractional CFO
- Portugal Fractional CFO
- Italy Fractional CFO
- Netherlands Fractional CFO
- Belgium Fractional CFO
- Switzerland Fractional CFO
- Austria Fractional CFO
- Denmark Fractional CFO
- Sweden Fractional CFO
- Norway Fractional CFO
- Finland Fractional CFO
- Poland Fractional CFO
- Estonia Fractional CFO
- US Fractional CFO
- Canada Fractional CFO
- Mexico Fractional CFO
- Brazil Fractional CFO
- UAE Fractional CFO
- Australia Fractional CFO
Cities
- London Fractional CFO
- Dublin Fractional CFO
- Paris Fractional CFO
- Berlin Fractional CFO
- Madrid Fractional CFO
- Lisbon Fractional CFO
- Milan Fractional CFO
- Amsterdam Fractional CFO
- Brussels Fractional CFO
- Zurich Fractional CFO
- Vienna Fractional CFO
- Copenhagen Fractional CFO
- Stockholm Fractional CFO
- Oslo Fractional CFO
- Helsinki Fractional CFO
- Warsaw Fractional CFO
- Tallinn Fractional CFO
- New York Fractional CFO
- Toronto Fractional CFO
- Mexico City Fractional CFO
- São Paulo Fractional CFO
- Dubai Fractional CFO
- Sydney Fractional CFO