M&A advisory for online payments companies
Payments is the most continuously active M&A market in fintech and has been since the early 2010s. Strategic activity is driven by FIS, Fiserv, Global Payments, Adyen, Worldline and the card networks, alongside PE platforms like Advent, Hellman & Friedman and Blackstone consolidating vertically. Even after the 2022 multiple compression, deals get done on net revenue, gross margin after scheme and acquiring costs and merchant cohort retention - the TPV-multiple framing is gone.
The strategic buyer set is dense and active: FIS, Fiserv, Jack Henry, Global Payments, Adyen, Stripe, PayPal, Worldline, Nuvei alongside the card networks (Visa, Mastercard). PE platforms run consolidation continuously - Advent, Hellman & Friedman, Blackstone, Silver Lake, KKR, GTCR all hold positions in payments today. The buyer universe for a focused payments asset is twenty-plus credible counterparties. Flow has direct access across this group.
Flow team has relevant sector experience and has worked with online payments companies across PSPs and gateways, acquiring and processing, B2B and cross-border payments, payment infrastructure and integrated payments for vertical software platforms.
"Online payments" KPIs M&A buyers look at
Key metrics strategics and PE buyers look at when analayzing online payments M&A targets
TPV
Net revenue
Net take rate
Gross margin
Active merchants
Cross-border share
Authorisation rate
Chargeback rate
Merchant retention
Settlement float
Online payments valuations in May 2026
Public online payments comps trade at 2.1x EV/Revenue. Median revenue multiple across online payments M&A deals was 3.4x in the last 12 months.
2.1x
Median EV/Revenue as of May 2026 for public online payments companies
16x
Visa is the highest valued public online payments company based on EV/Revenue (excluding outliers)
3.4x
Median EV/Revenue across online payments M&A deals in the last 12 months
11x
Median EV/Revenue across online payments VC rounds in the last 12 months
Key recent online payments M&A deals
$4.1B acquisition of PayiQ by Payroc was the largest online payments M&A transaction completed in the last year.
See all online payments M&A deals| Logo | HQ | Description | Buyer | ||||
|---|---|---|---|---|---|---|---|
Jul-25 | PayiQ |  | PayiQ is a payment platform offering merchant services, intelligence tools, and secure transaction processing. It equips businesses with gateways supporting cards, wallets, and alternative methods across Europe. | Payroc | $4.1B | 5.5x | |
Jun-25 | Melio | | Melio is a fintech platform streamlining accounts payable and receivable for small and medium-sized businesses. Users handle invoice payments via ACH, credit and debit cards, or checks, and receive funds through bank transfers or mailed checks from a single dashboard. It integrates with QuickBooks, Xero, FreshBooks, and Shopify, supporting features like recurring payments, batch processing, virtual cards, real-time transfers, and buy-now-pay-later options for vendor flexibility. | Xero | $2.5B | 13x | |
Jul-25 | Alpha Group |  | Alpha Group is a financial services provider specializing in FX hedging and digital payments for corporates in Europe and Asia. Zurich-headquartered, it operates Alpha Pay for multi-currency accounts and mass payouts, alongside fund finance via its platform. Founded in 2016, the firm manages $10 billion annual FX volume for clients like Siemens and Unilever. | Corpay | $2.4B | 8.1x | |
Mar-26 | BVNK | | BVNK is a provider of enterprise payments infrastructure combining stablecoins and fiat rails for global transactions. Based in London, United Kingdom, BVNK offers managed and self-custody models for cross-border payments, payroll, and marketplace settlements, including licensing, custody, and compliance support for fintech clients. | Mastercard | $1.8B | - | |
Dec-25 | GoCardless | | GoCardless is a London-headquartered fintech that facilitates Direct Debit and bank payments for businesses handling domestic and international collections. The platform connects to over 2,300 banks across Europe and provides customer bank account data access for risk management and product enhancement. With offices in London, Paris, Riga, Melbourne, and New York, GoCardless supports more than 75,000 businesses globally including partnerships with Xero and Salesforce. | Mollie | $1.2B | 7.1x | |
May-25 | Heartland | | Heartland is a payments technology company that delivers integrated commerce solutions including payment processing, point-of-sale hardware, payroll management, and employee benefits administration. Atlanta-headquartered, it serves merchants in retail, restaurant, healthcare, and hospitality sectors across the United States. Heartland's platform supports EMV chip cards, contactless NFC payments, and online gateways while integrating with accounting software like QuickBooks. The company provides 24/7 merchant support, fraud prevention tools, and customized reporting dashboards. As a division of Global Payments since its 2016 acquisition, Heartland equips businesses with cloud-based POS systems tailored for small to mid-sized enterprises in Princeton, New Jersey's legacy operations hub. | Acrisure | $1.1B | 3.7x | |
Dec-25 | P | PagoPA |  | PagoPA is a Rome-based public company operating Italy's national digital payments platform, enabling seamless transactions for public administration services, citizens, and businesses through integrated payment systems and open infrastructure. | Istituto Poligrafico e Zecca dello StatoPoste Italiane | $1.1B | 8.3x |
Jun-25 | Cantaloupe | | Cantaloupe Inc is a technology leader powering self-service commerce by offering one integrated solution for payments processing, logistics, and back-office management. The group offers a comprehensive suite of solutions, including micro-payment processing, self-checkout kiosks, mobile ordering, connected point-of-sale (POS) systems, and enterprise cloud software. Its product and services portfolio consists of Card Readers, Self-Service Kiosks, Smart Coolers, Seed Pick Easy, Cantaloupe Go, Cheq, Smart Lock Connect, and Vine Digital Studio. The company derives revenue streams from subscriptions, transaction processing, and equipment sales. | 365 Retail Markets | $848M | 2.9x | |
Jan-26 | Tranglo |  | Tranglo is a Kuala Lumpur-headquartered fintech platform enabling licensed financial institutions, businesses, and consumers to execute cross-border payouts and transfers via its FI solutions and B2C products like Tik FX and TreatsUp. Since launching its first prepaid reload service in 2008 for the Malaysia-Indonesia corridor, Tranglo expanded to real-time peer-to-peer airtime transfers that year and introduced FI payout solutions for Indonesia, Philippines, and Bangladesh in 2011. The platform has facilitated over USD 1 billion in transactions for global clients. | New Margin Holding | $667M | 6.9x | |
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 | MATRIXX Software | | MATRIXX Software is a Helsinki-headquartered developer of cloud-native digital commerce platforms for telecommunications operators. Its converged charging system unifies billing for consumer, wholesale, and enterprise services, supporting 5G monetization through hyper-scalable infrastructure. Deployed by major carriers in Europe and Asia-Pacific, the solution delivers network-grade agility for real-time service launches and marketplace operations since its founding in 2015. | Amdocs | $200M | - | |
Aug-25 | Rail |  | Rail is a New York-headquartered fintech platform delivering stablecoin-based payment infrastructure for international businesses. The company issues USDC-backed payment rails supporting instant settlements in 100 countries with compliance under NYDFS BitLicense. Rail provides API-accessible services including virtual accounts, yield-bearing custody, and lending against crypto collateral. Launched in 2022, it processes billions in transaction volume for e-commerce merchants and Web3 protocols. | Ripple | $200M | 0.4x | |
Jun-25 | Smartpay Australia |  | Smartpay Australia is a Melbourne-headquartered provider of EFTPOS terminals and payment processing for small to medium enterprises since 2007. Devices support Visa, Mastercard, American Express, and contactless options like Apple Pay, with models including countertop units and mobile sleds for iPhones. Merchants choose surcharge pass-through pricing or fixed 1.49 percent rates per transaction, backed by 24/7 Australian support and integrations with 50 POS systems like Lightspeed and Square. The company processes billions in volume annually through partnerships with retail networks. | Shift4 Payments | $184M | 2.9x | |
Dec-25 | P | PaymentIQ |  | PaymentIQ is a payment orchestration platform that simplifies integration and management across multiple payment providers. | Incore Invest | $173M | 3.2x |
Nov-25 | Curve | | Curve is a London-headquartered digital wallet authorized by the UK's Financial Conduct Authority that consolidates debit and credit cards into a single black card. The platform enables post-purchase card switching, foreign exchange without fees, and cashback rewards on transactions processed in the United Kingdom, European Economic Area, and United States. Launched in 2015, it serves consumers and businesses through iOS and Android apps with integrated spending analytics. | Lloyds Banking Group | $158M | 4.6x |
Most active buyers of online payments companies
Airwallex, Payroc and Shift4 Payments are the most active acquirers of online payments companies in the last three years.
See all online payments acquirers| Logo | HQ | Description | Key acquisitions | ||
|---|---|---|---|---|---|
Airwallex |  | Airwallex is a Melbourne-headquartered global payments platform processing cross-border transactions in 60+ currencies for businesses worldwide. The company offers multi-currency accounts, FX hedging, virtual cards, and embedded finance APIs integrated by platforms like Shopify and Stripe. Airwallex serves 100,000+ companies including Brex and McLaren, with $50 billion annual payment volume. Valued at $5.5 billion after 2022 funding, it operates in 20 offices across Asia, Europe, and North America. | PaynuriSkye Sab IndonesiaOpenPay+2 | 5 | |
Payroc | | Payroc is a merchant acquiring and payment facilitation provider operating in 46 countries with sponsorships from Fifth Third Bank, Wells Fargo, and Elavon. The company supports Visa and Mastercard processing as a third-party servicer, payment facilitator, and encryption provider. Payroc's NXGEN division partners with Elavon, while Canadian operations align with Peoples Trust Company. Services include sales tools and technology for verticals like retail and hospitality. | Agilisa TechnologiesBlueSnapPayiQ+2 | 5 | |
Shift4 Payments | | Shift4 Payments Inc is provider of integrated payment processing and technology solutions. The company offers software providers a single integration to an end-to-end payments offering, a powerful gateway and a robust suite of technology solutions (including cloud enablement, business intelligence, analytics, and mobile) to enhance the value of their software suites and simplify payment acceptance. The company derives maximum revenue from United States. | Beanstream Internet CommerceSmartpay AustraliaCard Industry Professionals+2 | 5 | |
Euronet Worldwide | | Euronet Worldwide Inc is a provider of electronic financial transaction solutions. It offers payment and transaction processing and distribution solutions to financial institutions, retailers, service providers, and individual consumers. The company's product offerings include comprehensive ATM, POS, card outsourcing, card issuing and merchant acquiring services, software solutions, money transfer services, etc. Its reportable operating segments are EFT Processing, epay, and Money Transfer. Maximum revenue is derived from its Money Transfer segment, which provides money transfer services across the world under the brand names Ria, AFEX, IME, and xe. Geographically, the company generates maximum revenue from the United States, followed by Germany, India, France, Greece, and other regions. | PayNoPainCrediaBank (merchant acquiring unit)Malaysian Electronic Payment System+1 | 4 | |
Celero Commerce | | Celero Commerce is a payment processing and e-commerce platform for small and medium-sized businesses. It integrates point-of-sale hardware, merchant services, and analytics dashboards to handle omnichannel transactions. Celero partners with major card networks and operates nationwide in the United States. | Data Processing SolutionsPrecision PaymentsSonapay+1 | 4 | |
Fiserv | | Fiserv is a leading provider of core processing and complementary services, such as electronic funds transfer, payment processing, and loan processing, for US banks and credit unions, with a focus on small and midsize banks. Following its 2019 merger with First Data, Fiserv also provides payment processing services to merchants. About 10% of the company’s revenue is generated internationally. | CARDFREEPinchCCV Pay+2 | 4 | |
Visa | | Visa is the largest payment processor in the world. In fiscal 2025, it processed almost $17 trillion in total volume. Visa operates in over 200 countries and processes transactions in over 160 currencies. Its systems are capable of processing over 65,000 transactions per second. | Newpay S.A.UPrisma Medios de Pago SAPROSA MX | 3 | |
Corpay | | Corpay Inc is a corporate payments company that helps businesses and consumers manage and pay their expenses. Its suite of modern payment solutions helps customers manage vehicle-related expenses, lodging expenses, and corporate payments. Its reportable segments are; Vehicle Payments, Corporate Payments, Lodging Payments, and Other. The group's geographic areas are the United States, Brazil, the United Kingdom, and Other. | Alpha GroupZapayPayByPhone Technologies | 3 | |
Priority Technology Holdings | | Priority Technology Holdings Inc is a provider of merchant acquiring and commercial payment solutions to small and medium business enterprises in the United States. The company has three reportable segments which are SMB Payments, B2B Payments, and Enterprise Payments. SMB Payments segment which generates the majority of revenue provides full-service acquiring and payment-enabled solutions for B2C transactions, leveraging Priority's proprietary software platform, distributed through ISO; the B2B Payments segment provides AP automation solutions to corporations, software partners, & industry FIs: and Enterprise Payments segment provides embedded payment & treasury solutions to enterprise customers to modernize legacy platforms & accelerate software partners' strategies to monetize payments. | Dealer Merchant ServicesRollfiPlastiq | 3 | |
Fortis Payments | | Fortis Payments is a payment processing provider offering tailored solutions for retail, hospitality, medical, and automotive merchants across the United States. The company integrates POS hardware with gateways supporting EMV, NFC, and e-commerce transactions. | Serve First SolutionsMerchantE (NetSuite Payments unit)Smart Pay | 3 |
Founders and investors we've worked with
We've supported winning builders across online payments 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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