M&A advisory for WealthTech companies
WealthTech M&A has accelerated as incumbent asset managers and wealth platforms accept they need to acquire technology rather than build it. BlackRock, Morgan Stanley, Charles Schwab, the European private banks and PE-backed wealth platforms like Hg's Tenzing or Carlyle's Hilltop are the most consistent acquirers, and the great wealth transfer is finally showing up as a tailwind buyers will underwrite. Valuations turn on AUM growth, net flows, fee yield and cost-to-serve relative to incumbents.
Strategic acquirers are the major asset managers and wealth platforms - BlackRock, Morgan Stanley, Charles Schwab, UBS, Goldman Sachs, JPMorgan - alongside the European private banks. PE platforms running WealthTech consolidation include Hg, Carlyle, Advent, Warburg Pincus and Genstar. The buyer universe is narrower than payments or data but the cheques are larger relative to revenue. Flow has direct access to these acquirers.
Flow team has relevant sector experience and has worked with wealth technology companies across robo-advisors, digital wealth platforms, advisor technology, alternative investments platforms and retirement and pensions technology.
"WealthTech" KPIs M&A buyers look at
Key metrics strategics and PE buyers look at when analayzing WealthTech M&A targets
AUM / AUA
Net new assets
Funded accounts
Fee yield (bps)
Revenue per client
Client retention
Cash sweep revenue
Advisor count (if B2B)
Platform gross margin
WealthTech valuations in May 2026
Public WealthTech comps trade at 4.8x EV/Revenue. Median revenue multiple across WealthTech M&A deals was 5.6x in the last 12 months.
4.8x
Median EV/Revenue as of May 2026 for public WealthTech companies
8.2x
Charles Schwab is the highest valued public WealthTech company based on EV/Revenue (excluding outliers)
5.6x
Median EV/Revenue across WealthTech M&A deals in the last 12 months
10x
Median EV/Revenue across WealthTech VC rounds in the last 12 months
Key recent WealthTech M&A deals
$6.3B acquisition of Allfunds by Deutsche Börse was the largest WealthTech M&A transaction completed in the last year.
See all WealthTech M&A deals| Logo | HQ | Description | Buyer | ||||
|---|---|---|---|---|---|---|---|
Jan-26 | Allfunds |  | Allfunds is a fund distribution platform connecting fund houses and distributors, creating a single access point for both sides to gain a wider reach with regard to assets under administration and fund variety, respectively. As of 2024, Allfunds had EUR 1.6 trillion in assets under administration stemming from about 860 distributors on its platform. In return, distributors gained access to about 156,000 funds from 3,300 different fund houses. Allfunds also provides ancillary services to both fund houses and distributors, covering the marketing, distribution, legal, regulatory, as well as data and analytics needs arising in the fund distribution space. Allfunds derives the majority of its revenue from Italy, Spain, and France. | Deutsche Börse | $6.3B | 8.3x | |
Feb-26 | Evelyn Partners | | - | NatWest Markets | $3.7B | 5.6x | |
Aug-25 | P | Parataxis Holdings |  | Parataxis Holdings is a U.S.-based software provider of an institutional-grade digital asset management platform. Its system supports custody, trading, reporting, and compliance for cryptocurrencies and tokenized assets, deployed by hedge funds and family offices. | SilverBox | $800M | - |
Nov-25 | Forge Global | | Forge Global Holdings Inc is a financial service platform created to serve the needs of the private market. It provides marketplace infrastructure, data services, and technology solutions for private market participants. The company offers a trusted trading platform, proprietary data and insights to inform investment strategies, along with custody services to help companies, shareholders, institutions and accredited investors confidently navigate and transact in the private market. | Charles Schwab | $660M | 8.4x | |
Feb-26 | Stash | | Stash is a New York City-based mobile app that integrates banking, stock trading, and financial education for beginner investors. Users open taxable brokerage accounts, IRAs, or custodial accounts for children, purchasing fractional shares of over 3,000 stocks and ETFs starting at $5 with zero commissions. The platform partners with FDIC-insured banks for checking and high-yield savings features. Founded in 2015, Stash has expanded to include automated recurring investments and retirement planning tools. | Grab | $425M | 4.3x | |
Aug-25 | Intelliflo | | intelliflo is a London-headquartered wealth management technology provider using open architecture platforms for financial planning, portfolio management, and digital advice. Its solutions power advisory firms handling assets across the UK, Europe, and Australia. intelliflo integrates with custodians like Pershing and SEI, supporting model portfolios and client onboarding. Formed through mergers since 2004, it connects to over 200 investment sources. | Carlyle Group | $200M | 3.6x | |
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 | |
Nov-25 | A | Alto (CryptoIRA unit) | | - | Public | $65M | 19x |
Aug-25 | capitalise.ai |  | Capitalise.ai is a Tel Aviv-headquartered platform that automates investment strategies using natural language processing. Traders input plain English instructions to generate, backtest, and execute bots across stocks, forex, cryptocurrencies, and futures. The service integrates with brokers such as Interactive Brokers, FXCM, and Eightcap, alongside charting platforms like TradingView. Users access portfolio optimization tools, performance analytics, and scenario-based automation without coding requirements. Launched in 2017, it serves retail and institutional investors seeking simplified algorithmic trading. | Kraken | $50M | - | |
Jun-25 | Savr |  | Savr is a Stockholm-based investment platform that offers access to Swedish mutual funds with fees reduced to 0.3 percent annually through a direct-to-consumer model bypassing traditional distributors. The company aggregates over 600 funds from managers like SEB and Handelsbanken, enabling tax-advantaged ISK accounts and automated rebalancing. Savr serves retail investors in Sweden, processing billions in assets under management since launch. | Lansforsakringar Bank | $29M | - | |
Mar-26 | lem0n | | lem0n runs a platform with AI tools that help founders secure funding, access mentoring, and gain investor visibility while providing investors real-time Web2 and blockchain data plus crypto trading via LemonX. The API supplies startup and VC details like funding rounds, multi-chain metrics, and on-chain tracking. Community members earn rewards for data contributions amid social and blockchain integrations. | Bombora Digital | $8.0M | - | |
Apr-26 | Stonki.ai | | Stonki.ai is an AI-powered platform for traders and investors. It delivers a research hub tailored to individual market approaches, with autonomous agents handling analysis and strategy execution. The platform converts investment concepts into rule-based frameworks, creates screening tools for opportunities, and uses a quantitative research agent with ML to design and test trading signal models matching user risk profiles and time horizons. | Investing.com | - | - | |
Apr-26 | Gateway Capital Advisors | | Gateway Capital Advisors is a wealth management firm that delivers insurance, financial planning, and investment services. | GCG Advisory Partners | - | - | |
Apr-26 | Your IA | | Your IA is a registered investment advisor firm that uses AI for personalized financial guidance, investment management, and sustainable solutions. | Associate Owners Group | - | - | |
Apr-26 | FullCircle Wealth | | FullCircle Wealth is a wealth management firm offering investment management, financial planning, tax services, and consulting. Clients use these services to handle assets and related financial matters. | Joyn | - | - |
Most active buyers of WealthTech companies
Associate Owners Group, iAltA Holdings and FE fundinfo are the most active acquirers of WealthTech companies in the last three years.
See all WealthTech acquirers| Logo | HQ | Description | Key acquisitions | ||
|---|---|---|---|---|---|
Associate Owners Group | Associate Owners Group runs a financial services organization and distribution platform for agents. | Your IACommon Sense FinancialITH Life+1 | 2 | ||
iAltA Holdings | | iAltA Holdings is a private markets infrastructure provider serving general partners in private equity, real estate, private credit, and alternative investments. Its platform facilitates transaction execution, cash movements, investor engagement, fund operations, and data analytics. Headquartered in New York, the company accelerates development by integrating technologies from acquisitions such as Dynamo Software and FundFront, alongside partnerships with industry leaders to streamline workflows for asset managers worldwide. | DelioBridge Financial TechnologyPrecept | 2 | |
FE fundinfo |  | FE fundinfo is a Luxembourg-based provider of fund data platforms serving asset managers, banks, insurance companies, and financial advisors across Europe. It handles mandatory publications, document dissemination, and data distribution for over 100,000 investment funds, including UCITS and AIFs. The platform supports daily updates and regulatory compliance under PRIIPs and MiFID II, with operations in 20 countries and integrations for platforms like Morningstar and Bloomberg. | ContengoAdviserAssetFinscape+1 | 2 | |
Origin | | Origin is a San Francisco-headquartered employee financial wellness platform integrating compensation modeling, benefits enrollment, and personal finance planning. It pairs users with certified planners via video consultations alongside tools for scenario analysis. The platform serves mid-sized employers like Stripe and Notion. Launched in 2021, Origin covers retirement projections, debt payoff, and equity tracking. | MyadvocateFinny | 2 | |
BitGo Holdings | | BitGo Holdings Inc provides various offerings to its clients including multi-signature blockchain wallet solutions allowing for secure storage, trade settlement, staking solutions, and lending of digital assets. The Company also provides professional services to develop smart contracts. Its clients range from crypto-native companies that use its self-custody wallet technology to traditional financial services firms that leverage its licensed custody, staking and trading capabilities within their own products and services. | BrassicaHeightZeroLumina | 2 | |
Joyn | | Joyn operates as a behavioral wealth management firm in the United States, now integrated under Wealth Enhancement Group. It combines investment portfolios, comprehensive planning, and behavioral economics to guide client decisions. The firm manages assets for high-net-worth individuals through offices in multiple states, emphasizing psychological factors in financial strategies. | FullCircle WealthSherpa Wealth StrategiesLake Tahoe Wealth Management+1 | 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. | capitalise.aiBitnomialMagna+2 | 1 | |
Altruist | | Altruist is a Los Angeles-headquartered digital custodian platform for registered investment advisors, integrating account opening, commission-free fractional share trading, automated rebalancing, and billing tools. Backed by Vanguard and Insight Partners, it serves over 1,000 advisors managing $10 billion in assets with features like model marketplaces and RIA launch resources. | ThymeShareholders Service Group | 1 | |
Alpaca |  | Alpaca is a New York-headquartered developer platform offering API-based brokerage services for stock and cryptocurrency trading. The infrastructure provides commission-free execution, real-time market data feeds, paper trading environments, and advanced order types including algorithmic strategies. Backed by Y Combinator and investors like Spark Capital, Alpaca powers trading apps for retail and institutional users across multiple global markets. | WealthKernelAlpacaJapan | 1 | |
Lansforsakringar Bank | | Lansforsakringar Bank is a Stockholm-based retail bank within the Länsförsäkringar Alliance, delivering mortgages, savings accounts, personal loans, and investment products to private customers and small businesses across Sweden. It manages over SEK 400 billion in assets under management as part of the nation's largest customer-owned financial group. The bank emphasizes digital banking services, sustainable investments, and competitive home financing rates. Customers access mobile apps for payments, insurance-linked banking, and wealth advisory tailored to regional needs. | Savr | 1 |
Founders and investors we've worked with
We've supported winning builders across WealthTech 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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