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Public Comps and Valuation Multiples
for B2B Payments

Benchmark revenue and EBITDA valuation multiples for public comps like Cass Information Sys, Paymentus, Flywire, BILL.com and WEX.

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Artificial Intelligence
- AI Conglomerates AI Conglomerates
- Pure-Play AI Software Pure-Play AI Software
- AI Chips & Hardware AI Chips & Hardware
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- Autonomous AI & Robotics Autonomous AI & Robotics
Communications
- Cable Service Providers Cable Service Providers
- Data Centers Data Centers
- Internet Service Providers Internet Service Providers
- IoT IoT
- Networking Hardware Networking Hardware
- Satellite Communications Satellite Communications
- Telecom Infrastructure Telecom Infrastructure
- Telecom Service Providers Telecom Service Providers
Consumer Internet
- Consumer Apps Consumer Apps
- Learning Platforms Learning Platforms
- Online Betting Online Betting
- Online Content & News Online Content & News
- Online Dating Online Dating
- Online Jobs & Recruitment Online Jobs & Recruitment
- Online Travel Online Travel
- Search Engines Search Engines
- Social Networks Social Networks
- Streaming Streaming
Consumer Products
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- Automakers Automakers
- Baby & Child Care Baby & Child Care
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- Clothing & Accessories Clothing & Accessories
- Consumer Electronics Consumer Electronics
- Food & Beverages Food & Beverages
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- Tobacco Tobacco
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Consumer Retail
- Department Stores Department Stores
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- Pharmacies Pharmacies
- Supermarkets Supermarkets
- Specialty Stores Specialty Stores
Consumer Services
- Accommodation Accommodation
- Casinos & Gambling Casinos & Gambling
- Cruises Cruises
- Education & Training Education & Training
- Leisure & Recreation Leisure & Recreation
- Restaurants & Nightlife Restaurants & Nightlife
- Travel Services Travel Services
E-commerce - Inventory-Based
- Consumer E-commerce Consumer E-commerce
- B2B E-commerce B2B E-commerce
- Horizontal E-commerce Horizontal E-commerce
- Vertical E-commerce Vertical E-commerce
E-commerce - Online Marketplaces
- Consumer Marketplaces Consumer Marketplaces
- B2B Marketplaces B2B Marketplaces
- Horizontal Marketplaces Horizontal Marketplaces
- Vertical Marketplaces Vertical Marketplaces
- Classifieds Classifieds
- Lead Generation Lead Generation
- Loyalty & Coupons Loyalty & Coupons
Energy - by Source
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Energy - by Value Chain
- Energy Equipment Energy Equipment
- Energy Exploration & Generation Energy Exploration & Generation
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Financial Services
- Asset Management Asset Management
- Commercial Banking Commercial Banking
- Insurance Brokers Insurance Brokers
- Insurance Carriers Insurance Carriers
- Investment Banking Investment Banking
- Investment Brokerage Investment Brokerage
- Lending Solutions Lending Solutions
- Private Equity Private Equity
- Reinsurance Reinsurance
- Stock Exchanges Stock Exchanges
FinTech
- Blockchain & Crypto Blockchain & Crypto
- BNPL BNPL
- Electronic Trading Electronic Trading
- Financial Data & Information Financial Data & Information
- FinTech Infrastructure FinTech Infrastructure
- Neobanking Neobanking
- Neoinsurance Neoinsurance
- Online Lending Online Lending
- Price Comparison Price Comparison
- Wealth Solutions Wealth Solutions
Hardware
- Data Storage Data Storage
- Electronic Components Electronic Components
- Electronic Equipment Electronic Equipment
- Peripherals Peripherals
- Robotics Robotics
- Semiconductors Semiconductors
- VR & AR VR & AR
- Wearables Wearables
Healthcare
- Hospitals & Clinics Hospitals & Clinics
- Laboratory Services Laboratory Services
- Long-Term Care Long-Term Care
- Managed Care Managed Care
- Medical Supplies Medical Supplies
Healthcare IT
- Digital Therapeutics Digital Therapeutics
- EHR & Practice Management EHR & Practice Management
- Fitness & Wellness Fitness & Wellness
- Health Benefits & Financial Solutions Health Benefits & Financial Solutions
- Health Data & Analytics Health Data & Analytics
- Medical Devices Medical Devices
- Medical Imaging & Diagnostics Medical Imaging & Diagnostics
- Revenue Cycle Management Revenue Cycle Management
- Telemedicine & Virtual Care Telemedicine & Virtual Care
Industrials - Capital Goods
- Aircraft & Space Systems Aircraft & Space Systems
- Automotive Parts Automotive Parts
- Building Products Building Products
- Construction & Engineering Construction & Engineering
- Defense Systems Defense Systems
- Diversified Industrials Diversified Industrials
- Electrical Parts & Equipment Electrical Parts & Equipment
- Industrial Parts Industrial Parts
- Machinery Machinery
- Wholesale Distribution Wholesale Distribution
Industrials - Transport & Logistics
- Airlines Airlines
- Airports & Aviation Services Airports & Aviation Services
- Logistics & Air Freight Logistics & Air Freight
- Marine Transportation Marine Transportation
- Rail Infrastructure Rail Infrastructure
- Railways Railways
- Road Infrastructure Road Infrastructure
- Road Transportation Road Transportation
Industrial Technology
- 3D Printing 3D Printing
- Automation & Control Systems Automation & Control Systems
- Sensors & Instruments Sensors & Instruments
Life Sciences
- Bioindustrials Bioindustrials
- Bioinformatics Bioinformatics
- Biopharmaceuticals Biopharmaceuticals
- Contract Research & Manufacturing Contract Research & Manufacturing
- Drug Delivery Systems Drug Delivery Systems
- Drug Development & Therapeutics Drug Development & Therapeutics
- Genomics & Personalized Medicine Genomics & Personalized Medicine
- Nutraceuticals & Cosmeceuticals Nutraceuticals & Cosmeceuticals
- Pharma Diagnostics & Analytics Pharma Diagnostics & Analytics
- Plant-Based Food Plant-Based Food
- Regenerative Medicine Regenerative Medicine
- Small Molecules Small Molecules
- Vaccines & Immunotherapies Vaccines & Immunotherapies
Materials
- Agriculture Agriculture
- Advanced Materials Advanced Materials
- Building Materials Building Materials
- Chemicals Chemicals
- Metals & Mining Metals & Mining
- Packaging & Containers Packaging & Containers
- Paper & Forest Products Paper & Forest Products
- Textiles Textiles
Media & Entertainment
- Content Production Content Production
- E-Sports E-Sports
- Events Events
- Gaming - Console & PC Gaming - Console & PC
- Gaming - Mobile Gaming - Mobile
- Music Music
- Publishing Publishing
- Radio Broadcasting Radio Broadcasting
- Sports Sports
- TV Broadcasting TV Broadcasting
Mobility
- Autonomous Tech Autonomous Tech
- Electric Vehicles Electric Vehicles
- Food Delivery Food Delivery
- Micromobility Micromobility
- Navigation & Mapping Navigation & Mapping
- Ridesharing Ridesharing
- Urban Air Mobility Urban Air Mobility
Payments
- B2B Payments B2B Payments
- Card Networks Card Networks
- Money Transfer Money Transfer
- Payment Service Providers Payment Service Providers
- Payments Infrastructure Payments Infrastructure
- Payments POS Payments POS
Real Estate
- Buildings & Property Buildings & Property
- Real Estate Development Real Estate Development
- Real Estate Services Real Estate Services
Services - Commercial
- Environmental & Facilities Services Environmental & Facilities Services
- Leasing & Rental Services Leasing & Rental Services
- Security Services Security Services
- Workspaces Workspaces
Services - Professional
- Advertising & Marketing Advertising & Marketing
- BPO Services BPO Services
- Business Consulting Business Consulting
- Legal Services Legal Services
- Market Research Market Research
- IT Consulting IT Consulting
- Printing Printing
- Recruitment & Staffing Recruitment & Staffing
- Tax & Accounting Tax & Accounting
Software - by Product
- AdTech Software AdTech Software
- Artificial Intelligence Artificial Intelligence
- BI & Analytics Software BI & Analytics Software
- Communication & Collaboration Software Communication & Collaboration Software
- Content Management Software Content Management Software
- Design & Engineering Software Design & Engineering Software
- E-commerce Software E-commerce Software
- ERP Software ERP Software
- Financial Management Software Financial Management Software
- Governance, Risk & Compliance Software Governance, Risk & Compliance Software
- Human Capital Management Software Human Capital Management Software
- Productivity Software Productivity Software
- Sales & Marketing Automation Software Sales & Marketing Automation Software
- Supply Chain Management Software Supply Chain Management Software
- Video & Streaming Software Video & Streaming Software
Software - by Industry
- Automotive Software Automotive Software
- Education Software Education Software
- Energy & Utilities Software Energy & Utilities Software
- Financial Services Software Financial Services Software
- Healthcare Software Healthcare Software
- Industrial Software Industrial Software
- POS & Retail Management Software POS & Retail Management Software
- Professional Services Software Professional Services Software
- Public Sector & Non-Profit Software Public Sector & Non-Profit Software
- Real Estate Software Real Estate Software
- Transportation & Logistics Software Transportation & Logistics Software
- Travel & Hospitality Software Travel & Hospitality Software
Software - Infrastructure
- Cloud Infrastructure Cloud Infrastructure
- Cybersecurity Cybersecurity
- Data Infrastructure Data Infrastructure
- Developer Tools Developer Tools
- DevOps DevOps
- IT Operations Management IT Operations Management
- Network Management Network Management

B2B Payments

See analyst estimates and all valuation multiples for B2B Payments

Company	EV	EV/LTM Revenue	EV/LTM EBITDA
Corpay	$26.2B	6.0x	11.5x
Edenred	$8.3B	2.4x	5.4x
MonotaRO	$6.4B	3.0x	19.3x
WEX	$5.8B	2.2x	5.2x
BILL.com	$4.9B	3.3x	19.6x
Paymentus	$3.5B	3.2x	29.4x
Priority Technology Holdings	$1.4B	1.5x	6.5x
Flywire	$1.4B	2.6x	13.6x
Al Ansari Financial Servs	$1.4B	4.2x	9.8x
Cass Information Sys	$504M	2.6x	n/a
PaySign	$299M	4.1x	17.6x
Keyware Technologies	$13.0M	n/a	n/a