November 2026
Largest B2B Payments Public Companies
Benchmark revenue and EBITDA valuation multiples for public comps like
Shopify, MercadoLibre, Corpay, MonotaRO and Edenred.
 | Shopify is a Canadian commerce software company headquartered in Ottawa, Ontario, that provides the cloud platform more than 5 million merchants use to run online stores and physical retail. Its subscription plans let businesses build storefronts, manage products, orders and inventory, and sell through point-of-sale systems, social networks and marketplaces, while merchant solutions add Shopify Payments, the Shop Pay accelerated checkout (more than 150 million users in 2024), shipping, merchant lending through Shopify Capital and an app store with more than 10,000 third-party apps. Revenue comes from monthly subscription fees and, increasingly, from payment processing and other transaction-linked services. Merchants processed US$292.3 billion of transactions on the platform in 2024, and 2025 revenue rose 30% to US$11.6 billion with net income of US$1.23 billion; the company had about 7,600 employees in 2025. Shopify was started by Tobias Lütke, Daniel Weinand and Scott Lake, and Lütke remains chief executive. It went public on May 21, 2015, trades on the Toronto Stock Exchange, moved its US listing from the NYSE to Nasdaq on March 31, 2025, and joined the Nasdaq-100 that May. | $149 | -6% | $192B | $187B | 16.2x | 155.1x | ||
 | MercadoLibre is a publicly listed e-commerce and financial technology company founded in Buenos Aires in 1999 by Marcos Galperin. It operates an online marketplace, the Mercado Pago payments and credit business, the Mercado Envios logistics network and an advertising unit across eighteen Latin American countries. The company is incorporated in Delaware, trades on the Nasdaq under the symbol MELI and has its headquarters in Montevideo, Uruguay. It reported revenues of 28.9 billion dollars for 2025 and operating income of 3.2 billion dollars, with about 123,670 employees. Its commerce and fintech services reached 131 million unique buyers over the twelve months to the second quarter of 2026. The company has grown through acquisitions of classifieds portals, logistics and payments businesses and through minority investments made partly through its corporate venture fund. | $1,512 | -27% | $77B | $86B | 3.0x | 23.3x | ||
 | Corpay Inc is a corporate payments company that helps businesses and consumers manage and pay their expenses. The company offers payment and spend management solutions, including accounts payable automation, cross-border payments, commercial card programs, vehicle payment solutions, and lodging payment services. Its reportable segments are: Corporate Payments, Vehicle Payments, Lodging Payments and Other. The majority of the company's revenue is derived from the Vehicle Payments segment, which helps customers to pay for vehicle related expenses. Geographically, it derives the maximum revenue from the United States and the rest from Brazil, the United Kingdom and other countries. | $462 | +56% | $30B | $38B | 8.4x | 15.6x | ||
 | MonotaRO Co is a Japanese e-commerce company selling industrial supply products. | $15 | +3% | $7.4B | $7.4B | 3.5x | 22.2x | ||
 | Edenred is a France-listed prepaid corporate services provider operating in 45 countries. The company was listed in 2010 following a spinoff from hotel group Accor. Edenred's main business, Ticket Restaurant, offers prepaid meal vouchers that employers provide to their employees as an additional benefit. The company is also involved in other areas, such as prepaid fuel cards and payment and expense management systems. Edenred is also moving beyond its historical services, adding “beyond” services such as well-being, gift, EV, toll, and business-to-business accounts payable automation services. | $29 | +35% | $6.6B | $8.5B | 2.6x | 7.0x | ||
| WEX Inc is a commerce platform that provides seamlessly embedded, personalized payments solutions. The company operates three business segments: Mobility, Benefits, and Corporate Payments. Mobility segment, the top segment by revenue, provides fleet vehicle payment solutions, transaction processing, and information management services for commercial and government fleets. The Corporate Payments segment offers business-to-business payment processing and transaction monitoring services. The Benefits segment generates revenue from healthcare payment products and its consumer-directed software platform. Its prime end market is the United States of America. | $182 | +23% | $6B | $6B | 2.3x | 6.1x | ||
| BILL Holdings Inc is a provider of software-as-a-service, cloud-based payments and spend and expense management products, which allow users to automate accounts payable and accounts receivable transactions, enable businesses to easily connect with their suppliers or customers to do business, eliminate expense reports, manage cash flows and improve back office efficiency. Initial Public Offering and Follow-on Offering. | $54 | +9% | $4.7B | $5B | 3.0x | 144.1x | ||
| Paymentus Holdings Inc provides electronic bill presentment and payment services, enterprise customer communication and self-service revenue management to billers through a Software-as-a-Service (SaaS), secure, omni-channel technology platform. The platform integrates with a biller's financial and operational systems to provide secure and flexible processing of payments, including credit cards, debit cards, eChecks, and digital wallets, across multiple channels such as online, mobile, IVR, call centers, chatbots, and voice-based assistants. The company generates the majority of its revenue from payment transaction fees processed through its platform. Geographically, it derives the maximum revenue from the United States. | $34 | -2% | $4.3B | $3.9B | 3.3x | 33.3x | ||
| Flywire Corp provides a secure payment platform, offering its clients a streamlined process to receive reconciled domestic and international payments more cost-effectively and efficiently. The company's solutions are built on three core elements, namely a payments platform, a proprietary payment network, and vertical-specific software backed by its deep industry expertise. Geographically, the majority of revenue is from the Americas. | $22 | +59% | $2.8B | $2.4B | 3.8x | 52.0x | ||
 | WAG Payment Solutions PLC operates as a pan-European payments and mobility platform focused on the commercial road transport sector. Its offerings include payment solutions and services designed to support operations in the transport industry. The company is organised into two operating segments: Payment solutions and Mobility solutions. Payment solutions represent the company's revenues, which are based on recurring and frequent transactional payments. The segment includes Energy and Toll payments. Mobility solutions represent a number of services, which are either subscription based or subsequently sold to customers using Payment solutions products. The majority of revenue is derived from the Payment solutions segment. Geographically, it generates the maximum revenue from Poland. | $1 | +14% | $996M | $1.3B | 0.5x | 11.3x | ||
 | PicS NV is a digital payments company. The company operates a peer-to-peer (P2P) transfer platform that enables individuals to send money via mobile devices. It provides digital wallets, instant payments (Pix), P2P transfers, credit cards, loans, investments, insurance, and SMB payment solutions. The company has four reportable segments: Consumer Banking, Small and Medium-Sized Businesses, Audiences and Ecosystem Integration, and Institutional. The majority of the company's revenue is derived from the Consumer Banking segment, which generates revenue from various transaction activities occurring in the digital wallet, such as Pix, peer-to-peer (P2P) transfers, and bill payments. | $7 | -- | $930M | $930M | 0.8x | 4.5x | ||
 | SY Holdings Group Ltd is an investment holding company. This group is a supply chain fintech platform whose principal activities includes provision of digital financing solutions, platform-based technology services and refinancing of supply chain assets in the PRC. The company generates majority of its revenue from PRC. | $1 | -37% | $901M | $875M | 6.5x | 7.2x | ||
| Cass Information Systems Inc is a provider of payment and information processing services to large manufacturing, distribution and retail enterprises across the United States. The company provides transportation invoice rating, payment processing, auditing, accounting, and transportation information. It is also a processor and payer of energy invoices, including electricity, gas, waste, and other facility-related expenses. It operates in two segments: Information Services and Banking Services. The firm generates maximum revenue from the Information Services segment, which provides transportation, energy, telecommunication, and environmental invoice processing and payment services to large corporations. | $55 | +32% | $708M | $708M | 3.9x | - | ||
| 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. | $8 | +35% | $652M | $1.6B | 1.7x | 7.9x | ||
 | Seshaasai Technologies Ltd is a technology-driven, multi-location solutions provider focused on offering payments, communications, and fulfilment solutions catering to the banking, financial services, and insurance (BFSI) industry, with data security and compliance at the core of its solutions. Solutions that the company offers at scale and on a recurring basis, driven by its proprietary platforms, play a crucial role in enabling the operations and deliverables of the BFSI sector in India. The company also offers Internet of Things (IoT) solutions to a diverse set of customers across industries. | $4 | +14% | $578M | $550M | 3.6x | 13.3x | ||
| PaySign Inc is a provider of prepaid card programs, comprehensive patient affordability offerings, digital banking services, and integrated payment processing designed for businesses, consumers, and government institutions. The Company creates customized payment solutions for clients across industries, including pharmaceutical, healthcare, hospitality, and retail. The company's revenues include fees generated from cardholder fees, interchange, card program management fees, transaction claims processing fees, and settlement income. | $9 | +82% | $539M | $510M | ||||
 | Keyware Technologies NV is a network service provider. The company works in the area of electronic payment solutions. The company operates in various business segments that are Terminals, which comprise the rental, the sale, and the installation of payment terminals; Authorisation, which relates to the revenues in connection with payment transactions, and authorisation services transaction; Corporate, which is involved in finance and administration, expenses in connection with the listing on the stock market; and Software, which includes activities of Magellan. The Terminal segment generates maximum revenue for the company. It offers its services to Netherlands, Germany, and France. | $9 | +839% | $58M | $51M | ||||
| HUMBL Inc is a holding company. The company focuses on operating through its subsidiaries, with a particular focus on Brazil and Latin America. Through its subsidiary, it owns various tons of magnesium silicate, a raw material that can be used in fertilizer and other industrial applications, and is currently looking to sell the magnesium silicate and acquire other raw materials or other mining interests. | $0 | 0% | $12M | $13M | ||||
 | Novatti Group Ltd is a software technology company. The company's operating segment includes Payments AU/NZ, Payments International, Technology, and Investments. The Payments AU/NZ segment that derives majority revenue, which incorporates Payments Acquiring, Card Issuing, Cross Border Payments and Novatti Billpa. It operates in Australia and New Zealand, Malta, Malaysia, Brazil, and United States. | $0 | -48% | $6M | $6M | ||||
| Median | $15 | +14% | $996M | $1.6B | 3.1x | 12.3x |
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