May 2026
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Largest B2B Payments Public Companies
Benchmark revenue and EBITDA valuation multiples for public comps like
Shopify, MercadoLibre, Corpay, MonotaRO and Edenred.
 | Shopify offers an e-commerce platform primarily to small and medium-size businesses. The firm has two segments. The subscription solutions segment allows Shopify merchants to conduct e-commerce on a variety of platforms, including the company’s website, physical stores, pop-up stores, kiosks, social networks (Facebook), and Amazon. The merchant solutions segment offers add-on products for the platform that facilitate e-commerce and include Shopify Payments, Shopify Shipping, and Shopify Capital. | $95 | -11% | $124B | $118B | 10.2x | 59.1x | ||
 | MercadoLibre runs the largest e-commerce marketplace in Latin America, with about 150 million active users and more than 600 million active listings across 18 countries stitching into its commerce network or fintech solutions when last reported. The company operates a host of complementary businesses to its core online shop, with shipping solutions (Mercado Envios), a payment and financing operation (Mercado Pago and Mercado Credito), advertisements (Mercado Clics), classifieds, and a turnkey e-commerce solution (Mercado Shops) rounding out its arsenal. MercadoLibre generates revenue from final value fees, advertising royalties, payment processing, insertion fees, subscription fees, and interest income from consumer and small-business lending. | $13 | -44% | $80B | $87B | 3.0x | 21.8x | ||
 | 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. | $331 | +2% | $22B | $29B | 6.5x | 12.4x | ||
 | MonotaRO Co is a Japanese e-commerce company selling industrial supply products. | $12 | -38% | $6B | $6B | 2.7x | 17.0x | ||
 | 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 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 well-being, gift, EV, toll, and business-to-business accounts payable automation services. | $25 | -22% | $6B | $7B | 2.0x | 4.3x | ||
| 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. | $136 | +2% | $5B | $6B | 2.4x | 5.7x | ||
| 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. | $40 | -9% | $4B | $4B | 2.5x | 14.8x | ||
| 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. | $25 | -35% | $3B | $3B | 2.3x | 20.2x | ||
| 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. | $16 | +47% | $2B | $2B | 2.6x | 13.5x | ||
 | 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. | $12 | -- | $2B | $2B | 0.9x | 8.5x | ||
 | SY Holdings Group Ltd is an investment holding company. The principal activities of the Company and its subsidiaries (collectively referred to as the Group) are 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 | -- | $1B | $1B | 9.6x | 10.5x | ||
 | WAG Payment Solutions PLC, formerly Eurowag is a pan-European integrated payment & mobility platform focused on the commercial road transport industry. The group's business involves the provision of services to the CRT industry which is focused on two primary segments: Payment solutions, comprising energy payments through pre-pay or post-pay fuel cards and toll payments; and Mobility solutions, comprising tax refund services; telematics; smart routing apps; and other adjacent services. | $1 | +50% | $975M | $1B | 0.5x | 9.1x | ||
| 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. | $46 | +8% | $588M | $733M | 3.8x | — | ||
| 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. | $6 | -32% | $478M | $1B | 1.5x | 6.4x | ||
| 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. | $6 | +31% | $325M | $310M | 3.8x | 15.6x | ||
 | 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. | $1 | +23% | $26M | $17M | 0.6x | 3.5x | ||
| 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 | -- | $10M | $11M | — | — | ||
 | 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 | -4% | $9M | ($47M) | (1.3x) | 11.6x | ||
| Median | $12 | -4% | $2B | $2B | 2.5x | 12.0x |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
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