June 2026
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Largest Embedded Finance Public Companies
Benchmark revenue and EBITDA valuation multiples for public comps like
Block, PayPal, Fiserv, LPL Financial and Kaspi.kz.
 | Founded in 2009, Block provides payment services to merchants, along with related services. The company also launched Cash App, a person-to-person payment network. In 2024, Square's payment volume was almost USD 250 million. | $71 | +4% | $42B | $37B | 1.5x | 10.7x | ||
| PayPal was spun off from eBay in 2015 and provides electronic payment solutions to merchants and consumers, with a focus on online transactions. The company had 434 million active accounts at the end of 2024. The company also owns Venmo, a person-to-person payment platform. | BNPL+3 | $43 | -42% | $38B | $38B | 1.1x | 4.9x | |
| 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. | $56 | -67% | $30B | $59B | 2.8x | 6.4x | ||
| LPL Financial is the largest US independent broker-dealer, with more than 32,000 financial advisors affiliated with its platform and roughly 11 million customer accounts at the end of 2025. The firm earns the bulk of its profit from interest income earned on client cash balances and from advisory fees and commissions tied to the $2.4 trillion in assets under management or advisory on its platform at year-end 2025. LPL specializes in the provision of turnkey wealth management services for affiliated independent advisors, but maintains a diverse array of affiliation modalities, running the gamut from more traditional employee models to a pure RIA custody approach. It earns tuck-in revenue from recordkeeping fees and the provision of software tools and services to its advisor base. | $292 | -22% | $23B | $30B | 1.7x | 13.6x | ||
 | Kaspi.kz JSC is the payment, marketplace, and Fintech ecosystem in Kazakhstan. The firm provides interconnected technologically seamless products and services that help people to pay, shop and manage their finances. Its operating segment includes the Payments Platform that connects its customers, which consist of both consumers and merchants, to facilitate cashless, digital transactions, the Marketplace Platform that connects merchants and consumers enabling merchants to increase their sales and consumers to buy a broad selection of products and services offered by a variety of merchants, and Fintech Platform that enables customers to manage their personal finances online and access consumer finance and deposit products through the Kaspi.kz Super App. | $86 | -1% | $16B | $13B | 1.6x | 4.2x | ||
 | XP Inc is a Cayman Island-based technology-driven financial services platform. It is a provider of low-fee financial products and services in Brazil. The company evaluates its business through a single segment such as monitoring operations, making decisions on fund allocation, and evaluating the performance. It generates revenue through the Brokerage commission. | $16 | -23% | $8B | $15B | 4.2x | 11.8x | ||
 | Temenos is a Swiss company that provides banking software to financial institutions around the world. Its main product is core banking software that helps banks manage accounts, customer information, transaction processing, loans, security, and financial reporting. Besides core banking software, Temenos offers products for digital banking, payments, wealth management, compliance, and analytics to help banks improve customer experience and meet regulatory requirements. | $90 | +25% | $6B | $7B | 6.2x | 14.0x | ||
| BGC Group Inc is a brokerage and financial technology company that serves financial markets, energy, and commodities markets. Its service and product offerings include brokerage for a wide range of financial products, including fixed income, equities, commodities, derivatives, and real estate, software solutions for trading platforms, clearing, trade execution, and other back-office services. Its clients mostly include banks, financial institutions, and corporate clients. BGC operates in one reportable segment, which is providing brokerage services. Geographically, the company generates a majority of its revenue from Europe, Middle East and Africa (EMEA), followed by the Americas and the Asia-Pacific region. | $11 | +3% | $5B | $6B | 2.1x | 13.7x | ||
 | Hub24 is a diversified financial services business. The firm’s core platform segment engages in the development and provision of custodial and noncustodial administration services to financial advisors, stockbrokers, accountants, and their clients. The tech solutions segment provides a range of technology and data services, as well as cloud-based software. Hub24 serves individuals, companies, trusts, associations, or self-managed superannuation funds. The firm has around 9% share of the Australian platform market, in contrast to the largest five providers with an average market share of 13.5% each. | $60 | -6% | $5B | $5B | 17.1x | 46.8x | ||
| ACI Worldwide Inc develops, markets and installs a portfolio of software products focused on facilitating electronic payments. The firm also leverages its distribution network in the Americas; Europe, the Middle East, and Africa, or EMEA; and Asia-Pacific regions to sell software developed by third parties. ACI software products process payment transactions for retail banking clients, billers such as utilities and healthcare providers, and community banks and credit unions. ACI's customers are financial institutions all over the world, but majority of the revenue is generated in the United States and EMEA regions. | $42 | -8% | $4B | $5B | 2.8x | 9.8x | ||
 | Marex Group PLC offers a diversified financial services platform providing essential liquidity, market access, and infrastructure services to clients across energy, commodities, and financial markets. It provides critical services to the clients by connecting them to exchanges and providing various execution and hedging services across its assets and products. The group operates in a large and fragmented market with infrastructure requirements and regulatory and technological complexity. It has five segments Clearing, Agency and Execution, Market Making, Hedging and Investment Solutions, and The Corporate. The group generates revenue from Agency and Execution that matches buyers and sellers by facilitating price discovery across the energy and financial securities markets. | $54 | +38% | $4B | $7B | 2.0x | 6.1x | ||
| Netwealth provides cloud-based investment administration software as a service in Australia via its proprietary platform. Netwealth’s platform provides portfolio administration, investment management tools, and investment and managed account services to financial intermediaries and directly to clients. The company charges SaaS fees based on funds under administration and management on its platform. Netwealth also offers Netwealth-branded investment products on its platform, which are managed by third-party investment managers. | $15 | -37% | $4B | $4B | 16.7x | 35.4x | ||
| Formed by a combination of JCPenney’s credit card processing unit and The Limited’s credit card bank business, Bread Financial is a provider of private-label and co-branded credit cards, loyalty programs, and marketing services. The company’s most financially significant unit is its credit card business that partners with retailers to jointly market Bread’s credit cards to their customers. The company also retains a minority interest in spun-off LoyaltyOne, which operates the largest airline miles loyalty program in Canada and offers marketing services to grocery chains in Europe and Asia. | $91 | +60% | $4B | $8B | 2.0x | - | ||
 | DLocal Ltd is focused on making the complex simple, redefining the online payment experience in emerging markets. Through its technology platform, One dLocal, the company enables world-wide enterprise merchants to get paid (pay-in) and to make payments (pay-out) online in a safe and efficient manner. The company earns revenue from fees charged to merchants in connection with payment processing services for cross-border and local payment transactions. The company's geographical segments include Latin America and Non-Latin America with a majority of its revenue being generated from Brazil in Latin America region. | $12 | +4% | $3B | $3B | 2.3x | 9.2x | ||
| NCR Atleos Corp is financial technology company providing self-directed banking solutions to a customer base including financial institutions, merchants, manufacturers, retailers and consumers. Self-directed banking is a rapidly growing, secular trend that allows banking customers to transact seamlessly between various channels all for the same transaction. Their comprehensive solutions enable the acceleration of self-directed banking through ATM and interactive teller machine (ITM) technology, including software, services, hardware and its proprietary Allpoint network. Atleos manage its operations in the following segments which includes Self-Service Banking, Network, and Telecommunications abd Technology. | $44 | +55% | $3B | $6B | 1.3x | 6.9x | ||
| Q2 Holdings Inc provides digital solutions to financial institutions, financial technology companies, and alternative finance companies, seeking to incorporate banking into their customer engagement and servicing strategies. The company helps its clients with supervisory, consumer protection, privacy, third-party risk management requirements, and cyber threats and fraud, among other applications, by offering a portfolio of digital solutions, which comprises its digital banking offerings, digital lending and relationship pricing solutions, risk and fraud solutions, as well as Q2 Innovation Studio and Helix. Q2 derives the majority of its revenue from subscription fees for the use of its hosted solutions. | $45 | -52% | $3B | $3B | 3.5x | 14.9x | ||
| 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. | $21 | -40% | $3B | $2B | 1.9x | 17.0x | ||
| StoneCo Ltd is a provider of financial technology solutions. It serves MSMBs solutions, at fair prices, and provides the customer experience to help them manage their businesses and sell more. Its Stone Business Model combines end-to-end, cloud-based technology platforms; differentiated hyper-local and integrated distribution approaches; and white-glove, on-demand customer service. It has two segments Financial Services segment, which includes payments solutions, digital banking, credit, insurance solutions as well as the registry business. In the Software segment solution includes POS/ERP, TEF and QR Code gateways, reconciliation, CRM, OMS, e-commerce platform, engagement tool, ads solution, and marketplace hub. It generates the majority of its revenue from the Financial Services segment. | $11 | -33% | $3B | $4B | 1.3x | 2.3x | ||
| Alkami Technology Inc is a cloud-based digital banking solutions provider. The company’s solution, the Alkami Digital Banking Platform, allows FIs to onboard and engage new users, accelerate revenues and meaningfully improve operational efficiency, all with the support of a proprietary, true cloud-based, multi-tenant architecture. | $16 | -46% | $2B | $2B | 4.5x | 34.1x | ||
| Headquartered in Oakland, California, and founded in 2010, Marqeta provides its clients with a card-issuing platform that offers the infrastructure and tools necessary to offer digital, physical, and tokenized payment options without the need for a traditional bank. The company’s open APIs are designed to allow third parties like DoorDash, Klarna, and Block to rapidly develop and deploy innovative card-based products and payment services without the need to develop the underlying technology. The company generates revenue primarily through processing and ATM fees for cards issued on its platform. | $4 | -31% | $2B | $1B | 1.6x | 9.2x | ||
 | Abaxx Technologies Inc is a financial technology company engaged in developing and deploying trust-enabling internet protocols. The company operates with two distinct lines of business: Abaxx Technologies and Abaxx Exchange. Abaxx Technologies develops software tools that enable commodity traders and finance professionals to communicate, trade, and transact faster and more securely. Abaxx is building Smarter Markets - markets empowered by financial technology and market infrastructure to address challenges, including the energy transition. | $40 | +336% | $1B | $1B | - | - | ||
 | Fawry For Banking Technology And Electronic Payment is engaged in providing operations services specialized in systems and communications, management, operating and maintenance of equipment's and computers networks services and internal systems of banks, networks, and centralized systems, establish operating systems for banking services through the internet, phone and e-payment services and circulation of secured documents electronically, and renting properties. | $0 | +63% | $1B | $1B | 6.4x | 12.4x | ||
 | Worldline is a payment service provider offering merchant acquiring, payment processing, and payment infrastructure solutions to merchants and banks. | $0 | -91% | $816M | $3B | 0.6x | 3.5x | ||
 | Sunyard Technology Co Ltd provides end-to-end professional solutions and products for financial institutions mainly in the banking industry. It specializes in financial payment terminals and financial card machines. It is engaged in the research and development, production and sales of financial information security products and payment and information security solutions. | $2 | -34% | $771M | $695M | 2.3x | 68.3x | ||
 | AMTD Digital Inc along with its subsidiaries, is mainly involved in the provision of digital solutions services. Its reportable segments are digital solutions services segment, hotel operations, hospitality and VIP services segment and media and entertainment services. The company generates maximum revenue by providing financial digital solutions through its insurance brokerage services and other digital solutions services. Geographically, the company generates maximum revenue from Hong Kong and Singapore. | $2 | +2% | $559M | $830M | 14.1x | 7.0x | ||
| PensionBee Group PLC is engaged in the provision of direct-to-consumer online pensions. The company helps its customers combine their old pension pots, make flexible contributions, invest in line with their goals and values, and make withdrawals after attaining a certain age. It offers a range of investment plans, including fossil fuel-free and impact investing options, from various asset managers. The firm generates a vast majority of its revenue in the form of fees it charges for fund administration. These fees are earned for administering the customer pension schemes and are charged based on a fixed percentage of the value of a customer’s assets held by the pension scheme. It operates in a single geographical location, the United Kingdom. | $2 | -18% | $437M | $394M | 6.9x | 380.7x | ||
 | Currenc Group Inc is a fintech pioneer dedicated to transforming financial services through artificial intelligence (AI). It empowers financial institutions with comprehensive AI solutions, including the SEAMLESS AI Call Centre and other AI-powered tools designed to reduce costs, increase efficiency, and boost customer satisfaction. The Company’s digital remittance platform also enables e-wallets, remittance companies, and corporations to provide real-time, 24/7 payment services, advancing financial access across underserved communities. It generates the majority of its geographic revenue from Malaysia. | $4 | +606% | $395M | $334M | 8.8x | (25.6x) | ||
| Paysafe Ltd is an integrated payments platform. Its core purpose is to enable businesses and consumers to connect and transact seamlessly through capabilities in payment processing, digital wallet, and online cash solutions. The company provides payment solutions through three primary lines of business: Integrated Processing, Digital Wallet and eCash Solutions. It derives a majority of revenue from the USA followed by Germany, the UK, and all other countries. | $7 | -43% | $371M | $3B | 1.6x | 6.2x | ||
| Unit Corp is an oil and natural gas contract drilling company. The company is also in exploration and production and mid-stream areas. There are two segments which include Oil and Natural gas and Contract Drilling. The oil and natural gas segment is engaged in the development, acquisition, and production of oil, NGLs, and natural gas properties. The contract drilling segment contracts to drill onshore oil and natural gas wells for a wide range of other oil and natural gas companies. Majority of the revenue is generated from the Contract Drilling segment. | $34 | -- | $334M | $154M | - | - | ||
 | Automated Bank Services Ltd is an Israel-based company involved in providing technological services to the financial system. The company serves as a central junction and a national infrastructure for clearing credit cards. It also works with credit card companies as both a clearing and issuing company. | $8 | +20% | $334M | $284M | 5.2x | 11.0x | ||
| CPI Card Group Inc is a payment technology company engaged in providing financial payment card solutions and services. It offers credit, debit, and prepaid cards. The business segments of the group are Debit and Credit, which produces Financial Payment Cards and provides integrated card services to card-issuing banks in the United States, and Prepaid Debit, which provides integrated card services to Prepaid Debit Card program managers in the United States and Others. It derives key revenue from the Debit and Credit segment. | $18 | -25% | $204M | $474M | 0.9x | 4.9x | ||
| Trufin PLC is a United Kingdom based operating company that focuses on growing Fintech and banking businesses to provide niche lending, technological, and service solutions to the working capital, early payment services, and mobile game publishing. The company has four reportable segments namely the provision of short-term finance, payment services, publishing, and other operations. Short-term finance includes the provision of distribution finance products and invoice discounting. Payment services include the provision of early payment Programme services. Publishing includes the Publishing of video games. The company's majority revenue comes from payment services segment. | $2 | +53% | $170M | $154M | 1.7x | 8.5x | ||
 | SAB Finance AS is engaged in providing International Payment Solutions considering the foreign exchange fluctuations. Its platform allows to make outgoing payments and receive incoming payments. Some of the services offered by the company include Market Watch, Foreign Currency Analysis, Regular Payments, and Multi-Payments. | $51 | +1% | $155M | $163M | 2377.8x | 7.6x | ||
| Beeks Financial Cloud Group PLC is a technology company that provides services like Trading Infrastructure, Managed Cloud, On Demand compute, Connectivity, Analytics and Open Finance to enterprises functioning in capital markets and financial services industry. The operating segments of the company are Public/Private Cloud and Proximity Cloud/Exchange Cloud with the majority of the revenue being generated from the Public/Private Cloud segment. Geographically, the company operates in United Kingdom, Europe, United States and Rest of the world. A substantial portion of its overall revenue is generated from its business in United States. | $2 | -30% | $145M | $148M | 3.0x | 8.1x | ||
 | Eastern Union Interactive Corp is a Company that offers a safe platform that provides safe and convenient cross-border financial services. Its service scope includes Indonesia, the Philippines, Vietnam, Thailand, etc. which is of positive help in guiding foreign migrant workers to handle remittances through legal channels and thereby establishing inclusive finance. It has obtained a foreign small-amount exchange license for foreign migrant workers in Taiwan. Legal services for foreign migrant workers working in Taiwan, Make cross-border remittances. | $5 | -29% | $145M | $95M | 5.3x | 6.0x | ||
 | RS2 PLC is engaged in providing Payments Software and Managed Services. It is involved in the development, installation, implementation, and marketing of computer software for financial institutions under the trademark of BankWORKS and the processing of payment transactions with the use of BankWORKS. Its segments include Licensing of the company's BankWORKS software to banks and Service providers, including maintenance and enhanced services thereto; Processing of payment transactions utilizing the group's BankWORKS software; and Merchant Solutions, which include issuing and acquiring payment solutions directly to merchants, including terminal and PSP gateway services. Its geographic segments include Malta, the United Kingdom and Ireland, the United States, and Other countries. | -- | -- | $86M | $96M | 2.1x | 19.8x | ||
| Stakk Ltd is engaged in the development and delivery of Stakk IQ, a modular, API-first Embedded Finance platform that provides the essential infrastructure every modern financial application requires. It operates in one segment being the development of a smart mobile app for banking. | $0 | +703% | $69M | $58M | 65.7x | 6363.7x | ||
| Usio Inc is a United States-based company that provides integrated electronic payment services, including credit and debit card-based processing services and transaction processing via the Automated Clearing House, or ACH network to billers and retailers. The Company also has an additional wholly-owned subsidiary, which is the entity for Output Solutions operations. | $2 | +1% | $43M | $40M | 0.5x | 30.0x | ||
| 9F Inc is a financial account platform integrating and personalizing financial services in China. It provides a range of financial products and services across online lending, wealth management, and payment facilitation, all integrated under a single digital financial account. The company's operations are organized into Material segments, consisting of E-commerce services, technology Empowerment service and Wealth Management services, of which it derives maximum revenue from technology Empowerment service. All its revenues are generated from the People's Republic of China. | $3 | -- | $35M | ($447M) | (10.4x) | (89.2x) | ||
| Zhibao Technology Inc is an insurance technology company providing digital insurance brokerage services in China. The Company operates a 2B2C digital embedded insurance business model, which it pioneered in China, and provides managing general underwriter (MGU) services to insurance companies, including product design, underwriting, reinsurance, claims, and risk control within specific product or market segments. It offers customized digital insurance solutions for B-side channels, including Internet platforms, enterprises, and government agencies, by embedding insurance products into existing business platforms and providing digital insurance brokerage services to C-end customers. | $1 | -34% | $23M | $25M | 0.6x | (2.9x) | ||
 | B+S Banksysteme AG develops and markets software solutions for the completion of financial transactions with banks, savings banks, and industrial enterprises. It is engaged in the creation and development of its own programs for data processing, duplication, licensing, and distribution as well as consulting for companies. The company's headquarters have been in Munich with further locations in Austria (Salzburg) and Switzerland (Canton Bern). | $2 | +28% | $16M | $18M | 1.2x | 5.2x | ||
| ParaFin Corp is a development stage company. It acquires and explores oil and gas properties. | $0 | -- | $968K | $968K | - | - | ||
| IFAN Financial Inc is a shell company. | $0 | -- | $100K | $100K | - | - | ||
| Median | $11 | -7% | $1B | $1B | 2.1x | 9.2x |
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