November 2026
Largest Embedded Finance Public Companies in the US
Benchmark revenue and EBITDA valuation multiples for public comps like
PayPal, Block, Fiserv, LPL Financial and ACI Worldwide.
 | 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 | $57 | -9% | $47B | $51B | 1.5x | 7.0x | |
| 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 2025, Square's payment volume was almost USD 260 million. | $76 | +14% | $46B | $41B | 1.7x | 18.6x | ||
| Fiserv is a financial technology company headquartered in Milwaukee, Wisconsin, that provides account processing, digital banking, card issuing and merchant acquiring services to banks, credit unions and businesses. Founded in 1984, it built its core banking business through acquisitions such as Information Technology Inc. of Lincoln, Nebraska in 1995, which brought the Premier account-processing platform. Fiserv processes debit and credit card transactions, loyalty programmes, loans, electronic bill payments, ACH and wire transfers, check deposits and ATM transactions on behalf of financial institutions, with a long-standing base among small and midsize US banks. Its 2019 acquisition of First Data for $22 billion added a large merchant-acquiring business, including the Clover point-of-sale platform for small businesses and the Carat payments platform for large enterprises. The company earns recurring processing and transaction fees, software and service fees and hardware sales. In 2025 it reported revenue of $19.8 billion, operating income of $4.38 billion and about 38,000 employees, and roughly 85% of 2024 revenue came from the US and Canada. Takis Georgakopoulos became chief executive in 2025 after Frank Bisignano left to run the US Social Security Administration, and in November 2025 the shares moved from the NYSE to Nasdaq under the ticker FISV. | $50 | -19% | $27B | $54B | 2.6x | 6.1x | ||
| 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. | $284 | -20% | $22B | $29B | 1.7x | 13.2x | ||
| 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. | $56 | +20% | $5.7B | $6.4B | 3.6x | 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 | +29% | $5.2B | $6.4B | 2.2x | 16.5x | ||
| 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. | $67 | -7% | $4.1B | $4.1B | 5.1x | 43.5x | ||
| 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. | $33 | -5% | $4.1B | $3.8B | 3.1x | 32.2x | ||
| 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. | $103 | +53% | $3.9B | $4.9B | 1.3x | - | ||
| 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. | $46 | +24% | $3.4B | $5.9B | 1.4x | 8.1x | ||
| Marqeta is an Oakland-based payments technology company founded in 2010. Its open application-programming interfaces let businesses create, issue and manage physical, virtual and tokenized payment cards. Customers configure authorization rules, funding flows, spend controls and transaction data without building a card-processing stack from scratch. The platform serves fintech companies, digital banks, marketplaces, lenders and large enterprises operating card programs. Marqeta earns processing and platform revenue tied to card activity and contracted services. It expanded internationally after raising multiple venture rounds and completed its public listing in 2021. LionBird is listed among Marqeta's early investors and continues to identify the company in its portfolio. | $18 | -6% | $1.9B | $1.2B | 1.9x | 86.7x | ||
| 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. | $12 | -42% | $1.3B | $1.6B | 3.6x | (59.9x) | ||
| 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. | $32 | -5% | $317M | $131M | 1.3x | 2.9x | ||
| 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. | $26 | +94% | $303M | $557M | 1.0x | 7.3x | ||
| 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's reportable segments are Merchant Solutions and Digital Wallets. The Merchant Solutions segment, which derives maximum revenue, services markets in North America, Canada and Europe. The Digital Wallets segment services markets in Europe, UK, North America and Latin America. It derives a majority of revenue from the USA followed by Germany, the UK, and all other countries. | $6 | -27% | $293M | $2.6B | 1.5x | 7.7x | ||
| Bakkt Inc is focused on building the backbone of next-generation financial infrastructure. The company provides financial technology solutions that support institutional participation in digital assets. Its offerings include infrastructure related to bitcoin, tokenization, stablecoin payments, and AI-enabled financial services. The company specializes in providing solutions designed to meet institutional requirements for security, scale, and regulatory compliance. | $5 | -71% | $209M | $159M | ||||
| 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. | $3 | +103% | $83M | $81M | ||||
| Tiger Financial Services Inc is an international fintech focused on high-growth emerging markets. The company develops and launches AI-powered banking infrastructure for small businesses in Vietnam. It combines AI-driven payments, digital banking, and embedded finance to serve one of the world's underserved business segments. Through its Vietnam subsidiary, it has an operating foothold in Southeast Asia and plans to expand across Thailand, Indonesia, Malaysia, the Philippines, Cambodia, and Myanmar, a regional opportunity for small businesses. The group's model combines proprietary technology with deep market expansion expertise and partnerships with a licensed commercial bank, enabling the Company to deliver tailored local fintech services in full compliance with regulators. | $0 | -- | $24M | $24M | ||||
| Median | $32 | -5% | $3.7B | $3.9B | 1.7x | 7.7x |
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