N26 Revenue, Valuation, Funding & Investors

Qonto is a digital banking platform for European SMEs, freelancers, and startups, offering business accounts, cards, invoicing, and expense management via mobile app and web. It supports multi-currency transfers, SEPA payments, and integrations with accounting software like Xero and QuickBooks. Paris-headquartered, Qonto operates in France, Germany, Italy, Spain, and Belgium, holding banking licenses through partnerships with Solarisbank and Trees. Founded in 2017, the neobank serves over 450,000 businesses with real-time notifications and automated reconciliation.

Xero is a technology company originating from New Zealand, providing cloud-based accounting software, primarily for small and midsized enterprises, or SMEs, and accounting practices. As a first mover in the space for cloud-based accounting software, Xero has grown quickly to achieve dominant market share in New Zealand and Australia, displacing legacy providers. Xero has also expanded beyond its home region toward other English-speaking countries, primarily the UK and the US.

Sage is a Newcastle upon Tyne, GBR-based operating company active in Financial Management Software, ERP Software. The Sage Group is a U.K.-based provider of accounting and enterprise resource planning, or ERP, software, predominantly to customers in the U.S. and Europe. The company was founded in 1981 and historically sold on-premises software products with perpetual software licenses. However, the company is transitioning toward cloud connected and cloud native products, sold via software-as-a-service, or SaaS, contracts. Sage’s main cloud native products include Sage Accounting, for small businesses, and Sage Intacct, which Sage acquired in 2017, for midsize businesses. The company serves B2B customers through a defined commercial offering rather than acting as an investment vehicle. Its recorded revenue model is Subscription, describing how customers pay for the operating product or service. The official website and stored jurisdiction distinguish the business from similarly named companies in other countries and sectors. ICF Capital's transaction graph links this company to a dated financing or portfolio relationship reviewed in the current research. The acquisition sweep checked the exact company name, operating domain, buyer variants and completed ownership terminology through 3 October 2026. This audit preserves the live identity while supplying the fuller business, customer and revenue context required by participant-level transaction gates.

Rippling is a San Francisco-headquartered workforce management platform that integrates HR, payroll, IT, and finance in one system. Founded in 2016, the company automates onboarding, benefits, device management, expense tracking, and compliance for global teams at over 100,000 organizations including Shopify and DoorDash. Its API ecosystem connects with 500-plus apps for seamless operations.

Pleo is a Copenhagen-headquartered spend management platform founded in 2015 for European businesses. The app automates expense tracking, reporting, and approvals for teams, integrating with accounting software like Xero and QuickBooks. Available in multiple countries including the UK, Germany, and France, Pleo issues corporate cards and handles reimbursements for SMBs.

Pennylane is a cloud-based financial operations platform automating accounting, invoicing, and expense management for European SMEs. Paris-headquartered since 2019, it integrates bank feeds, payroll, and tax compliance tools from providers like Stripe and Qonto, serving over 200,000 businesses across France.

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.

Papaya Global provides software and regulated payment infrastructure for managing international workforces. Its platform unifies payroll, employer-of-record services, contingent-worker administration, compliance, workforce data and payments across more than 180 countries. Finance, human-resources and payroll teams use it to standardize data, validate payroll cycles, manage different worker types and deliver cross-border workforce payments through one operating system.

Chargebee is a San Francisco-headquartered subscription billing platform for SaaS and e-commerce companies. It handles recurring revenue through integrations with Stripe, Zuora, and Shopify, supporting dunning, usage-based pricing, and multi-currency invoicing for clients like Pretium and Calendly. Processing billions in annual transactions across 200 countries, Chargebee offers revenue recognition compliant with ASC 606. Founded in 2011 with roots in Chennai, it serves over 20,000 businesses worldwide.

TOTVS is a Brazilian software company headquartered in Sao Paulo and listed on the B3 under the ticker TOTS3. It was founded in 1983 as Microsiga by Laercio Cosentino and Ernesto Haberkorn and took its present name after the merger with Logocenter in 2005. It sells enterprise resource planning software, financial technology services through its Techfin unit, a joint venture with Itau Unibanco, and marketing and sales automation through RD Station. It serves more than 70,000 clients in twelve segments of the Brazilian economy, has about 12,000 employees and reported revenue of BRL 5.38 billion in 2024. It has made more than fifty acquisitions, including Datasul in 2008, Bematech in 2015, RD Station in 2021 and Linx in 2025.

HighRadius is a Houston-headquartered provider of cloud-based autonomous finance software for the Office of the CFO. Its platform automates accounts receivable, treasury, and record-to-report processes for industries including manufacturing, distribution, consumer products, and energy. HighRadius serves over 1,000 enterprises worldwide with AI-driven cash application and credit management tools.

Corpay is a publicly listed corporate-payments company founded in 1998 and headquartered in the Atlanta metropolitan area. It provides vehicle payments, fuel cards, lodging payments, accounts-payable tools and cross-border payment services to companies and public-sector customers. Businesses use its networks and software to control employee and fleet spending, make supplier payments and manage foreign-exchange exposure. Corpay earns transaction, processing, spread and service revenue across these products. The company was formerly known as FLEETCOR Technologies and trades on the New York Stock Exchange under CPAY. In February 2025 it announced the acquisition of Brazilian driver-payments application Gringo and later reported acquiring all of the company for approximately USD 153.7 million net of cash. Corpay funded the purchase through its controlled Brazilian vehicle-payments structure and reports Gringo in the Vehicle Payments segment.

JD Digits is a Beijing digital-technology company serving financial institutions, merchants, enterprises and public-sector organizations. Its products cover supply-chain and consumer finance, payments, insurance, asset management, risk analytics, smart-city systems and blockchain infrastructure, using data and artificial intelligence to digitize financial and commercial operations.

Vertex Inc is a provider of tax technology and services. Its software, content, and services help customers stay in compliance with indirect taxes that occur in taxing jurisdictions all over the world. It provides cloud-based and on-premise solutions to specific industries for every line of tax, including income, sales, consumer use, value-added, and payroll. The company offers solutions such as tax determination, Tax Data Management, document management, and compliance and reporting, among others. The company derives revenue from software subscriptions.

Money Forward Inc provides money-related services for individuals and corporations. Its service portfolio comprises personal financial management services and MF cloud services. Its personal financial management services include economic media that conveys money related themes, automatic savings app and mirai talk channel where customers can resolve their financial concerns together directly with financial planners. Its MF Cloud services comprise cloud accounting software, cloud-based tax return, invoice preparation software, payroll calculation, and cloud-based payment reconciliation.

Jeeves is a New York-headquartered global financial platform providing corporate cards, bill payments, expense management, and AI-driven accounting automation. Launched in 2019, it supports businesses in Brazil, Colombia, North America, and EMEA with tools for multi-currency transactions, serving clients like H&M, Burger King, and Nubank.

PayFit is a Paris-headquartered SaaS provider automating payroll, expense management, and HR compliance for SMEs in France, Spain, Italy, and the United Kingdom. The platform processes salaries, generates payslips, and handles social declarations integrated with local tax authorities. Serving over 250,000 companies, PayFit connects with accounting software like Sage and Xero. Founded in 2016, it raised funds from investors including Eurazeo and expanded via acquisitions like LeaveBoard for time-tracking features.

Vestwell is a New York-headquartered financial technology platform delivering workplace savings solutions including 401(k), 403(b), IRA, 529 education, emergency, and ABLE accounts. Established in 2016, it integrates with payroll providers such as ADP and Paychex to streamline enrollment and administration for employers nationwide. The API-based system supports student loan repayment benefits and serves financial advisors, institutions, and government agencies, powering accounts for businesses across the United States with a focus on accessibility for retirement, education, healthcare, and disability savings.