SIA Acquisition & Valuation

Form3 is a London-headquartered payment processor offering cloud-based APIs for real-time payments across UK Faster Payments, SEPA Instant, and US FedNow schemes. The platform handles clearing and settlement for banks and fintechs including Revolut and Starling Bank. Built on AWS microservices, Form3 processes billions in transaction volume annually with 99.99 percent uptime.

BM&F is the Brazilian Mercantile and Futures Exchange, a derivatives exchange based in Sao Paulo that lists futures and options on interest rates, currencies, indices and commodities. It was founded in 1985 as a member-owned exchange and demutualised in 2007 as part of a conversion to a for-profit company. The exchange also operated clearing services for the contracts traded on it. In 2008 it merged with the Bovespa Holding stock exchange to form BM&FBovespa, which was later renamed B3. General Atlantic held about 5 percent of the combined group. The exchange earned fees on contracts traded and cleared, and its customers were banks, brokers, corporations and investors.

Founded in 2000, MarketAxess is a leading electronic fixed-income trading platform that connects broker/dealers and institutional investors. The company is primarily focused on credit based fixed income securities with its main trading products being US investment-grade and high-yield bonds, Eurobonds, and Emerging Market corporate debt. Recently the company has expanded more aggressively into Treasuries and municipal bonds with the acquisitions of LiquidityEdge and MuniBrokers in 2019 and 2021, respectively. The company also provides pre- and post-trade services with its acquisition of Regulatory Reporting Hub from Deutsche Börse Group in 2020 adding to its product offerings.

Virtu Financial Inc is a financial firm that leverages technology to deliver liquidity to the world-wide markets and transparent trading solutions to its clients. The company's operating segment includes Market Making; and Execution Services. The non-operating segment of the company includes the Corporate segment. The company generates maximum revenue from the market-making segment. The Market Making segment principally consists of market-making in the cash, futures, and options markets across equities, options, fixed income, currencies, and commodities. Geographically, it derives a majority of its revenue from the United States and also has a presence in Ireland and Other Countries.

Nexi is a payment services provider offering merchant acquiring, card issuing, and digital banking services across Europe. Nexi’s services cover the entire payment chain excluding the card scheme. It offers its acquiring and issuing services either in partnerships with banks, providing point-of-sale terminals, processing, or issuing services on their behalf or directly to merchants.

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.

Pipe is a financial services platform that enables subscription-based businesses to access capital by trading future recurring revenue streams with institutional investors through real-time auctions. Headquartered in San Francisco, California, the company processes transactions for SaaS firms, media publishers, and e-commerce operators seeking non-dilutive funding based on annual contract values. Launched in 2020, Pipe integrates with billing systems like Stripe and Zuora to automate revenue verification and payouts, serving over 5,000 companies globally with a marketplace exceeding $3 billion in tradable revenue by 2023.

Mollie is a payments company that provides online and in-person payment services for businesses in Europe and the United Kingdom. It was founded in Amsterdam in 2004 by Adriaan Mol and began as a way for merchants to accept payments through a single API instead of separate bank and card integrations. The platform lets merchants accept cards, local payment methods such as iDEAL and Bancontact, wallets and bank payments, and it adds financing, fraud monitoring, analytics and embedded payments for software platforms. Customers range from small online shops to larger merchants and software vendors. Mollie earns mainly from transaction fees on the payments it processes and from related financial services. It is licensed as an electronic money institution by the Dutch central bank and operates a licensed payment institution in the United Kingdom. In 2026 it completed the acquisition of the bank payments company GoCardless.

Razorpay is an Indian financial technology company headquartered in Bengaluru, founded in 2014 by Harshil Mathur and Shashank Kumar. It provides a payment gateway and a wider set of business banking services, including payouts, a line of credit for merchants and payroll, to online and offline businesses. The company says it serves more than 8 million businesses and took part in the Y Combinator accelerator. Its funding rounds were led or joined by Sequoia Capital India, Tiger Global, Lone Pine Capital, TCV, GIC and Ribbit Capital, and a December 2021 round valued it at 7.5 billion US dollars. Razorpay has bought a series of smaller companies, among them Thirdwatch, Opfin, TERA Finlabs, Curlec, Ezetap and PoshVine, and it invests in startups through Razorpay Ventures.

StoneX Group Inc is a brokerage and financial services firm. Its service offerings are execution, OTC / Market-Making, advisory services, payment solutions, market intelligence, Physical Trading and clearing services. The firm operates in four segments: Commercial, Institutional, Self-Directed/Retail, and Payments. Its customers include governmental and nongovernmental organizations, commercial banks, brokers, institutional investors, and investment banks. The company operates in the United States, South America, Europe, the Middle East and Asia, and other countries, out of which the majority of revenue is generated from the Middle East and Asia Region.

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.

Allfunds is a fund distribution platform connecting fund houses and distributors, creating a single access point for both sides to gain a wider reach with regard to assets under administration and fund variety, respectively. As of 2024, Allfunds had EUR 1.6 trillion in assets under administration stemming from about 860 distributors on its platform. In return, distributors gained access to about 156,000 funds from 3,300 different fund houses. Allfunds also provides ancillary services to both fund houses and distributors, covering the marketing, distribution, legal, regulatory, as well as data and analytics needs arising in the fund distribution space. Allfunds derives the majority of its revenue from Italy, Spain, and France.

Anchorage Digital is a San Francisco institutional digital-asset platform founded in 2017 by Diogo Monica and Nathan McCauley. Its group provides qualified custody, trading, staking, settlement, governance, and token-lifecycle services to institutions through regulated operating entities. Anchorage Digital Bank is a federally chartered digital-asset bank in the United States, while other group companies serve clients in additional jurisdictions. Asset managers, protocols, foundations, corporations, and other professional market participants use the platform to hold and transact crypto assets while applying institutional controls. The company earns fees from custody and related financial and technology services. Its 2025 acquisition of Hedgey added token vesting, allocation, distribution, and grant-management workflows to the product suite.

Euroclear is a Brussels-based financial market infrastructure group that settles and holds securities for banks, brokers and asset managers worldwide. It operates Euroclear Bank, the international central securities depository used for Eurobonds and cross-border trades, and national central securities depositories in Belgium, Finland, France, the Netherlands, Sweden and the United Kingdom and Ireland, alongside collateral management, fund distribution and asset servicing. At the end of 2024 it held EUR 40.7tn of assets under custody. In 2024 underlying operating income rose 5% to EUR 2,899m, including EUR 1,748m of business income, and underlying net profit reached a record EUR 1,038m. The group earns fees on settlement, custody and collateral services plus interest income on client cash balances. Its shareholders include market participants and public investors such as the Belgian state holding SFPI-FPIM, Caisse des Depots and the New Zealand Superannuation Fund. Euroclear was founded in Brussels in 1968 by Morgan Guaranty Trust to settle Eurobond trades.

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 operates in a single operating segment, which is payment processing. The company's geographical segments include Latin America and Non-Latin America, with a majority of its revenue being generated from Brazil in the Latin America region.

Shanghai Sunmi Technology Co Ltd operates as a Business Internet of Things (BIoT) solution provider. It is engaged in the design, research and development, production, and sales of smart devices, along with the provision of related services. The company's offerings include CPad, Interactive Display, Mobile Terminals, Payment Terminals, Desktop Terminals, etc. the Group only has one operating segment. It generates revenue predominantly from sales of its BIoT solutions mainly including smart devices.

Saudi Tadawul Group Holding Co provides trading, clearing, and settlement services in securities in the Kingdom of Saudi Arabia. It also provides services related to innovation in technology. The company's segment includes Capital Markets; Post Trade; Data and Technology Services and Corporate. It generates maximum revenue from the Post Trade segment.

Plaid is a San Francisco-based financial technology company that operates a data network connecting consumers' bank accounts to financial applications. Its products include Link for account connections to more than 12,000 institutions, Auth, Identity and Balance for account verification, Transfer and Signal for ACH and real-time payments and payment risk, Identity Verification, Monitor and Beacon for KYC, AML and fraud prevention, and Plaid Check products such as LendScore for credit underwriting. Customers range from fintech applications such as Venmo, Robinhood and Coinbase to banks, lenders, payroll providers and AI companies, and Plaid says more than one in two Americans have used its network. The company reported revenue growth above 25% in 2024 and a return to positive operating margins. Visa agreed to buy Plaid for $5.3 billion in January 2020, but the deal was abandoned after a Department of Justice antitrust challenge. Plaid was valued at $13.4 billion in its 2021 Series D, $6.1 billion in an April 2025 common-stock sale led by Franklin Templeton, and $8 billion in a February 2026 employee share sale. It was founded by Zach Perret and William Hockey.