BUYER POOL ANALYSIS
Selling a Fintech to Private Equity / PE-Backed Roll-Up buyers
Private equity firms and PE-backed platform consolidators acquiring for roll-up, add-on, or platform plays. Pricing tends to lead the market for fee-viable scale, with multi-bidder competitive processes above the EBITDA floor.
Quick answers
- What multiple does this buyer pool pay?
- Median EV/EBITDA 14.18x across 11 disclosed deals (P25: 6.18x, P75: 25.19x). Median EV/Revenue 2.12x across 11 deals. Median deal value: $515.3M.
- How many disclosed transactions?
- 13 deals total (6 from 2018+), filtered to Private Equity / PE-Backed Roll-Up acquirers of fintech businesses.
- Most active buyers
- Corpay, Inc. (1) · The Western Union Company (1) · PSQ Holdings, Inc. (1) · La Caisse de dépôt et placement du Québec (1) · Madison Dearborn Partners, LLC (1) · NCR Voyix Corporation (1)
Recent disclosed deals
Private Equity / PE-Backed Roll-Up acquisitions of fintech businesses with named target, named acquirer, and disclosed financials.
| Year | Target | Acquirer | EV | EV/EBITDA | EV/Rev |
|---|---|---|---|---|---|
| 2025 | AvidXchange Holdings, Inc. | Corpay, Inc. | $1885.7M | 53.0x | 4.34x |
| 2025 | International Money Express, Inc. | The Western Union Company | $515.3M | 4.4x | 0.79x |
| 2024 | Credova Holdings, Inc. | PSQ Holdings, Inc. | $22.5M | 9.8x | 1.45x |
| 2024 | Nuvei Corporation | La Caisse de dépôt et placement du Québec | $6153.3M | 25.2x | 4.88x |
| 2022 | MoneyGram International, Inc. | Madison Dearborn Partners, LLC | $797.5M | 2.8x | 0.58x |
| 2018 | JetPay Corporation | NCR Voyix Corporation | $175.5M | 25.2x | 1.11x |
What this buyer pool prices for
Private equity acquirers price for scale and roll-up arbitrage. They pay up for businesses that fit a platform thesis — recurring revenue mix above 30%, technician/professional depth, clean financials, and a management layer that survives integration. The same fintech can command 1.5x to 2x the multiple of an individual-buyer transaction simply because the PE buyer is acquiring a platform piece, not an owner-operated shop.
Methodology note
Multiples shown are computed from disclosed M&A transactions in the ExitValue.ai database, filtered to fintech businesses acquired by private equity / pe-backed roll-up buyers. EV/EBITDA outliers outside the [0.5x, 60x] band and EV/Revenue outliers outside [0.05x, 25x] are excluded from medians. Where available, post-2018 transactions are weighted; otherwise the all-time sample is used. Deal counts shown reflect deals with disclosed financials only — total transaction count for this buyer pool is typically 2-3x larger. Full methodology
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