Public Comps and Valuation Multiples for Embedded Finance

Benchmark revenue and EBITDA valuation multiples for public comps like
PayPal, Block, Fiserv, LPL Financial and Kaspi.kz.

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Viewing 25 of 44 companies with full data

Company	Market Cap	Enterprise Value	LTM Revenue	EV/LTM Revenue	EV/LTM EBITDA
PayPal	$50B	$50B	$34B	1.5x	7.2x
Block	$48B	$42B	$25B	1.7x	10.4x
Fiserv	$27B	$56B	$20B	2.8x	6.3x
LPL Financial	$26B	$32B	$19B	1.7x	11.9x
Kaspi.kz	$16B	$13B	$8.5B	1.5x	3.9x
XP Investimentos	$8.6B	$15B	$3.8B	3.9x	11.9x
ACI Worldwide	$5.9B	$6.6B	$1.8B	3.6x	12.4x
Temenos	$5.7B	$6.4B	$1.1B	5.7x	14.3x
BGC Group	$5.4B	$6.4B	$3.2B	2.0x	-
Marex Group	$5.1B	$8.5B	$2.3B	3.7x	16.8x
HUB24	$4.8B	$4.8B	$353M	13.5x	32.6x
dLocal	$4.3B	$3.4B	$1.3B	2.5x	10.9x
Netwealth Group	$4B	$4B	$278M	14.5x	29.6x
Bread Financial	$4B	$8B	$3.9B	2.0x	-
Paymentus	$3.7B	$3.4B	$1.3B	2.6x	22.0x
NCR Atleos	$3.5B	$6B	$4.4B	1.3x	7.0x
Q2 Holdings	$3.4B	$3.4B	$841M	4.0x	15.7x
StoneCo	$2.7B	$3.6B	$2.8B	1.3x	2.3x
Alkami Technology	$1.9B	$2.2B	$490M	4.5x	27.6x
Marqeta	$1.8B	$1.1B	$670M	1.7x	9.1x
Fawry	$1.3B	$1.2B	$209M	5.6x	10.4x
Abaxx Technologies	$692M	$682M	$7M	99.0x	(20.1x)
Worldline	$653M	$2.9B	$4.5B	0.6x	3.6x
Sunyard Technology	$652M	$576M	-	-	-
AMTD Digital	$506M	$776M	-	-	-
Paysafe	$418M		$1.8B
PensionBee	$386M		$65M
Currenc Group	$384M		$38M
Bakkt	$324M		$2.4B
Automated Bank Services	$321M		-
Unit	$301M		-
CPI Card	$216M		$574M
Beeks Group	$182M		$55M
Trufin	$173M		$41M
SAB Finance	$151M		-
Eastern Union	$142M		-
RS2	$85M		-
Usio	$59M		$91M
Stakk	$52M		-
9F	$25M		-
B+S Banksysteme	$14M		$15M
Zhibao Technology	$8M		-
ParaFin	$968K		-
IFAN Financial	$100K		-