Fintech Consolidation Accelerates as Larger Companies Hunt for Growth
Payment platforms and neobanks are buying their way into new categories after two lean years.
Markets Columnist
David writes a twice-weekly column on public and private market valuations, listings and consolidation.
Payment platforms and neobanks are buying their way into new categories after two lean years.
The three-year-old company had raised $58 million and shipped its first paid product in January.
Software multiples expanded for the third consecutive quarter, pulling private comparables with them.
Six companies filed publicly in July. Bankers say the real test comes in September.
Cheaper debt and depressed mid-cap multiples have reopened a market that stalled in 2023.
Structure, not sentiment, explains most of the apparent recovery.