Lower-Middle-Market Fintech Exit Multiples, 2026

Lower-middle-market fintech companies have sold at a median near 7.6x enterprise value to revenue on transactions since 2022, down from roughly 12x at the 2021 peak; across the full 2020 to 2026 window the median is 11.0x. Sub-sector multiples range from roughly 3.8x for payments processing to roughly 19.6x for regtech and open-banking infrastructure.

This paper sets out realistic enterprise-value-to-revenue multiples for the sale of lower-middle-market fintech companies, drawing on the Windsor Drake Fintech Exit Index, a sourced record of more than 240 fintech transactions across 23 sub-sectors from January 2020 to June 2026. It documents three findings a founder should understand before a process: the market repriced sharply after 2021 and has stayed there; software economics, not transaction volume, command the premium; and the multiple a company achieves depends far more on its sub-sector and revenue mix than on the headline median.