Marktlink → Sectors → Financial Services → Banking
- Updated February 27, 2026
Domestic consolidation and fintech integration reshape the landscape
Banking M&A is the most regulated sector in our portfolio — and that regulation is a valuation driver. Banking licenses, payments authorizations, and multi-jurisdiction regulatory approvals are worth more than the underlying business to many acquirers. FinTech companies are acquiring licenses through M&A, while traditional banks consolidate domestically and invest in digital capability. RegTech commands premium multiples as compliance complexity grows.
Jeroen van den Berg
“Banking M&A is the most regulated sector in our portfolio — and that regulation is actually a valuation driver. A banking license, a payments license, or regulatory approval in multiple jurisdictions is worth more than the underlying business to many buyers. FinTech companies are acquiring licenses through M&A because building from scratch takes years. Traditional banking services trade at modest multiples, but add a tech layer or a specialty lending niche and the buyer universe expands dramatically.”
Valuation Development
Banking valuations peaked in 2021 on FinTech exuberance, corrected sharply through 2023 (SVB crisis), and recovered modestly on domestic consolidation.
5-Year Multiple Range
Subsegment Analysis
Market Trends 2025
What This Means for You
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