What’s Inside?

We are pleased to be sharing our latest report with you. In this report, we look at the emerging trends and notable M&A transactions in Financial Technology during the first half of 2026.

During this half-year, the largest transactions were concentrated in enterprise finance and shareholder services software (Tidemark's acquisition of OneStream, the financial performance management platform, along with Bullish's acquisition of share registration and shareholder services provider Equiniti). We also saw continued consolidation in financial data (Fitch Group's purchase of structured finance and commercial real estate data provider Trepp, along with Deutsche Börse taking full ownership of index, governance and sustainability data business ISS STOXX).

• RegTech experienced the highest level of M&A in H1 2026, with 32 companies acquired in this sector, representing 16% of total deals reported. Payments was in second place at 30 transactions, representing 15% of deals reported. Banking Software earned third place at 25 transactions, representing 13%.
• Overall, deal volumes fell in H1 2026 vs H2 2025, with 194 in the current half versus 245 in the prior half.
• Average deal values, where reported, decreased in H1, with a roughly $50 million reduction when excluding deals larger than $1 billion as outliers. H1 saw four transactions valued at $1 billion or more.
• Public company valuations fell further during the half-year, with the average forward revenue multiple down to 4.2x from 6.1x in H2 2025.
• Overall, the M&A market for Financial Technology saw a more subdued level of activity than the previous half-year, with volumes lower across most subsectors. Disclosure also thinned materially, with only 26 of 194 transactions reporting a deal value against 61 of 245 in H2 2025.

Download the full report now!