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Market Pulse
Executive Summary
April 2026 opens Q2 with a bang: Adyen enters the M&A scene with a massive €750M acquisition of Talon.One while Ebury secures €632M in growth funding (UK & Ireland alone accounting for 23 of 40 FinTech deals). The Finch Index resets to 2.8x EV/Rev and 10.1x EV/EBITDA as multiples broadly compress across the board.
In Business Tech, the so-called SaaSpocalypse turmoil shocked the industry — but deal activity remains high with 33 deals split evenly between the UK and DACH. Swiss legal-AI player blp (€43M), UK workforce platform Sona (€39M) and German engineering platform Synera (€36M) lead a quieter funding month, while Personio, LEGORA and KIVRA each completed bolt-on acquisitions.
Key Takeaways
Adyen Enters M&A Scene: Adyen's €750M acquisition of Talon.One is the deal of the month, signalling renewed strategic M&A appetite from European payments leaders.
Ebury Headlines FinTech Funding: UK cross-border payments platform Ebury raises €632M — single-handedly driving Payments to €659M for the month, with ZEGO (€51M) and MillTechFX (€24M) rounding out the top three.
Finch Index Continues to Reset: Multiples step down to 2.8x EV/Rev and 10.1x EV/EBITDA as both Business and Financial Tech compress further versus Q1.
SaaSpocalypse, but Activity Holds: Despite industry-wide SaaS turmoil, Business Tech logs 33 deals — split 10/10 between UK & Ireland and DACH — with bolt-on M&A from Personio, LEGORA and KIVRA.
Financial Tech
Adyen enters the M&A scene with a massive deal
- •€818M raised in April 2026 across 40 deals
- •Ebury (€632M), ZEGO (€51M) and MillTechFX (€24M) lead
- •Adyen acquires Talon.One for €750M
Business Tech
SaaSpocalypse turmoil — deal activity remains high
- •€282M raised in April across 33 deals
- •blp (€43M), Sona (€39M) and Synera (€36M) lead
- •Personio, LEGORA and KIVRA each closed bolt-on M&A
📊April Highlights
€818M
FinTech Funding April
73
Total Deals This Month
10.1x
Finch Index EV/EBITDA
2.8x
Finch Index EV/Rev
Finch Index Business and Financial Technology
Comparing valuation multiples against S&P 500 and NASDAQ 100
EV/Revenue
*As of 30/04/2026; median
EV/EBITDA
*As of 30/04/2026; median
The Finch Index is a proprietary benchmark designed to track the performance of our 9 Business and Financial Technology themes, serving as a relevant industry-specific valuation comparison alongside established indices such as the S&P 500 and the NASDAQ 100. The index is composed of 91 publicly traded companies, with 8 to 10 representative firms across each theme, ensuring a diversified and balanced view of market trends.
Financial Tech
Adyen enters the M&A scene with a massive deal
VC/Growth Value Evolution (€m)
*As of 30/04/2026
VC/Growth Volume this month
*As of 30/04/2026 • Total: 40 deals
Finch Index - EV/EBITDA multiple evolution
*As of 30/04/2026; median
Finch Index - EV/Rev multiple evolution
*As of 30/04/2026; median
Notable Fundraises this month
| Company | HQ | Round Size |
|---|---|---|
| Ebury | 🇬🇧 | €632M |
| ZEGO | 🇬🇧 | €51M |
| MillTechFX | 🇬🇧 | €24M |
Notable Exits this month
| Acquirer | Acquiree | HQ | Est. Size |
|---|---|---|---|
| Adyen | Talon.One | 🇩🇪 | €750M |
| Standard Chartered | Zodia Custody | 🇬🇧 | €150-300M |
| Bakkt | DTR | 🇱🇹 | <€50M |
Financial Technology Sector Analysis
🛡️ Insurance Technology
Smaller fundraises make for an interesting month — ZEGO's €51M leads, supported by a handful of AI-driven broker, claims and prevention plays. Quarterly funding lands at just €42M as larger deals stay on the sidelines.
💳 Payments
Ebury and the Adyen–Talon.One deal make for a record start to the quarter. Ebury's €632M raise dominates the month, while Adyen's €750M acquisition of Talon.One signals renewed strategic M&A appetite in European payments.
🏦 Banking & Digital Currency
Funding hits a five-quarter low at €28M as activity grinds to a near-halt. Standard Chartered's acquisition of Zodia Custody (€150-300M) is the notable bright spot, alongside Bakkt's smaller bolt-on of DTR in Lithuania.
📊 Wealth & Capital Markets
The MillTechFX–Apax deal headlines the month, with €24M deployed into the UK FX risk management platform. The sub-sector remains the most resilient on multiples, holding 4.6x EV/Rev versus the broader Finch Index compression.
🏠 Lending & Mortgages
Deal activity grinds to a halt — just €7M in fresh capital this month with no notable exits and only a smattering of seed-stage wealth-backed lending platforms. The quietest month for the sector in over a year.
Business Tech
SaaSpocalypse turmoil shocked the industry, but deal activity remains high
VC/Growth Value Evolution (€m)
*As of 30/04/2026
VC/Growth Volume this month
*As of 30/04/2026 • Total: 33 deals
Finch Index - EV/EBITDA multiple evolution
*As of 30/04/2026; median
Finch Index - EV/Rev multiple evolution
*As of 30/04/2026; median
Notable Fundraises this month
| Company | HQ | Round Size |
|---|---|---|
| blp | 🇨🇭 | €43M |
| Sona | 🇬🇧 | €39M |
| Synera | 🇩🇪 | €36M |
Notable Exits this month
| Acquirer | Acquiree | HQ | Est. Size |
|---|---|---|---|
| Personio | aurio | 🇩🇪 | <€50M |
| LEGORA | QURA | 🇸🇪 | <€50M |
| KIVRA | tab. | 🇸🇪 | <€50M |
Business Technology Sector Analysis
👥 HR & Payroll
Another well-performing month on both ends. Sona (€39M, UK) leads with frontline workforce scheduling while Personio's bolt-on acquisition of aurio adds AI talent capabilities to the German HR platform.
💰 Finance & Ops
Active month doesn't fully reflect in the start to quarter — €68M raised across a long tail of smaller rounds, with bolt-on M&A from noledge (acquiring pimbrook) and SkySparc (acquiring uniun) in the corporate treasury and accounting space.
⚖️ Legal & Compliance
Nordics confirmed as the LegalTech hub — Swiss blp (€43M) leads fundraises and Swedish LEGORA acquires QURA, the AI-native legal intelligence platform. Alt Legal also expands with WebTMS in IP management software.
🔧 IT & Data
M&A experiences a lacklustre month as AI takes over fundraises. German engineering automation platform Synera secures €36M leading a wave of AI-led infrastructure and data tooling rounds, while KIVRA's acquisition of tab. rounds out a quiet exit market.
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Archive - Past Market Pulse Reports
Market Pulse - March 2026
Q1 2026 FinTech hits €792M as Business Tech public comps slide amid SaaSpocalypse; Finch Index drops to 2.8x EV/Rev.
Market Pulse - January 2026
Record low FinTech funding at €173M as Allfunds €5.3B exit shakes Wealth & Capital Markets