Public multiples
Comparable listed companies in the sector: key figures, group summary, full table and the method for moving from public to private. Data as of 31 August 2026.
LatAm versus global median. EV / revenue CY 26E: 1.8x LatAm · 2.3x global · Price / earningsCY 26E: 8.8x LatAm · 18.8x global
Aggregates and medians for each group of comparables; medians exclude non-meaningful values.
| Group | Companies | Market value (USD millions) | Enterprise value (USD millions) | EV / revenue CY 26E | Price / earnings CY 26E | Revenue CY 26E | % MTD |
|---|---|---|---|---|---|---|---|
| Latin American digital banks and platforms | 8 | 190,531 | 115,658 | 1.8x | 8.8x | 26% | (3)% |
| Global payments and digital lending | 11 | 253,321 | 251,616 | 2.3x | 18.8x | 21% | 4% |
Aggregate market and enterprise value in USD millions; medians of EV/revenue, P/E and growth on consensus for the year shown; % MTD: median monthly price change.
Listed comparable companies in the sector: price, market value, multiples and expected growth.
| Company | Price 2026-08-31 | % MTD | % LTM high | Market value (USD millions) | Enterprise value (USD millions) | Multiples | Growth rates | |
|---|---|---|---|---|---|---|---|---|
| Price / earnings | EV / revenue | Revenue | ||||||
| CY 26E | CY 26E | CY 26E | ||||||
| Latin American digital banks and platforms | ||||||||
| Nu Holdings NU | 14.55 | 2% | 77% | 70,276 | na | 16.2x | na | na |
| Inter&Co INTR | 5.41 | (3)% | 52% | 2,389 | na | na | na | na |
| XP Inc XP | 18.23 | 7% | 79% | 9,251 | na | 8.8x | na | 13% |
| PagSeguro PAGS | 9.02 | (6)% | 73% | 2,486 | 2,561 | 5.4x | 0.6x | 7% |
| StoneCo STNE | 9.70 | (15)% | 49% | 2,237 | 3,927 | 5.0x | 1.4x | 12% |
| dLocal DLO | 14.83 | (2)% | 88% | 4,352 | 3,545 | 17.4x | 2.2x | 46% |
| PicPay PICS | 10.61 | (20)% | 53% | 1,375 | na | 6.5x | na | 40% |
| MercadoLibre MELI | 1,936.20 | 3% | 76% | 98,165 | 105,625 | 49.6x | 2.5x | 44% |
| Median | (3)% | 75% | 8.8x | 1.8x | 26% | |||
| Mean | (4)% | 68% | 15.6x | 1.7x | 27% | |||
| Global payments and digital lending | ||||||||
| Block XYZ | 82.02 | 1% | 94% | 49,581 | 50,011 | 20.3x | 1.9x | 8% |
| PayPal PYPL | 52.67 | (8)% | 67% | 45,057 | 48,017 | 9.8x | 1.4x | 5% |
| Adyen ADYEN | EUR 1,047.40 | 19% | 65% | 38,321 | 24,425 | 27.2x | 7.3x | 21% |
| Affirm AFRM | 74.45 | 4% | 80% | 25,121 | 33,441 | 18.8x | 6.1x | 28% |
| SoFi Technologies SOFI | 17.88 | 10% | 55% | 23,065 | na | 29.8x | na | 37% |
| Toast TOST | 34.09 | 6% | 81% | 19,704 | 17,994 | 24.5x | 2.4x | 21% |
| Shift4 Payments FOUR | 42.28 | (20)% | 48% | 3,338 | 7,552 | 8.1x | 1.5x | 22% |
| Marqeta MQ | 16.42 | (5)% | 66% | 1,709 | 1,015 | 60.8x | 1.4x | 13% |
| Wise WISE | GBX 971.40 | 10% | 84% | 13,416 | 8,387 | 18.3x | 2.1x | 17% |
| Remitly RELY | 26.74 | 17% | 97% | 5,660 | 5,022 | 14.5x | 2.5x | 22% |
| Fiserv FISV | 53.31 | (1)% | 39% | 28,349 | 55,752 | 7.4x | 2.9x | (8)% |
| Median | 4% | 67% | 18.8x | 2.3x | 21% | |||
| Mean | 3% | 70% | 21.8x | 3.0x | 17% | |||
Data as of 31 August 2026. Source: stockanalysis.com (prices, balance sheets and consensus) and Yahoo Finance (FX rates), closing prices as of August 31, 2026; BRL 5.19 per USD, USD 1.159 per EUR and USD 1.354 per GBP. Wise as of August 28 (London bank holiday). CY 27E estimates and long-term EPS growth not available in the sources. Closing prices at the stated date; market value and enterprise value in millions of US dollars; multiples and growth rates on consensus estimates for the stated calendar year. na: not available; nm: not meaningful (negative earnings or EBITDA).
A sector’s public median is not the price of a private round. It is the starting point that an investment committee adjusts, step by step, until it reaches a defensible reference.
We do not publish a conversion factor or a private multiple by sector: last-round marks are not market prices, they carry liquidation preferences and survivorship bias. What can be verified is the method: start from the listed median and document each adjustment with its direction and its reason.
A company growing well above the listed median, with a comparable gross margin, justifies a premium; the practical rule is to compare growth plus margin against the companies in the group.
The listed companies in the universe book tens or hundreds of millions of dollars in revenue. At a smaller scale, execution risk rises and the asset is less liquid: a discount.
The LatAm and global medians in each sector show the differential the market already charges for currency, rates and depth of capital. It is not always a discount: it depends on the sector and the moment.
From seed to growth the basis of comparison changes: at early stages team and market weigh more than any multiple; by Series B or C the revenue multiple becomes the reference.
A private stake cannot be sold in a day. The illiquidity discount is negotiated, not tabulated, and it widens when the exit window closes.
Liquidation preferences, participation, anti-dilution and convertibles change the economic value of the same headline valuation. Comparing valuations without comparing terms is comparing apples with oranges.
Each adjustment is documented within a mandate, with the comparables, the disclosed private transactions in the sector and the proposed terms. G2 does not issue valuation opinions outside a mandate.
Talk to a partnerUniverse defined by G2: comparable listed companies in the sector, with Latin American issuers flagged. Closing prices at the cut-off date; market and enterprise value in USD millions at the exchange rate of that date; multiples on consensus estimates for the calendar year shown; medians and means calculated by G2 excluding negative values or values above 99x.
Source: stockanalysis.com (prices, balance sheets and consensus) and Yahoo Finance (FX rates), closing prices as of August 31, 2026; BRL 5.19 per USD, USD 1.159 per EUR and USD 1.354 per GBP. Wise as of August 28 (London bank holiday). CY 27E estimates and long-term EPS growth not available in the sources.
Updated monthly, in the first business days of each month, with partner review before publication.
Fintech and payments · Public multiples by sector · Capital raising
For information only. It is not investment advice, a recommendation or a valuation opinion on any company.
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