Q2 2022 is now at an end, and while it has again been far quieter than 2021 in terms of IPOs due to the ongoing market turmoil, that hasn’t stopped the cross-border payment space seeing a significant number of funding rounds and acquisitions.

The global economic downturn has seen a reduction in investments and valuation multiples have certainly taken a hit. While Q2 saw the usual flurry of pre-seed, seed and Series A rounds, there were still a range of companies announcing later rounds, which we’ve focused on here.

Notably many of these were in more emerging markets such as LatAm, where Brazil’s Dock and Ecuador’s Kushki both saw their valuations reach $1.5bn. African payment companies have also been a focus for investment this quarter, including MFS Africa and Interswitch.

B2B payments were also a particularly strong focus of investment over the last three months, including payroll-focused Remote, SaaS-focused Paddle and Indonesian business-focused Xendit.

Acquisition activity appears to have been on the up, as companies look to consolidate or expand their capabilities, particularly looking for opportunities where valuations have (significantly) fallen.

For some companies, recent acquisitions have provided a straightforward way to expand into new markets, with Ant Group, iBanFirst, Ebury and Trustly all buying companies to enter or grow their presence in a particular market.

In some cases, this has been a way to simply add new customers. For example, Paddle added 30,000 customers, including a number of high-profile names, with its ProfitWell acquisition, while Trustly added the UK’s HM Revenue and Customs as a marquee customer when it acquired Ecospend. Meanwhile, Bunq will become the second largest neobank in Europe after acquiring TriCount.

It is not surprising to see some companies appear on both our fundraising and M&A lists, namely MFS Africa and Paddle, confirming there is scope to raise funds to do deals (if your funders will back you!).

Who are the top 100 companies in cross-border payments?

Lucy Ingham

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Lucy is Head of Content & Editor-in-Chief at FXC Intelligence, overseeing all content and taking deep dives into the trends and data driving changes in payments. Before joining FXC Intelligence, Lucy worked as a technology journalist and editor, interviewing CEOs and major names across enterprise technology, including fintech. She has an MSc in Development Anthropology from Durham University.

Joe Baker

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Joe is a Senior Copywriter at FXC Intelligence, writing and editing reports, news and analysis to support the company’s weekly content and client projects. Before joining FXC Intelligence, he worked as a B2B copywriter, journalist and editor covering a broad range of topics, including technology, transport, retail and the food and beverage industries. He has a BA in Philosophy from the University of Warwick.