Recent Payments & Fintech Acquisitions

Acquisition Volume in Payments & Fintech by Year

Last 5 years

Acquisition volume by year Annual acquisition counts for the last 5 years for Recent Payments & Fintech Acquisitions. 97 2022 46 2023 71 2024 108 2025 ~110 est. 25 2026
Actual Full-year estimate

Recent transactions in Payments & Fintech illustrate how buyers are acquiring capabilities, licenses and local market access to extend payment stacks and embedded financial services.

Deals range from loyalty and AI-commerce additions (for example, Rezolve Ai PLC acquiring Reward) to open-banking and on‑chain infrastructure buys (for example, Flutterwave acquiring Mono and Polygon Labs acquiring Sequence and Coinme). Other common themes include purchases that deliver licensing or regulatory reach (for example, Airwallex and Balance) and acquisitions that embed payments into vertical SaaS and platform experiences (for example, Remote, SmartMoving, and Solutions by Text).

What Stands Out

  • Platform and capability expansion: Buyers are acquiring loyalty, behavioral-engagement and AI decisioning capabilities to strengthen commerce and personalization (examples: Rezolve Ai PLC / Reward; Telos Labs / Flourish Fi).
  • Licensing and local-market entry: Several deals secure payments licenses or money-transmitter/custodian reach to enable local payments and FX (examples: Airwallex in South Korea and Indonesia; Balance acquiring DVTR in the U.S.).
  • Embedded payments and vertical integration: Vertical software and HR/payroll platforms are integrating payments and card/expense tooling through acquisition (examples: Remote / Atlas; SmartMoving / Remedy Payments; Solutions by Text / Triple Play Pay).
  • Open banking and on‑chain rails: Acquisitions are consolidating bank-linked APIs and fiat on-/off-ramps with developer and wallet infrastructure to support account-to-account and stablecoin payment flows (examples: Flutterwave / Mono; Polygon Labs / Sequence & Coinme).
  • Buyer
    Mastercard
    Target
    BVNK
    Type
    Buyout

    Mastercard entered into a definitive agreement to acquire stablecoin infrastructure provider BVNK for a deal valued at up to $1.8 billion, including $300 million in contingent payments. The acquisition is intended to expand Mastercard’s stablecoin payments infrastructure and interoperability between traditional fiat systems and blockchain networks, with closing expected before year-end subject to regulatory approvals.

  • Buyer
    Royal Bank of Canada
    Target
    Pinch Financial Incorporated
    Location
    Ontario, Canada
    Type
    Buyout

    Royal Bank of Canada (RBC) announced it has acquired Toronto-based fintech Pinch Financial Incorporated, which provides mortgage qualification technology to streamline the home loan application process for Canadians. RBC plans to integrate Pinch’s digital platform to accelerate its digital mortgage strategy, enabling faster approvals and a more transparent, seamless qualification experience.

  • Buyer
    Ramp
    Target
    Billhop
    Location
    Sweden
    Type
    Buyout

    Ramp, a financial operations platform, announced it has acquired Billhop, a Stockholm- and London-based licensed payments infrastructure platform. The deal is intended to strengthen Ramp’s ability to support customers operating across the UK and Europe, including by opening Ramp’s first international offices in London and Stockholm and onboarding UK/EU-headquartered businesses directly this summer.

  • Buyer
    Shift4
    Target
    Bambora Inc, Bambora Holding Corp, Bambora Corp, Worldline SMB US, Inc.
    Seller
    Worldline
    Location
    United States
    Type
    Buyout

    Shift4 completed its previously announced acquisition of Worldline’s North American subsidiaries, operating as Bambora North America. The deal adds Bambora Inc, Bambora Holding Corp, Bambora Corp, and Worldline SMB US, Inc., expanding Shift4’s merchant base to more than 140,000 merchants across the United States and Canada.

  • Buyer
    Bilt
    Target
    Sion
    Type
    Buyout

    Bilt, a housing-focused membership platform, acquired Sion, a travel commission management platform, for $30 million. The deal adds Sion’s technology and team to help integrate travel advisor workflows—such as commission reconciliation and invoice follow-up automation—into Bilt’s travel rewards ecosystem.

  • Buyer
    BillDesk
    Target
    Worldline Indian payment activities
    Seller
    Worldline
    Location
    India

    Worldline announced the strategic sale of its Indian payment activities to BillDesk for an enterprise value of approximately €37 million (with an estimated equity value at closing of ~€60 million). The deal also includes a long-term technology and software agreement under which BillDesk will continue leveraging Worldline’s payment software. Closing is anticipated in the second half of 2026, subject to regulatory approvals.

  • Buyer
    Bitcoin Depot
    Target
    Kutt
    Type
    Buyout

    Bitcoin Depot announced it has acquired Kutt, a peer-to-peer social betting platform, marking Bitcoin Depot’s first entry into the P2P social betting market. The deal expands Bitcoin Depot’s fintech product portfolio beyond its core Bitcoin ATM business while allowing Kutt to continue operating under its existing brand and leadership.

  • Buyer
    Xsolla
    Target
    Wetaps Corporation
    Location
    Vietnam
    Type
    Buyout

    Xsolla announced the acquisition of Wetaps Corporation, a Ho Chi Minh City-based video game publisher focused on regulatory coverage and local support for co-publishing in Vietnam. Along with the acquisition, Xsolla launched Merchant of Record (MoR) services in Vietnam, positioning itself as the first licensed MoR for games in the country.

  • Buyer
    Visa
    Target
    Prisma, Newpay
    Seller
    Advent International, Group Prisma
    Location
    Argentina
    Type
    Buyout

    Advent International entered into a definitive agreement to sell Prisma and Newpay, subsidiaries of Group Prisma, to Visa. Advent will retain ownership of Payway, which will continue operating as a standalone growth platform under Advent as the transaction progresses toward a first-quarter 2026 close.

  • Buyer
    RevSpring
    Target
    TrustCommerce
    Type
    Buyout

    RevSpring, a healthcare financial engagement and payments platform, acquired TrustCommerce, an integrated healthcare payment and security solutions provider. The deal is intended to expand RevSpring’s integrated payments scale and improve end-to-end payment visibility across the revenue cycle by combining TrustCommerce’s enterprise gateway connectivity with RevSpring’s payments and financial engagement platform.

  • Buyer
    Rezolve Ai PLC
    Target
    Reward (Reward Loyalty UK Limited)
    Location
    England, United Kingdom
    Type
    Buyout

    Rezolve Ai PLC (NASDAQ: RZLV) has acquired 100% of Reward (Reward Loyalty UK Limited) for $230 million in an all-cash transaction. The deal adds a profitable, scaled loyalty and commerce-media platform embedded across major banks and retailers, advancing Rezolve Ai's AI-commerce and payments strategy and providing immediate EBITDA-accretive revenue.

  • Buyer
    Edison Partners
    Target
    Payra

    Payra, an ERP-native accounts receivable and cash application automation platform for construction and industrial suppliers, raised a $15 million growth equity investment from Edison Partners. The funding is intended to expand Payra’s product capabilities, deepen ERP integration partnerships, and scale go-to-market efforts across construction and industrial verticals.

  • February 10, 2026
    Buyer
    Wrisk Limited
    Target
    Atto
    Location
    United Kingdom
    Type
    Buyout

    Wrisk Limited has acquired Atto, a real-time financial intelligence platform that uses open banking to provide credit scoring, income verification, affordability assessment and behavioural insight. The deal integrates Atto's decisioning capabilities into Wrisk's embedded finance and protection platform to enable more personalised, context-aware finance and insurance journeys for automotive OEMs and other enterprise partners; Atto will continue to operate as a dedicated product and team within Wrisk.

  • Buyer
    Lightyear Capital
    Target
    PayByPhone
    Seller
    Corpay
    Location
    British Columbia, Canada
    Type
    Buyout

    Lightyear Capital has signed an agreement to acquire PayByPhone, a global provider of mobile parking payments and parking management software, from Corpay. The deal is expected to close in the second quarter of 2026, subject to regulatory approvals, and PayByPhone will operate as a stand-alone independent business under Lightyear’s ownership.

  • Buyer
    Telos Labs
    Target
    Flourish Fi
    Type
    Buyout

    Telos Labs, a Berkeley-based digital product studio focused on AI and fintech, has acquired Flourish Fi, a behavioral loyalty and financial-engagement platform. The deal brings Flourish's behavioral data models and engagement platform into Telos' AI and fintech practice, with Flourish co-founder Pedro Moura joining Telos as an Operating Partner to continue supporting existing clients.

  • Buyer
    SUNRATE
    Target
    Experienced payments team and acquiring systems (unnamed)
    Type
    Buyout

    SUNRATE, a Singapore-headquartered payment and treasury management platform, has acquired an experienced payments team along with its acquiring systems and book of business to launch a new Global Acquiring business unit. The move expands SUNRATE's end-to-end payments stack — adding merchant acquiring, global card scheme connectivity, local payment methods, fraud and compliance capabilities — to serve cross-border eCommerce, online education, gaming, travel and retail clients.

  • Buyer
    Acumatica
    Target
    CoreChain Technologies
    Type
    Buyout

    Acumatica announced it will acquire B2B payments provider CoreChain Technologies, announced during the Day 1 Keynote at Acumatica Summit 2026 in Seattle. The deal is intended to bring CoreChain’s blockchain payment network in-house to enable embedded “Supply Chain Finance” within Acumatica’s ERP workflows.

  • Buyer
    Airwallex
    Target
    Paynuri Co. Ltd.
    Location
    Seoul, South Korea
    Type
    Buyout

    Airwallex has acquired South Korea-based Paynuri Co. Ltd., securing local payment gateway, prepaid electronic payment instrument licenses and a foreign exchange business registration to launch payments and FX services in Korea. The deal gives Airwallex a licensed foundation to introduce global business accounts and payment acquiring locally as it expands its Korea team and broader Asia-Pacific footprint.

  • Buyer
    PayPal Holdings, Inc.
    Target
    Cymbio
    Location
    Israel
    Type
    Buyout

    PayPal announced it has agreed to acquire Cymbio, a multi-channel orchestration platform that helps brands sell across “agentic” AI shopping surfaces and other e-commerce channels. The acquisition is expected to close in the first half of 2026 and is intended to strengthen PayPal’s agentic commerce capabilities, including Store Sync, which makes merchants’ product catalogs discoverable on AI platforms while routing orders into merchants’ fulfillment systems.

  • January 20, 2026
    Buyer
    Remote
    Target
    Atlas
    Location
    United States
    Type
    Buyout

    Remote has acquired Atlas, an expense management and corporate card platform built for distributed workforces, to embed expense, card and employee financial tooling into Remote’s global HR and payroll platform. Atlas’s AI-native approach to employee spending, global cards, stipend management and localized benefits (across markets such as the U.S., Mexico, Colombia and Argentina) will expand Remote’s product capabilities; financial terms were not disclosed.

  • Buyer
    Polygon Labs
    Target
    Coinme, Sequence
    Location
    United States
    Type
    Buyout

    Polygon Labs has closed deals to acquire Coinme and Sequence for a total price of more than $250 million, supporting its stablecoin strategy and regulated U.S. stablecoin payments. Coinme brings money-transmitter licenses and fiat-to-crypto on/off-ramp capabilities across the U.S., while Sequence provides wallet infrastructure and cross-chain orchestration for the Polygon Open Money Stack.

  • Buyer
    SmartMoving
    Target
    Remedy Payments
    Type
    Buyout

    SmartMoving, a Dallas-based operations and profitability platform for moving companies, has acquired Remedy Payments, an embedded payments provider for the moving and storage industry. The acquisition brings Remedy’s payments infrastructure into SmartMoving’s core platform for deeper integration, improved cash flow and streamlined invoicing; Remedy’s CEO Alex Dimitracopoulos will join SmartMoving’s executive team.

  • Buyer
    Solutions by Text
    Target
    Triple Play Pay
    Type
    Buyout

    Solutions by Text (SBT) has acquired Triple Play Pay (TPP) to expand its FinText payments and embedded commerce capabilities, combining SBT's compliance-first conversational commerce with TPP's payment orchestration and PayFac onboarding capabilities. The deal (terms undisclosed) adds ACH, card, and mobile wallet acceptance, faster merchant onboarding, fraud and transaction monitoring, and enhanced reporting to SBT's platform to accelerate embedded payments for consumer finance customers.

  • Buyer
    Flutterwave
    Target
    Mono
    Location
    Lagos State, Nigeria
    Type
    Buyout

    Flutterwave has acquired Mono, a Lagos-based open banking infrastructure provider, to deepen its bank-based and authenticated payment capabilities across African markets. Mono will continue to operate independently while its APIs for financial data access, identity verification, and account-to-account payments are integrated into Flutterwave's payments ecosystem to improve onboarding, reduce fraud, and enable richer bank-enabled payment flows.

  • Buyer
    PROG Holdings, Inc.
    Target
    Purchasing Power
    Type
    Buyout

    PROG Holdings, the fintech holding company for Progressive Leasing, Four Technologies and Build, completed its previously announced acquisition of Purchasing Power for $420 million in cash. Purchasing Power becomes a wholly owned subsidiary, expanding PROG’s employer-channel reach via a payroll-integrated voluntary employee benefit platform.

  • December 14, 2025
    Buyer
    Mollie
    Target
    GoCardless
    Location
    Netherlands
    Type
    Buyout

    Mollie has signed an agreement to acquire bank payments company GoCardless to create a unified European payments and bank payment platform. The combined platform will combine card payments, local payment methods, and bank payments under a single provider and is expected to be finalized in mid-2026, subject to regulatory approvals.

  • Buyer
    Balance
    Target
    Digital Value Transfer Rails (DVTR)
    Type
    Buyout

    Balance, Canada’s oldest and largest digital asset custodian, has acquired Digital Value Transfer Rails Inc. (DVTR), a Wyoming-based, multi-state licensed digital asset custodian and money transmitter. The deal, completed December 11, turns DVTR into a wholly owned subsidiary and gives Balance immediate regulatory reach across most U.S. states, adding trading, staking and money-transmission capabilities to its institutional offering.

  • Buyer
    Airwallex
    Target
    PT Skye Sab Indonesia
    Location
    DKI Jakarta, Indonesia
    Type
    Buyout

    Airwallex has acquired majority ownership of PT Skye Sab Indonesia, an Indonesian PJP Category 1 licensed payments (e-money) company, strengthening its payments licences and on-the-ground presence in Indonesia. The deal expands Airwallex's Asia‑Pacific footprint and supports cross-border services for Indonesian merchants as the company scales following a $330M Series G raise.

  • Buyer
    Nexo
    Target
    Buenbit
    Location
    Argentina
    Type
    Buyout

    Nexo announced it has acquired Buenbit, a CNV-registered virtual asset service provider and one of Latin America’s fastest-growing crypto platforms. The deal combines Nexo’s crypto wealth-building product suite with Buenbit’s local compliance expertise and customer base to support Nexo’s Latin America expansion, with Buenos Aires positioned as a regional hub.

  • Buyer
    Kraken
    Target
    Backed Finance AG
    Location
    Switzerland
    Type
    Buyout

    Kraken has agreed to acquire Backed Finance AG, bringing the issuer of xStocks into Kraken’s platform to expand tokenized equities across global markets. The deal is intended to unify issuance, trading, and settlement for xStocks and accelerate scaling of compliance and institutional access to tokenized real-world assets.

  • Buyer
    Paribu
    Target
    CoinMENA
    Location
    Bahrain
    Type
    Buyout

    Paribu, Türkiye's leading digital asset platform, has acquired CoinMENA, the largest local crypto exchange in the MENA region, in a deal valuing CoinMENA at up to USD 240 million. The acquisition gives Paribu licensed operations in Bahrain and Dubai, expands its regulated footprint into MENA, and provides access to CoinMENA's ~1.5 million users and institutional capabilities.

  • Buyer
    Element Fleet Management Corp.
    Target
    Car IQ
    Type
    Buyout

    Element Fleet Management Corp. has signed a definitive agreement to acquire Car IQ, a San Francisco-based connected vehicle payments technology company. The acquisition will embed vehicle-initiated payments into Element’s fleet management ecosystem and expand Element’s digital payments roadmap across the United States and Canada, with closing expected in December 2025.

  • November 27, 2025
    Buyer
    Paxos
    Target
    Fordefi
    Type
    Buyout

    Paxos has acquired Fordefi, an institutional multi-party computation (MPC) wallet platform trusted by nearly 300 institutions. The deal combines Paxos' regulated blockchain and custody infrastructure with Fordefi's MPC wallet technology, enabling a unified platform for tokenization, stablecoin issuance, custody, and on-chain payments; terms were not disclosed.

  • Buyer
    Public
    Target
    Alto (CryptoIRA business)
    Seller
    Alto
    Type
    Buyout

    Public has agreed to acquire Alto’s CryptoIRA business to expand Public’s cryptocurrency offering, enabling crypto trading within IRAs beginning in early 2026. Customers will continue using the Alto interface for now as CryptoIRA accounts migrate to Public’s platform, and Alto’s technology will be integrated into Public over subsequent months.

  • November 12, 2025
    Buyer
    Rain
    Target
    Uptop
    Type
    Buyout

    Rain has acquired Uptop, an on-chain card-linked rewards platform, integrating native loyalty capabilities into its stablecoin-powered payments and card/wallet infrastructure. Uptop will continue operating as an independent brand under Rain and the acquisition expands Rain's ability to offer branded card and wallet programs with built-in rewards across sports, retail, travel, dining, and entertainment.

  • Buyer
    Reseda Group, MSU Federal Credit Union
    Target
    Tandem
    Type
    Buyout

    Reseda Group, a credit union service organization owned by MSU Federal Credit Union, has acquired Tandem, an Ann Arbor-based fintech app that helps couples manage shared finances. Tandem's founders will join Reseda Group as vice presidents as the company integrates the app into a broader family banking ecosystem aimed at Gen Z and Millennial couples and expanding into multi-generational household financial tools.

  • November 7, 2025
    Buyer
    Paystand
    Target
    Bitwage
    Type
    Buyout

    Paystand, a blockchain-powered B2B payments network, has acquired Bitwage, a platform for stablecoin-enabled cross-border payouts. The acquisition embeds Bitwage’s payout engine into Paystand’s AR/AP and treasury stack to enable enterprise-grade stablecoin settlement, faster cross-border payouts, and automated on-chain reconciliation for global customers.

  • Buyer
    Corpay, Inc.
    Target
    Alpha Group International plc
    Location
    United Kingdom
    Type
    Buyout

    Corpay completed its acquisition of Alpha Group International plc in a deal valued at about $2.4 billion. Alpha provides B2B cross-border FX solutions and global bank accounts, and Corpay expects to expand Alpha’s investment-manager relationships into the US and Asia while driving accretion beginning in 2026.

  • Buyer
    Great Hill Partners
    Target
    Ren

    Great Hill Partners has made a strategic growth investment in Ren, a leading donor-advised fund (DAF) technology and philanthropic infrastructure provider, to support product innovation, operational scale, and market expansion across financial advisors, wealth managers, and philanthropic institutions. Financial terms were not disclosed; Great Hill partners Nick Cayer, Matt Vettel, and Bob Anderson will join Ren’s board alongside existing representatives from Bain Capital, Valeas Capital, and Amy Danforth, while Bain Capital Tech Opportunities remains a significant shareholder.

  • Buyer
    ACI Worldwide
    Target
    Payment Components
    Location
    Greece
    Type
    Buyout

    ACI Worldwide has acquired Payment Components, a Greece-founded fintech provider of AI-driven financial messaging, open banking and A2A payments software, to expand the capabilities of its ACI Connetic payments platform. The acquisition — terms not disclosed and not expected to be materially financial — will integrate Payment Components' technology, IP and team to accelerate payments orchestration, messaging and AI capabilities for banks and financial institutions.

  • Buyer
    Lettuce
    Target
    Besolo
    Type
    Buyout

    Lettuce, an AI-powered financial platform for solopreneurs, raised $28 million in a funding round led by Zeev Ventures and acquired benefits-access startup Besolo. The acquisition adds healthcare benefits (health, dental, vision, life) capabilities to Lettuce’s platform as it expands its product suite for independent professionals.

  • Buyer
    Ripple
    Target
    Palisade
    Location
    England, United Kingdom
    Type
    Buyout

    Ripple has acquired Palisade, a London-based digital asset wallet and custody technology company, to bolster Ripple Custody with wallet-as-a-service capabilities. The deal integrates Palisade's MPC-based, multi-chain wallet tech into Ripple Payments, expanding Ripple's ability to serve fintechs, corporates, and crypto-native institutions with faster wallet provisioning and high-frequency transaction support.

  • Buyer
    AscendantFX Capital
    Target
    Financial Transmission Network (FTNI)
    Type
    Buyout

    AscendantFX Capital has acquired Financial Transmission Network (FTNI), integrating FTNI's ETran receivables platform with Ascendant's aPay global payables solution to create an end-to-end payments offering. The deal expands Ascendant's capabilities in payables and receivables automation and positions the combined business as a more comprehensive payments technology provider.

  • October 23, 2025
    Buyer
    Fireblocks
    Target
    Dynamic
    Type
    Buyout

    Fireblocks, the enterprise digital-asset infrastructure provider, has acquired Dynamic, a developer platform that powers embedded wallets and on-chain accounts. The deal brings Dynamic's ~30-person team and consumer-facing wallet, onboarding, and developer tools into Fireblocks to create a unified custody-to-consumer stack for fintechs, enterprises, and payment platforms.

  • Buyer
    Modern Treasury
    Target
    Beam
    Location
    United States
    Type
    Buyout

    Modern Treasury has acquired Beam, a stablecoin and fiat payment platform, to integrate stablecoin orchestration and real-time payment rails into its payment operations API. The acquisition brings Beam's technology and team (including founder Dan Mottice) into Modern Treasury to expand capabilities for instant pay-ins, payouts, FX efficiency, and enterprise treasury use cases.

  • October 22, 2025
    Buyer
    TrueLayer
    Target
    Zimpler
    Location
    Sweden
    Type
    Buyout

    TrueLayer has signed an agreement to acquire Zimpler, the fastest-growing Pay by Bank network in the Nordics. The deal aims to expand TrueLayer’s pan-European reach, add coverage across key markets including Sweden and Finland, and integrate additional A2A capabilities via Sweden’s Swish payment rail.

  • Buyer
    Bizcap, NewCo Capital Group
    Target
    8fig
    Type
    Buyout

    Bizcap, together with its U.S. affiliate NewCo Capital Group, has acquired fintech 8fig, integrating the AI-driven e‑commerce funding and planning platform into the Bizcap Group while preserving 8fig's brand and leadership. The deal strengthens Bizcap's AI underwriting and cash‑flow planning capabilities to accelerate product development and global expansion in SME non‑bank lending.

  • Buyer
    mPWR
    Target
    La Lenderia, S.A.P.I. de C.V. (Kredeo)
    Location
    Mexico
    Type
    Buyout

    mPWR, a mobile-first fintech platform, announced the acquisition of La Lenderia, S.A.P.I. de C.V. (“Kredeo”), a Mexico-based consumer lending, leasing, and payments fintech. The all-equity deal is subject to agreed conditions and is expected to close imminently, giving mPWR 100% ownership upon completion.

  • Buyer
    Payroc WorldAccess, LLC
    Target
    BlueSnap
    Type
    Buyout

    Payroc WorldAccess, LLC signed a definitive agreement to acquire BlueSnap, a Boston-based payment orchestration and accounts receivable (AR) automation platform. The acquisition combines Payroc’s direct-connect acquiring network with BlueSnap’s API-first orchestration to deliver a single-integration solution for cross-border card-not-present payments and embedded invoicing/AR automation. Payroc later announced the transaction has closed, with BlueSnap’s team and technology operating as part of Payroc effective immediately.

  • Buyer
    Riata Capital Group
    Target
    Government Window

    Riata Capital Group, a Dallas-based private equity firm, has made a strategic growth investment in Government Window, a Kennesaw, Georgia-headquartered cloud-based payments platform serving state and local governments. The investment will support Government Window's geographic expansion across the U.S. and continued product buildout of its payments software and related services.

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Frequently Asked Questions

What types of buyers are active in Payments & Fintech M&A?

Active buyers include fintech platforms and processors, blockchain developers, vertical software/HR platforms, and strategic investors. Recurring buyer names on the page include Celero Commerce, Payroc WorldAccess, LLC (Payroc), Accel‑KKR, Lateral Investment Management, MRI Software, Shift4 Payments, The Beekman Group (Beekman Investment Partners III, LP) and BharCap Partners, LLC.

How are these acquisitions being used strategically?

Acquisitions are being deployed to add product capabilities (loyalty, AI decisioning, payment orchestration), obtain local regulatory licenses and market access, and embed payments into larger software stacks. Examples: Rezolve Ai PLC bought Reward for loyalty/commerce-media capabilities; Airwallex bought local payments businesses to secure licenses; Remote bought Atlas to add expense and card tooling.

Which geographies show notable activity?

Activity is global: recent deals occurred in the United Kingdom and England (e.g., Rezolve Ai PLC / Reward, Wrisk / Atto), the United States (California, Florida, Wyoming), Canada (Ontario), Asia (South Korea, Indonesia with Airwallex), and Africa (Nigeria with Flutterwave / Mono).

Do these transactions involve regulated assets or licenses?

Yes. Several transactions explicitly secure licenses or regulated entities—examples include Airwallex acquiring a licensed payments business in South Korea and Indonesia, and Balance acquiring DVTR to extend multi‑state custodial and money‑transmitter reach in the U.S. Polygon Labs' purchase of Coinme also brings fiat on/off‑ramp capabilities and related licences.

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