OpenPayd
Definitive (DA signed)Financials · embedded financial infrastructure and payment services · London, United Kingdom · founded 2018
- What it is
- Usage-driven B2B/B2B2B/B2B2C financial infrastructure. Six disclosed revenue lines, with the FY2025 mix given by the investor deck as: FX margin 41%, interest revenue 24%, recurring fees 13%, operational fees 14%, transaction fees 3%, setup fees 5%. Revenue scales with client transaction volume and with client balances held (float).
- What it’s doing now
- Merging with Titan (TACH) — definitive (da signed), announced Jun 1, 2026; expected close Q4 2026.
- What you should know
- The real share count puts the effective valuation 43% above the announced $800M. At 19.8× revenue the deal prices it above its listed peers, which trade at 2×. The deal carries a $130M minimum-cash condition — heavy redemptions can break it.
The business, per its filings
SEC primaryOpenPayd is a real, profitable, revenue-generating embedded-finance and Banking-as-a-Service platform - NOT a pre-revenue story. It sells a single API that gives enterprise businesses multi-currency accounts, named virtual IBANs, domestic and cross-border payments, FX, treasury and stablecoin on/off-ramp and trading, across domestic rails in 70+ countries. Its UK regulated operations run through SettleGo Solutions Limited, an FCA-authorised Electronic Money Institution, and it holds further licences/registrations in the EEA (Malta EMI), Canada (RPAA), South Africa and 44 US money transmitter licences. Audited IFRS revenue was EUR 47.53m for the year ended 30 April 2025 (+46% YoY) with a profit for the year of EUR 3.95m, and EUR 29.04m for the six months to 31 October 2025 (+39%). Two things a reader must understand: (1) roughly a fifth of FY2025 revenue - EUR 9.80m - was INTEREST INCOME ON CLIENT BALANCES, i.e. rate-dependent float income rather than transaction monetisation; and (2) the company's headline '$240B+ annualized transaction volume' is TPV, not revenue, and is ~4,000x the revenue figure. The company has raised no external capital to date and is controlled by founder Dr Ozan Ozerk.
| Revenue | $57M (FY2025A (FYE 30-Apr-2025)) |
| EBITDA | $12M |
| Gross margin | 78.0% |
| Cash | $18M |
Source: 425, accession 0001829126-26-009618 · as of Apr 30, 2025 · extraction confidence: medium
What the company says about itself
Web research — not audited"Move and Manage Money Globally" - "Accounts, payments and trading solutions built for the digital economy"; described elsewhere on the site as "universal financial infrastructure powering the digital economy".
- Markets:
- Fintech | Forex & Online Brokerage | Digital Assets | Remittance | Marketplaces & Platforms | Insurtech | Payroll | iGaming | Embedded Finance
- Products:
- Accept Payments | Send Payments | Open Banking | Stablecoins | Virtual IBANs | Banking-as-a-Service | Corporate Accounts | Pooled Accounts | Multi-Currency Accounts | Foreign Exchange | On/Off Ramp | OpenPayd API
- Customers:
- Kraken | Wincent | Ripple | Wirex | Caxton | Bitfinex | B2C2 | OKX | eToro | eightcap | Libertex
The website's operating metrics are HIGHER than the SEC filings' and are undated on the page, so they cannot be reconciled to a period: the site claims '1,200+ clients', '$280+ billion annualized transaction volume' and '99.99% platform uptime', whereas the June 2026 investor deck filed under Rule 425 (accession 0001829126-26-005933) states '1100+ Corporate Clients (as of March 2026)', '$240B+ Annualized Transaction Volume (as of March 2026)' and '99.995% uptime'. The uptime claim moved DOWN on the website (99.99% vs 99.995% in the SEC filing). Recording both; not reconciling. Second discrepancy: the website names customers (Kraken, Ripple, Bitfinex, OKX, B2C2, eToro, Wirex, Caxton, Wincent, eightcap, Libertex) whereas NO customer is named anywhere in the F-4/A or the deck; these names are therefore website-sourced marketing, not SEC-verified relationships.
Source: https://openpayd.com ; https://openpayd.com/company/ · captured Aug 14, 2026 · marketing claims are reported as claims, never merged into the filed figures above.
The deal it’s entering
OpenPayd is merging with Titan (TACH), a $276M SPAC currently marked Deal announced and trading at $10.50 against $10.53 in trust per share.
| Headline equity value | $800M |
| Effective valuation (all shares) | $1.1B+43% vs headline |
| Sponsor promote | 20% |
| Minimum cash to close | $130M |
| Pro-forma shares | 114.5M |
Structure per SEC accession(s) 0001829126-26-005923, 0001829126-26-005243, 0001829126-26-006454. How to read these numbers: headline vs effective valuation · what a definitive agreement commits
What exactly is being valued, and at what
Was this deal done at an expensive or a cheap valuation?
SpacBrain’s read on the price
Priced above its listed peers
The deal values OpenPayd at $1.13bn, or 19.8× the FY2025A (FYE 30-Apr-2025) actual revenue it actually reported. That is 9.9× what the market pays for its closest listed peers (median 2×) — an expensive price. It is priced above 100% of them.
Post-dilution equity + target net debt.
FY2025A (FYE 30-Apr-2025) — a reported actual.
19.8× FY2025A (FYE 30-Apr-2025) actual revenue. Put another way: $1 of its annual sales is being bought for $19.80.
$1 of their sales costs $2.00 on the open market. Median of 5 listed companies we judged a true comparable, which individually run from 0.78× to 2.7×. Their share prices are from 15 August 2026, not today.
Its peers trade at 14.02× on the same measure.
What qualifies this number
- Struck on the post-dilution value of $1.15bn, not the announced $800M — new shares handed to the sponsor, warrant holders and the PIPE are part of what public buyers are really paying.
- The target's cash is filed but its debt is not, so this enterprise value is a lower bound, too low by whatever debt the company carries.
- WISE.L, WU, EWBC, CPAY, BOH, CUBI, TCBI, V, MCBS, FITB, BAC have no revenue to divide by, so they are shown but left out of the peer median.
- CRCL, RELY shown for context only — not close enough to move the median.
The listed companies it is measured against
| Ticker | Company | Mkt cap | EV / revenue | EV / EBITDA | Why it’s comparable |
|---|---|---|---|---|---|
| PAYO | Payoneer Global Inc. | $2.4B | 2.0x | 11.0x | Payoneer is the closest model match: cross-border multi-currency accounts for B2B/SMB clients where a large slice of revenue is interest earned on customer balances - the same float-plus-transaction revenue structure as OpenPayd, where interest on client balances was 20.6% of FY2025 revenue. Roughly 20x OpenPayd's revenue, so a model peer rather than a scale peer.more ▾less ▴ |
| EEFT | Euronet Worldwide, Inc. | $2.8B | 0.8x | 5.2x | Direct comp: Transaction & Payment Services; mid-cap ($3.2bn); shares border, money, transaction, payments, cross, currency with the target's own description; forward EV/Sales 0.6x.more ▾less ▴ |
| WISE.L | WISE GROUP PLC CLS A ORD USD0.0 | — | — | — | Wise runs the same combination of multi-currency accounts, FX margin and interest income on customer balances across cross-border rails, and like OpenPayd built its own licensed infrastructure rather than renting a bank. LSE-listed and far larger, but the revenue mechanics are the nearest analogue in public markets.more ▾less ▴ |
| WU | The Western Union Company | $2.9B | — | — | Direct comp: Transaction & Payment Services; mid-cap ($2.9bn); shares money, cross, border, currency, payments, countries with the target's own description; forward EV/Sales 1.0x.more ▾less ▴ |
| DLO | DLocal Limited | $4.2B | 2.5x | 14.0x | dLocal is an API-first cross-border payments and payouts platform selling to enterprises through a single integration, with a licence-heavy emerging-markets footprint directly analogous to OpenPayd's 70+ country domestic rails. Named as a comparable in the ERShares fairness opinion in the F-4/A.more ▾less ▴ |
| MQ | Marqeta, Inc. | $1.7B | 1.5x | 66.6x | Marqeta is the listed embedded-finance/BaaS API pure play - the exact category OpenPayd markets itself in - selling programmable money movement to platforms rather than end consumers. Named as a comparable in the ERShares fairness opinion in the F-4/A.more ▾less ▴ |
| EWBC | East West Bancorp, Inc. | $15.5B | — | — | Operational comp: Banks (NEC); large-cap ($15.5bn); shares banking, finance, treasury, rate, domestic, interest with the target's own description; forward EV/Sales 6.0x.more ▾less ▴ |
| FLYW | Flywire Corporation - Voting | $2.2B | 2.7x | 30.4x | Flywire is a cross-border B2B payments platform with a similar vertical-by-vertical enterprise sales motion and a comparable sub-$1bn revenue base, making it one of the better scale-adjacent reads. Named as a comparable in the ERShares fairness opinion in the F-4/A.more ▾less ▴ |
| CPAY | Corpay, Inc. | $21.1B | — | — | Operational comp: Transaction & Payment Services; large-cap ($21.1bn); shares payments, border, cross, domestic, virtual, accounts with the target's own description; forward EV/Sales 6.5x.more ▾less ▴ |
| BOH | Bank of Hawaii Corporation | $2.7B | — | — | Operational comp: Corporate Banks; mid-cap ($2.7bn); shares banking, currency, treasury, rate, client, interest with the target's own description; forward EV/Sales 4.4x.more ▾less ▴ |
| CUBI | Customers Bancorp, Inc. | $2.5B | — | — | Operational comp: Banks (NEC); mid-cap ($2.5bn); shares finance, banking, payments, client, treasury, real with the target's own description; forward EV/Sales 6.2x.more ▾less ▴ |
| TCBI | Texas Capital Bancshares, Inc. | $4.0B | — | — | Operational comp: Corporate Banks; mid-cap ($4.0bn); shares banking, money, interest, accounts, finance, treasury with the target's own description; forward EV/Sales 1.4x.more ▾less ▴ |
| V | Visa Inc. | $654.6B | — | — | Operational comp: Transaction & Payment Services; mega-cap ($654.6bn); shares transaction, institution, payments, money, banking, than with the target's own description; forward EV/Sales 15.1x.more ▾less ▴ |
| MCBS | Metrocity Bankshares Inc | $765M | — | — | Operational comp: Banks (NEC); small-cap ($765m); shares money, balances, banking, accounts, electronic, single with the target's own description; forward EV/Sales 5.7x.more ▾less ▴ |
| FITB | Fifth Third Bancorp | $31.0B | — | — | Operational comp: Corporate Banks; large-cap ($31.0bn); shares fifth, banking, profit, not, service, businesses with the target's own description; forward EV/Sales 5.6x.more ▾less ▴ |
| BAC | Bank of America Corp | $396.7B | — | — | Operational comp: Banks (NEC); mega-cap ($396.7bn); shares banking, currency, income, trading, treasury, capital with the target's own description; forward EV/Sales 7.9x.more ▾less ▴ |
| CRCLcontext only | Circle Internet Group, Inc. | $19.5B | 5.7x | 72.0x | Circle is the reference listed name for the stablecoin half of OpenPayd's pitch (mint/burn, on/off ramp, yield on reserves) and was selected by ERShares as a comparable, but Circle is a stablecoin ISSUER earning reserve income rather than a payments infrastructure provider, so the read-across is partial.more ▾less ▴ |
| RELYcontext only | Remitly Global, Inc. | $5.4B | 2.6x | 24.0x | Remitly shares the cross-border money-movement rails and licensing burden but is a consumer remittance business rather than a B2B embedded-finance API, so customer economics and take rates are not comparable.more ▾less ▴ |
Which companies belong on this list is our judgement, and the sentence beside each one is the whole of our reasoning — disagree with it and the verdict above changes. Rows marked context only are shown because they are informative, but they are deliberately left out of the median. The multiples come from listed-company data priced Aug 15, 2026; a private target’s deal multiple is not audited the way theirs are.
Common questions
Is OpenPayd going public?
OpenPayd has a signed merger with the SPAC Titan (TACH), announced Jun 1, 2026. Deal status: Definitive (DA signed).
What is OpenPayd's SPAC deal valuation?
The announced headline equity value is $800M, but counting every share class — founder promote, PIPE and public shares — the effective valuation is $1.1B, 43% above the headline.
Was OpenPayd bought at an expensive or a cheap valuation?
The deal values OpenPayd at $1.13bn, or 19.8× the FY2025A (FYE 30-Apr-2025) actual revenue it actually reported. That is 9.9× what the market pays for its closest listed peers (median 2×) — an expensive price. It is priced above 100% of them.
Does OpenPayd have revenue?
The filings report a revenue figure of $57M (FY2025A (FYE 30-Apr-2025)).
Educational content, not investment advice.
- SWB — with SOUL ($8.1B) · pre-revenue
- Bradbury Capital Holdings — with TETEF ($235M) · pre-revenue
- Evernorth — with XRPN ($1.4B) · pre-revenue
- Embed Financial Group Cayman Holdings — with WINV ($425M) · pre-revenue
- BSTR Holdings — with CEPO · pre-revenue
- Oabay — with BAYA
- VACH — Voyager · Closed (deSPAC)