148
149
CMSPI – IAC State of the Industry Report
CMSPI – IAC State of the Industry Report
OPERATING INCOME (USD MILLIONS): Acquirers 2019
VALUATION MULTIPLES: Issuers
2020 $552
2021
2022
2023
2019
2020
2021
2022
2023
FIS/Worldpay
$969
$1,040 $2,288
$1,218 $3,740
$1,467 $5,014 -$961 -$962 $1,026 $1,716
JPMorgan Chase Bank of America
11 12 12
13 15 68 66 18 23 17 57 16 12 18
10 12
11 10 12 57 20 22 21 45 21
10 11 10
Fiserv
$1,609
$1,852
Nexi (EUR)
$188 $395 $395 $791
$231 $265 $428 $894
$76
$327 $393 $838 $640
Wells Fargo
9
Worldline (EUR)
$390 $742
China Construction Bank 101 Agricultural Bank of China 31
56 16 19 16 56 17
N/A N/A
Adyen (EUR)
Global Payments
$1,359
ICBC
39 29
25 26 31
Bank of China
China Merchants Bank 70 Bank of Communications 30
OPERATING MARGIN Acquirers
N/A
2019
2020
2021 11% 14%
2022 13% 21%
2023 15% 26% -15% -19% 65% 18%
Citigroup
8 9
5 5
6 5
13 11
FIS/Worldpay
9%
4%
Capital One
Fiserv
16%
12% 11%
Nexi (EUR)
9%
2% 8%
5% 8%
Comprehensive financial information on merchant acquirers
Worldline (EUR)
10% 70% 16%
6%
Adyen (EUR)
60% 12%
71% 16%
60%
Global Payments
7%
VALUATION (MARKET CAPITALIZATION IN USD BILLIONS): Acquirers 2019 2020 2021
NET REVENUE (USD MILLIONS): Acquirers 2019
2022
2023
2020
2021
2022
2023
FIS/Worldpay
$85.40 $78.61 $11.66 $17.29 $32.96 $54.80
$87.77 $76.12 $16.65 $35.81 $93.92 $64.48
$66.46 $68.52 $26.62 $19.94 $103.96 $39.22
$40.26 $64.18 $12.10 $12.89 $50.47 $26.85
$35.59 $79.72 $11.86
FIS/Worldpay
$10,333 $10,187 $2,202 $3,862
$12,552 $14,852 $2,171 $4,564
$9,339 $16,226 $3,916 $4,733 $1,048 $8,524
$9,719 $17,737 $6,226 $5,126 $1,396 $8,976
$9,821 $19,093 $6,430 $5,099 $1,569 $9,654
Fiserv
Fiserv
Nexi
Nexi (EUR)
Worldline
$5.47
Worldline (EUR)
Adyen
$44.21 $33.06
Adyen (EUR)
$563
$714
Global Payments
Global Payments
$4,912
$7,424
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