Top 10 US FinTech M&A Deals Reshaping Finance

S&P Global completed its $44 billion merger with IHS Markit in February 2022, creating one of the world's largest financial data and analytics empires with over $12 billion in combined annual revenue. The deal brought together S&P's credit ratings and market intelligence with IHS Markit's commodities data, automotive intelligence, and fixed-income analytics. In 2025-2026, the combined entity's AI-enhanced data products serve over 90% of the world's Fortune 500 financial decision-makers.

S&P Global Merges IHS Markit ($44B)

Intuit's $7.1 billion acquisition of Credit Karma in December 2020 brought 110 million members and a personal finance marketplace directly into TurboTax's orbit — creating a cradle-to-grave financial guidance platform. The deal was partially restructured after DOJ scrutiny required selling Credit Karma's tax filing business to Square. By 2025, Intuit's combined platform serves 100 million+ consumers annually and leverages Credit Karma's loan marketplace to generate $2B+ in referral revenue.

Intuit Acquires Credit Karma ($7.1B)

FIS acquired Worldpay for $43 billion in 2019, the largest FinTech deal ever at the time, to build a payments-to-banking technology behemoth. By 2023, the merger was deemed a failure — FIS sold a 55% stake in Worldpay to GTCR at a valuation of just $18.5 billion, erasing $24+ billion in value. The cautionary tale became a case study in FinTech integration risk and the difficulty of merging high-growth payments infrastructure with legacy banking software cultures.

FIS Acquires Worldpay ($43B) — Then Reverses

Visa announced its $5.3 billion acquisition of Featurespace in 2024, securing the UK-based AI fraud detection company whose ARIC Risk Hub uses adaptive behavioral analytics to catch fraud in real time across card networks. The deal underscores Visa's strategic pivot toward AI-powered financial security, processing over 13,000 fraud-detection decisions per millisecond by 2025. Featurespace's technology is deployed by 70+ financial institutions globally including HSBC and Worldpay.

Visa Acquires Featurespace ($5.3B)

Morgan Stanley completed its $7 billion acquisition of Eaton Vance in March 2021, adding $500 billion in assets under management and the Calvert Research and Management responsible investing brand. The deal transformed Morgan Stanley Investment Management into a $1.4 trillion+ AUM powerhouse with a market-leading ESG franchise. By 2025, the combined entity's parametric tax-managed separately managed account business serves over 350,000 individual investors with personalized index investing.

Morgan Stanley Acquires Eaton Vance ($7B)

PayPal's $4 billion acquisition of Honey Science Corporation in 2020 was its largest ever, bringing a browser extension used by 17 million active shoppers that automatically finds coupon codes and tracks price drops. The acquisition deepened PayPal's shopping data flywheel and enabled merchant-funded offers across its 435 million user base. By 2025, Honey's deal-hunting technology is integrated across PayPal, Venmo, and Braintree, driving incremental GMV of $30B+ annually.

PayPal Acquires Honey ($4B)

Goldman Sachs acquired home improvement BNPL lender GreenSky for $2.24 billion in 2022 as part of its Marcus digital banking expansion strategy. GreenSky's point-of-sale lending for home contractors and medical providers served 4 million+ customers. Goldman subsequently sold GreenSky to a consortium of investors in 2023 as it retreated from consumer banking — a $1.5 billion write-down that marked the painful end of Goldman's Main Street ambitions.

Goldman Sachs Acquires GreenSky ($2.24B)

Stripe, the payments infrastructure giant co-founded by Patrick and John Collison, reached a $65 billion+ valuation in 2023-2024 secondary markets without needing to sell or go public — making it the most valuable private FinTech company in the world. Stripe processes over $1 trillion in annualized payment volume for 1 million+ businesses globally. In 2025, Stripe expanded into stablecoin payments and AI-powered fraud prevention, while confidentially preparing for an IPO expected to exceed $100 billion.

Stripe ($65B+ Valuation — No Acquisition Needed)

Visa's proposed $5.3 billion acquisition of open banking pioneer Plaid was blocked by the DOJ in January 2021 on antitrust grounds, alleging Visa sought to eliminate a competitive threat to its debit network dominance. Plaid, which connects 8,000+ apps to 12,000+ banks via its API, subsequently raised $425 million at a $13.4 billion valuation in 2021. By 2025, Plaid operates independently as the dominant US open banking infrastructure layer, processing 20+ million connections monthly.

Visa Blocked From Acquiring Plaid ($5.3B)

S&P Global completed its $44 billion merger with IHS Markit in February 2022, creating one of the world's largest financial data and analytics empires with over $12 billion in combined annual revenue. The deal brought together S&P's credit ratings and market intelligence with IHS Markit's commodities data, automotive intelligence, and fixed-income analytics. In 2025-2026, the combined entity's AI-enhanced data products serve over 90% of the world's Fortune 500 financial decision-makers.

S&P Global Merges IHS Markit ($44B)

Intuit's $7.1 billion acquisition of Credit Karma in December 2020 brought 110 million members and a personal finance marketplace directly into TurboTax's orbit — creating a cradle-to-grave financial guidance platform. The deal was partially restructured after DOJ scrutiny required selling Credit Karma's tax filing business to Square. By 2025, Intuit's combined platform serves 100 million+ consumers annually and leverages Credit Karma's loan marketplace to generate $2B+ in referral revenue.

Intuit Acquires Credit Karma ($7.1B)

FIS acquired Worldpay for $43 billion in 2019, the largest FinTech deal ever at the time, to build a payments-to-banking technology behemoth. By 2023, the merger was deemed a failure — FIS sold a 55% stake in Worldpay to GTCR at a valuation of just $18.5 billion, erasing $24+ billion in value. The cautionary tale became a case study in FinTech integration risk and the difficulty of merging high-growth payments infrastructure with legacy banking software cultures.

FIS Acquires Worldpay ($43B) — Then Reverses

Visa announced its $5.3 billion acquisition of Featurespace in 2024, securing the UK-based AI fraud detection company whose ARIC Risk Hub uses adaptive behavioral analytics to catch fraud in real time across card networks. The deal underscores Visa's strategic pivot toward AI-powered financial security, processing over 13,000 fraud-detection decisions per millisecond by 2025. Featurespace's technology is deployed by 70+ financial institutions globally including HSBC and Worldpay.

Visa Acquires Featurespace ($5.3B)

Morgan Stanley completed its $7 billion acquisition of Eaton Vance in March 2021, adding $500 billion in assets under management and the Calvert Research and Management responsible investing brand. The deal transformed Morgan Stanley Investment Management into a $1.4 trillion+ AUM powerhouse with a market-leading ESG franchise. By 2025, the combined entity's parametric tax-managed separately managed account business serves over 350,000 individual investors with personalized index investing.

Morgan Stanley Acquires Eaton Vance ($7B)

PayPal's $4 billion acquisition of Honey Science Corporation in 2020 was its largest ever, bringing a browser extension used by 17 million active shoppers that automatically finds coupon codes and tracks price drops. The acquisition deepened PayPal's shopping data flywheel and enabled merchant-funded offers across its 435 million user base. By 2025, Honey's deal-hunting technology is integrated across PayPal, Venmo, and Braintree, driving incremental GMV of $30B+ annually.

PayPal Acquires Honey ($4B)

Goldman Sachs acquired home improvement BNPL lender GreenSky for $2.24 billion in 2022 as part of its Marcus digital banking expansion strategy. GreenSky's point-of-sale lending for home contractors and medical providers served 4 million+ customers. Goldman subsequently sold GreenSky to a consortium of investors in 2023 as it retreated from consumer banking — a $1.5 billion write-down that marked the painful end of Goldman's Main Street ambitions.

Goldman Sachs Acquires GreenSky ($2.24B)

Stripe, the payments infrastructure giant co-founded by Patrick and John Collison, reached a $65 billion+ valuation in 2023-2024 secondary markets without needing to sell or go public — making it the most valuable private FinTech company in the world. Stripe processes over $1 trillion in annualized payment volume for 1 million+ businesses globally. In 2025, Stripe expanded into stablecoin payments and AI-powered fraud prevention, while confidentially preparing for an IPO expected to exceed $100 billion.

Stripe ($65B+ Valuation — No Acquisition Needed)

Visa's proposed $5.3 billion acquisition of open banking pioneer Plaid was blocked by the DOJ in January 2021 on antitrust grounds, alleging Visa sought to eliminate a competitive threat to its debit network dominance. Plaid, which connects 8,000+ apps to 12,000+ banks via its API, subsequently raised $425 million at a $13.4 billion valuation in 2021. By 2025, Plaid operates independently as the dominant US open banking infrastructure layer, processing 20+ million connections monthly.

Visa Blocked From Acquiring Plaid ($5.3B)