Interested in revenue vs exit valuation... Can you say anything about it? The margins must be phenomenally low if the valuation was only 10% of what you process yearly...
If you process $260mm and charge 0% it's not really fair to view $26mm as a 10% revenue multiplier.
(Even for the small part of their business funded by credit cards, there's a $500 per customer lifetime exemption, and 3% minus higher fraud rate and 2-2.5+% CNP processor and interchange still puts their revenue at less than a small team's salary with 100% credit cards, and probably less than $100k/yr revenue on credit cards overall.
They're obviously being bought for team, technology, and growth potential; current customers are just traction, not revenue.