Market Pulse September 2026 Edition (Finch Capital)

Summary

• Mollie completed its €1.1bn acquisition of GoCardless on 1 September 2026, with over 90% of the consideration paid in shares.p.2
• Pulse-sector VC and growth funding rebounded 4.3x to €1,790m across 145 rounds in September 2026.p.2
• Cap Markets & DA led funding by raising €1,079m, driven by two wealth management deals totaling €862m.p.2
• The Finch Pulse Composite index gained 8.3% in September 2026, though it remains down 7.5% LTM.p.2
• Median EV/Revenue valuation multiples increased across all six sector baskets during Q3-26.p.2
• Cap Markets & DA posted the highest median Rule of 40 score at 51 in Q3-26.p.5

Key insights

1. Mollie's €1.1bn acquisition of GoCardless represents roughly half of GoCardless's $2.1bn valuation from its 2022 Series G.p.2
2. September 2026 was the strongest month for Pulse-sector funding since June 2026, surpassing the LTM monthly average of €1,571m.p.2
3. International Wealth Group and FNZ accounted for 48% of total Pulse-sector funding raised in September 2026.p.2
4. CFO & Workforce SW public comps led September share price gains with an 18.2% surge.p.2
5. Median EV/Revenue multiples for CFO & Workforce SW expanded from 3.3x to 4.8x in Q3-26.p.2
6. The Finch Pulse Composite has recovered +20% since its low point in April 2026.p.3
7. International Wealth Group recorded the largest single European VC/growth deal of September 2026 at €474m.p.7
8. Entersoftone was acquired by Hg in a Buyout/LBO valued at €700m.p.8