B2B Cross-Border Payments: State of the Market (Flagship Advisory Partners)
Summary
- Growth halved across B2B cross-border payout cohorts between 2023 and 2025, with enterprise payout fintechs showing better margin performance.p.2
- Cross-border pay-in net take rates declined 32% from 130 bps in 2022 to 89 bps in FY2025 as volume growth outpaced revenue growth.p.3
- Providers with licensed and owned rails reached median USD $65 bil. volume in 2025 compared to USD $25 bil. for FX relationship providers.p.5
- Stablecoin FX premiums compared to local spot USD FX rates reached 97% in Burundi, 86% in Venezuela, and 30% in Bolivia as of July 2026.p.7
Key insights
- Take-rate compression has accelerated across B2B cross-border payment fintechs while EBITDA margins remain more defensible.p.1
- Enterprise payout fintechs demonstrated stronger EBITDA margin resilience than SMB payout fintechs between 2023 and 2025.p.2
- Cross-border net take rates are declining across cohorts as transaction volumes scale faster than revenues.p.3
- Monetization is shifting away from pure payment spread toward account, treasury, and ancillary revenue services.p.3
- Cross-selling accounts payable capabilities improves attachment rates and customer ARPU for cross-border payout providers.p.4
- Providers operating licensed and owned rails generated a 20% average net revenue CAGR (excl. float) from 2023 to 2025 compared to 14% for FX relationship providers.p.5
- Cross-border payment fintechs actively use M&A to acquire capabilities, licenses, and geographical reach.p.6
- Stablecoin adoption in emerging market corridors depends heavily on establishing last-mile connectivity and local licenses.p.7
Topics and entities
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