SaaS and fintech share prices felt the broader tech headwinds in Q3, but company performance continued to demonstrate the power of the business model with 20%+ topline growth.

Figure 1: Stock Price Performance
(select payments equities; stock price % change to December 8, 2025)

• Tech share price headwinds: Only 2 of 13 companies in our SaaS+fintech sample outperformed the S&P 500 over the three months
• Fintech revenue growth accelerates: Fintech (transaction-based) revenue grew 20% YoY on average in Q3 ’25 vs. 19% in Q2 and 17% in Q1; this compares to 12% YoY growth in Q3 for other revenue lines (software, hardware, professional services, etc).
• Gross profit growth improving with sustained margin expansion: Gross profit grew 21% YoY on average in Q3 ’25 vs. 18% for the prior two quarters, the ninth consecutive quarter of gross profit outpacing total revenue growth. 

Figure 2: Valuation Metrics
(select payments equities; as of December 8, 2025)

Restaurant and Retail

• Shift4: GMV grew 32% YoY to $92B (30% YoY constant currency). Shop Pay GMV grew 67% YoY to $29B; international GMV grew 41% YoY, and offline GMV grew 31% YoY
  
• Toast: gross payment volume rose 24% YoY to $52B. New segments (international, food and beverage retail, and enterprise) reached $100M in ARR this year
  
• Lightspeed: payments penetration reached 46% (vs. 41% YoY). GTV grew 7% YoY, while GPV (captured by Lightspeed) grew 22% YoY
  
• Block: square GPV grew 12%, with sellers > $500K growing 20% YoY, and international growing 26% YoY
  

E-commerce

• Shopify: GMV grew 32% YoY to $92B (30% YoY constant currency). Shop Pay GMV grew 67% YoY to $29B; international GMV grew 41% YoY, and offline GMV grew 31% YoY
  
• WIX: transaction revenue grew 20% YoY to $65M, outpacing gross payment volume growth of 13% YoY to $3.7B
  
• BigCommerce: seeing some success leaning into the enterprise segment, which now represents 76% of total ARR
  
• GoDaddy: launched Aero.ai in beta, with intentions to deploy five agents that handle tasks like website building, logo creation, domain acquisition, and compliance
  

B2B

• BILL: moving upmarket with spend and expense management offering, resulting in record card spend per customer. Spend and expense card payment volume grew 21% YoY
  
• Intuit: online payment volume (including bill pay) grew 29% YoY. 2.8 million customers are now leveraging Intuit's AI agents for their work 
  

Other Verticals

• Tyler Technologies: transaction revenues grew 11.5% YoY to $201M. SaaS bookings reached a new quarterly high, up 5% sequentially
  
• ServiceTitan: gross transaction volume grew 19% YoY to $22.9B while usage revenue as a % of GTV remained stable at 0.25%.
  
• Blackbaud: organic revenue grew 7% YoY. Free cash flow margin expanded 690 basis points to 18.3%.
  

Please do not hesitate to contact Peter Taylor at Peter@FlagshipAP.com or Tim Gallagher at Tim@FlagshipAP.com with comments and questions