-82%

est. 2Y upside i

FinTechSeries A

Stage: exit. Country: Germany

Rank

#2614

Sector

Fintech

Est. Liquidity

~4Y

Data Quality

Data: Medium

Funanga, now part of The Payments Group Holding (PGH) and valued at approximately €92.5M for the group of acquired companies, operates in a growing but competitive fintech niche.

Last updated: March 10, 2026

Bull (35%)+75%

Strong execution under The Payments Group Holding (PGH) leadership, successful expansion into new high-growth markets like North America and LATAM, and increased adoption of CashtoCode in the iGaming sector drive consolidated group revenue to €30M by 2027. This performance leads to a significant internal revaluation by PGH, potentially increasing the group's enterprise value to €160M, offering moderate upside for employee equity.

Base (50%)+25%

The Payments Group Holding (PGH) meets its projected consolidated revenue of €15M for 2025 and continues steady growth to €20M by 2027, maintaining profitability and market share in its niche. The group's enterprise value sees a modest increase to €115M under PGH ownership, providing limited upside for common equity given the PE firm's preference.

Bear (15%)-30%

Intensified competition from major payment processors, slower-than-expected market penetration in new geographies, or increased regulatory burdens impede growth for The Payments Group Holding (PGH). Consolidated group revenue stagnates below €15M, leading to a downward revaluation by PGH to €65M. This scenario, coupled with the PE firm's liquidation preferences, results in significant downside for common equity holders.

Est. time to liquidity~3.5 years

Preference Stack Risk

severe

The acquisition of Funanga by SGT German Private Equity (now The Payments Group Holding) for a majority stake in a group of companies valued at €92.5 million means the PE firm's investment is the primary claim, creating a severe preference stack for common equity holders.

Dilution Risk

low

As a private equity-owned company, the risk of dilution from future venture funding rounds is significantly reduced.

Secondary Liquidity

none

Within a 2-year horizon, secondary liquidity for employee equity in a private equity-owned company is typically non-existent.

Questions to Ask at the Interview

Strategic questions based on Funanga's data — designed to show you've done your homework.

  • 1

    “Given Funanga's integration into The Payments Group Holding, how is the company leveraging the broader group's resources and strategy to address the competitive threats from major players like Stripe and PayPal in the cash-to-online payment space?”

  • 2

    “The Payments Group Holding projected €15M in consolidated revenue for 2025. What are the key drivers for achieving this target, and what are the primary growth initiatives for Funanga specifically over the next 12-24 months, particularly regarding its North American expansion?”

  • 3

    “As an employee joining a private equity-owned company, what is the expected timeline and mechanism for employee equity liquidity, and how does the current valuation of The Payments Group Holding impact the potential absolute return for common stock or options?”

Community

Valuation Sentiment

Our model estimates -82% upside. What do you think?

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Disclaimer: This analysis is AI-generated and does not constitute financial or career advice. Always conduct your own due diligence.