Banxa is an Excellent Bolt on Candidate For existing fiat to to fiat companies like paypal, stripe, and adyen. Now that paypal has entered the space in a more meaningful way, its competitors might be looking for a easy way to break into the market themselves.
Before we anything like that happens though I think M&A markets would have to recover more broadly. Once we see start seeing new IPO's M&A may also come back. Regulations in the Usa and Europe is making companies to confident that they will have their deals go through.