Mews processed €17 billion ($19.2 billion) in transaction volume across its hotel platform in 2025, but the Amsterdam-based property management software company booked a €111 million ($125 million) operating loss on €291 million ($329 million) in revenue.

The figures, drawn from Skift's review of Mews' statutory filings across the Netherlands, UK, and Czech Republic, place the 14-year-old company at a $2.5 billion valuation while underscoring how far it still has to travel before reaching profitability. Mews has moved its own breakeven target three times — from 2024-2025 in a 2022 filing, to 2027 in its 2024 accounts, and now to 2028.

How does Mews make money?

Roughly three-quarters of Mews' revenue now comes from payments, not software subscriptions. The split carries weight for travel sellers picking technology partners and for competitors measuring Mews' defensibility.

Transaction revenue hit €219 million ($247 million) in 2025, about 75% of the total. Core SaaS revenue was roughly €62 million ($70 million). For hoteliers evaluating PMS vendors, the calculus has shifted: the partner processing guest payments and managing cash flow now matters more to that vendor's bottom line than the software license itself.

What do the unit economics show?

The payments engine is also the cost engine. Mews paid roughly €172 million ($194 million) in external payment-gateway commissions, interchange and bank fees in 2025. Against €291 million in revenue, that left €72 million ($81 million) of gross profit — a 25% gross margin — and a €111 million operating loss.

Mews also recorded €78 million ($88 million) of operating cash outflow in 2025. The company funded the gap with outside capital rather than operating earnings.

What has Mews bought with investor money?

The Series D closed at $300 million, followed by a $100 million credit facility from Vista. Swedish investor Kinnevik took a 10% stake in the Series D.

Mews used that capital for seven acquisitions across 2024 and 2025, with about €57 million of disclosed consideration. The targets built out a stack around the original PMS:

• Revenue management
• Groups and events
• Housekeeping
• AI capability layered on the property management system

The deals extended Mews' pitch well beyond a SaaS tool. Founder Richard Valtr told Skift: "We're not just a SaaS productivity tool and we're not just payments. We're an operating system for a business."

What does the EMI license change?

In August 2026, Mews Financial Services received an Electronic Money Institution license from De Nederlandsche Bank, the Dutch central bank. A Dutch pilot is planned for late 2026.

The license lets Mews hold guest funds and issue payment instruments directly, bypassing some of the third-party processing economics that consumed €172 million last year. For competitors in hotel fintech — and for hoteliers choosing where payments sit on their balance sheet — that regulatory clearance is a competitive marker.

What should travel sellers track next?

Mews now touches nearly $20 billion annually on its platform, an order of magnitude larger than its SaaS revenue. Founder Valtr's "operating system" claim will be tested against the 2028 profitability target the company has set for itself, and against whether hoteliers route more of their treasury work through the platform.