Is Malt profitable in 2026?

Malt does not publicly disclose audited financials. It reported self-stated business volume (GMV) of over 800 million euros for 2024 and a CEO target of 1 billion euros GMV for 2025, but net profit or revenue figures remain undisclosed as of June 2026.

Malt is privately held and venture-backed, not publicly listed. Investors include Eurazeo, Goldman Sachs Growth Equity, Bpifrance, Serena Capital, Isai, Idinvest, and Kerala Ventures, per Malt's funding profile as of June 2026.

Could AI replace Malt?

Malt's own 2025 Tech Trends report shows AI-project demand up 230% year over year while AI-freelancer supply grew only 31%, and flags that vibe coding is reducing need for some technical freelancers, showing AI compresses low-complexity work Malt monetizes.

Who is Malt's biggest competitor?

Malt's closest European rivals are Comet, LeHibou, and Toptal, while Upwork and Fiverr are the larger global generalist incumbents. As of March 2026 analysis, Upwork is described as not structurally blocked from entering Europe, only slower and cost-challenged.

Has Malt raised new funding recently?

Malt's last disclosed funding round was a $61.3 million Series D in July 2022 led by Goldman Sachs Growth Equity with Eurazeo and Bpifrance. As of June 2026, no new equity round has been publicly confirmed, a roughly four-year gap since that raise.

What is Malt's revenue or GMV target for 2025?

Malt CEO Vincent Huguet said in an October 2025 interview that the company was on track to hit 1 billion euros in GMV for 2025, following a company-reported figure of over 800 million euros in business volume for 2024.

Job boards and HR platforms · France

Malt

malt.com ↗

European marketplace matching freelancers and consultants with businesses.

Protection under test

Assessed 22 July 2026 · Evidence as of 22 July 2026

Something worth protecting exists and is being tested right now.

On the recordSince 22 July 2026 · Checkable from Q1/Q2 2026 · Every call on the record Checkpoint: 2025 full-year GMV and revenue disclosure, tests the €1B target

The call

Malt leads European high-skill freelancing on relationships and compliance, but flat valuation and AI eating simpler gigs leave its next growth chapter unproven.

Malt connects high-skill consultants and developers with European companies that need outside help, and it has built a real network of 90,000+ clients and nearly a million freelancers. The business is harder to copy than it looks because EU rules around hiring, taxes, and procurement are complicated, and Upwork (the global competitor) has struggled to break into Europe on those same terms; AI tools that write code or design graphics automatically are now eating into the simpler projects Malt makes money from, and the company itself admits this is happening. The one thing that would prove Malt's real strength is if it releases actual audited revenue numbers and shows funding or growth in the next year, because right now all the growth figures come from the company itself and there has been no new funding for four years.

Why

AI pressure: Generative AI tools replacing junior dev, content, and design freelance work. Malt's own 2025 report flags AI compressing demand for lower-complexity gigs it monetizes, shrinking its easiest sales. Could AI do the core job? Only partly.

Bigger players: Upwork. Upwork is global and generalist but slow to build EU compliance and procurement integrations Malt already has. Could a giant copy it? Probably.

What protects it. EU compliance tooling and deep procurement integrations with 80-85% of France's CAC 40, hard to replicate fast.

What would change this call

Malt discloses 2025 full-year GMV/net revenue figures by mid-2026. Shows whether the €1B GMV target was met or growth stalled below €800M.
Malt announces a new funding round or valuation update. A markdown or absence of new funding would confirm stalled investor confidence after 4 flat years.
Upwork or Fiverr launches a European enterprise-compliance product. Would show generalist incumbents can replicate Malt's EU regulatory/procurement moat.

Key numbers

2024 business volume over €800M (2025-06-01)
No new funding round since July 2022 (2026-06-26)
90,000+ client companies, up to 1M freelancers (2026-06-01)

Named risks

Generative AI compressing demand for low-complexity freelance categories Malt monetizes. Severity: high
No new funding round since July 2022, suggesting stalled valuation momentum for about four years. Severity: medium
EU Platform Work Directive enforcement through 2026 may raise compliance costs. Severity: medium
All growth and GMV figures are company self-reported with no audited public financials. Severity: medium

Rivals, as read in July 2026

Rival	Direction	Evidence
Upwork	contesting	Described as not structurally blocked from Europe, only slower and cost-challenged, as of Mar 2026 analysis
Fiverr	contesting	Global gig marketplace overlapping lower end of Malt's freelance categories as of 2026
Comet	contesting	Paris-based tech/data freelancer platform with AI-driven matching, ~$15.15M raised as of Apr 2025
Toptal	contesting	US-based elite vetted developer marketplace competing for high-skill talent

Questions people ask

Is Malt profitable in 2026?: Malt does not publicly disclose audited financials. It reported self-stated business volume (GMV) of over 800 million euros for 2024 and a CEO target of 1 billion euros GMV for 2025, but net profit or revenue figures remain undisclosed as of June 2026.
Who owns Malt?: Malt is privately held and venture-backed, not publicly listed. Investors include Eurazeo, Goldman Sachs Growth Equity, Bpifrance, Serena Capital, Isai, Idinvest, and Kerala Ventures, per Malt's funding profile as of June 2026.
Could AI replace Malt?: Malt's own 2025 Tech Trends report shows AI-project demand up 230% year over year while AI-freelancer supply grew only 31%, and flags that vibe coding is reducing need for some technical freelancers, showing AI compresses low-complexity work Malt monetizes.
Who is Malt's biggest competitor?: Malt's closest European rivals are Comet, LeHibou, and Toptal, while Upwork and Fiverr are the larger global generalist incumbents. As of March 2026 analysis, Upwork is described as not structurally blocked from entering Europe, only slower and cost-challenged.
Has Malt raised new funding recently?: Malt's last disclosed funding round was a $61.3 million Series D in July 2022 led by Goldman Sachs Growth Equity with Eurazeo and Bpifrance. As of June 2026, no new equity round has been publicly confirmed, a roughly four-year gap since that raise.
What is Malt's revenue or GMV target for 2025?: Malt CEO Vincent Huguet said in an October 2025 interview that the company was on track to hit 1 billion euros in GMV for 2025, following a company-reported figure of over 800 million euros in business volume for 2024.

Timeline

2026-01Malt engineering blog reports 80+ internal AI agents rolled out since Feb 2024, ~90% adoption by Sept 2025
2025-10CEO Vincent Huguet says Malt on track to hit 1 billion euros GMV for 2025
2025-06Malt Tech Trends 2025 report: 2024 business volume over 800 million euros, AI demand up 230% YoY
2023-06Malt reports 2022 turnover exceeded 400 million euros, targets 1 billion euros by 2024
2022-07Series D funding of $61.3M led by Goldman Sachs Growth Equity, Eurazeo, Bpifrance
2022-03Malt acquires Berlin-based consulting marketplace Comatch
2021-05Series C raises 97 million dollars at 489 million dollar post-money valuation
2019-02Series B raises 28.6 million dollars for freelancer platform
2013Founded in Paris as Hopwork, later rebranded to Malt

Revision history

22 July 2026

First assessed. Protection under test. The text above is fixed as of this date and is not edited afterwards.

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