Adyen

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Adyen is a Dutch payment company with the status of an acquiring bank that allows businesses to accept e-commerce, mobile, and point-of-sale payments. It is listed on the stock exchange Euronext Amsterdam.[1]

Adyen offers merchants online services to accept electronic payments using payment methods including credit cards, debit cards, wire transfers, and real-time bank transfers based on online banking. It connects merchants to different payment methods, including international credit cards, local cash-based methods, and mobile payment methods. The technology platform acts as a payment gateway and a payment service provider.[2]

History

Adyen was founded in 2006 by Pieter van der Does, the current CEO, and Arnout Schuijff.[3] Headquartered in Amsterdam, the company employs around 2,000 people in offices in twenty-three countries.[2]

The name Adyen means 'start again' in Sranan Tongo.[4] This is a reference to this being the second project of the founders after Bibit.[5]

In 2012, Adyen started to expand globally, opening its offices in San Francisco, Paris, and London. In the same year, it obtained its pan-European acquiring a license.[6]

In 2015, Adyen achieved a valuation of $2.3 billion, making it the sixth-largest European unicorn.[7]

In 2016, it obtained an acquiring license in Brazil through a BIN sponsorship.[6]

In 2017, the company was granted a European banking license, which gave it the status of an acquiring bank.[8] It also obtained acquiring licenses in Singapore, Hong Kong, Australia, and New Zealand.[9][10]

In 2018, the company announced that it would be listing its shares publicly in Amsterdam.[11] The IPO took place on 13 June 2018.[12]

In 2019, Adyen opened new offices in Tokyo and Mumbai, and expanded its payment offering in Africa.[13] In the same year, it launched Adyen Issuing, a virtual and physical card-issuing business to complement payments services to merchants.[14]

In 2020, the company benefited from an accelerated digitalization of global ecommerce in the online retail segment, which compensated for the declining travel volumes in enterprises due to the COVID-19 pandemic. It launched mobile Android POS devices worldwide in the second half of the year.[15] In addition, it opened a new office in Dubai, expanding its offering in the Middle East.[16]

Growth

The company has been profitable since 2011.[17] Its earnings grew from $46 million in 2015 to $87 million in 2016.[17] Its gross revenue grew 99 percent in 2016 to $727 million.[18][19][17]

In December 2014, the company announced a funding round of $250 million led by growth equity firm General Atlantic, joined by existing investors Temasek Holdings, Index Ventures, and Felicis Ventures.[20][21]

In 2016, the company saw transaction volume increase to $90 billion, up from $50 billion in 2015.[22]

In 2017, Adyen surpassed €100 billion in processed volume.[6]

On January 31, 2018, eBay announced that it had signed an agreement with Adyen to become its primary payments processing partner. eBay began intermediation on a small scale in North America starting in the second half of 2018, expanding in 2019 under the terms of the operating agreement with PayPal. In 2021, eBay transitioned a majority of its marketplace customers to Adyen.[23]

In 2021, net revenue hit €1 billion.[24]

In 2022, the company exceeded €1.3 billion in revenue.[25]

References

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