Dutch payments giant Adyen has reported a jump in revenues today and a 72 per cent surge in payments as merchants increasingly shift to digital payment methods.
Adyen, which acts as a payments middleman for merhcants, said the boom in revenues had been “bolstered by the unrelenting rise of online commerce globally, and an increasing need for merchants to implement unified commerce shopper journeys.”
The firm said the results amounted to a strong full year in which the volume of payments processed passed the half-a-trillion threshold at €516 bn.
Adyen was founded in 2006 and listed on Amsterdam’s Euronext exchange in 2018 with a market value of more than €13bn. The firm has since boomed and currently has a valuation of more than €50bn.
Shares in the firm surged as much as 8 per cent today after it revealed the trading update.
Chief executive Pieter Van Der Does told the Financial Times the firm plans to add new payment methods like buy-now pay-later and mobile payments as it looks to grab market share.
Bosses said the digital payments industry had been “buoyed by many long term tailwinds” and that the firm would continue to invest “in the team, in the product, and in the scalability of our operations”.
They pointed to the recent €7.7m investment in the expansion of the firm’s Amsterdam office as evidence of the firm’s commitment to ramping up investment.
Adyen’s team expanded by more than 400 employees to 2,181 in 2021, with the firm opening new tech hubs in Chicago and Madrid.