Adyen, the Dutch fintech company that processes payments for companies including Facebook and Netflix, has reported a jump in first-half core profit, helped by an increased volume of transactions.
Adyen said its core earnings (EBITDA) for the first half of the year were up 79 per cent to €125.8m (£115m), up from €70.3m the year before.
Net revenue for the period was €221m, an increase of 42 per cent on the same period last year.
The volume of payments processed by Adyen in the first half increased 49 per cent to €104.6bn, compared to €70bn during the first half of 2018.
Why it’s interesting
Adyen has been growing fast, and said it had gained new customers including The North Face and Timberland during the first half.
The payment processing firm also made new deals with Apple Pay and Google Pay.
Despite these gains, over 80 per cent of its increased payment volume came from existing customers, which it said had helped to drive the first-half growth.
What Adyen said
In a letter to shareholders, chief executive Pieter van der Does said Adyen’s growth “came in the form of the organic growth of these merchants, as well as through winning additional volume with them in new geographies, channels, and product lines.”
“Never before has global commerce been so readily available to so many buyers and sellers,” he continued. “Catering to the increasingly complex needs of these marketplaces requires a unique combination of expertise in payments, regulatory environments and technology – all capabilities we have proven to possess.”
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