Dutch payments group Adyen saw a 70% growth in transactions last year, according to a Wednesday (Feb. 8) report from the Financial Times.
The numbers were reportedly boosted by the pandemic-spurred digital shift. Adyen acts as a middleman of sorts, working between other payment companies and merchants, including Uber, LinkedIn, Spotify and Microsoft.
The full year net revenue was up 46% and had hit €1 billion in 2021. Meanwhile, the sales transactions volume processed was up 70% last year.
Adyen said it has seen a declining take rate on transactions, which it said is a “natural consequence” of growth and the shift in customer mix. The earnings before interest, tax, depreciation and amortization were up 57% in 2021, hitting €630 million.
“There have been tailwinds in eCommerce due to COVID, speeding up trends already happening there,” said CEO and co-founder Pieter van der Does. “But the strategy that we have is not just to be an online player — and you’ll see point of sale [in-store purchasing] grow very quickly.”
Van der Does said the pandemic had affected various parts of the business, which had been affected by moving to digital payments.
According to Chief Financial Officer Ingo Uytdehaage, the changes also came by way of the in-store business, with cash use diminishing as people leaned more into contactless and mobile payments.
According to Van der Does, concern about competition was minimal — he wasn’t sure the competition would matter, even from companies like Stripe or Checkout.com, given the growth in the market.
PYMNTS wrote that Adyen closed its books for 2021 with a 51% jump in core earnings and a net revenue of 556.5 million euros in the second half of the year. The processed volume was €300 billion.
See also: Dutch FinTech Adyen Posts Rousing Results for H2 2021
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