Adyen to Expand Into Embedded Financial Products

Dutch payments group Adyen on Wednesday (March 30) launched a suite of embedded financial products that will allow platforms and marketplaces to create tailored financial experiences for their users, including small business owners and individual merchants.

According to a company press release, Adyen’s embedded financial products will allow platforms to access new revenue streams and increase user loyalty.

“By building our banking infrastructure, as a part of the single platform, from the ground up, we remove the limitations of legacy financial systems, enabling Adyen to deliver the power of a bank combined with the adaptability of a FinTech,” said Thom Ruiter, vice president of banking and financial products at Adyen.

“This unique approach means we can offer our platform customers unparalleled flexibility to meet the evolving needs of their user base without the barriers of regulatory complexity, lengthy product development, or sponsor bank restrictions,” he continued.

The company said its Adyen for Platforms has long enabled platforms to embed payments into their offerings for a unified commerce experience across sales channels and geographies. Adyen launched Issuing to enable platforms to offer its users virtual and physical cards for business transactions and get their money more quickly.

Issuing will now be included in a suite of embedded financial products, including multi-currency accounts, which allow users to receive payments, initiate payouts and store money in one place.

“We see this step in building out our financial technology platform as a natural evolution of our business,” said Pieter van der Does, CEO and co-founder at Adyen. “We’re building these products to help businesses achieve their ambitions faster.

“For platform businesses this means we empower them to become a one-stop shop for all their users’ needs. We’re uniquely positioned to help them here, combining our technology with our licensing framework.”

Related: Digital Shift Boosts Payments Group Adyen’s Transaction Volumes 70%

In February, the Financial Times reported that Adyen saw a 70% growth in transactions last year, boosted by the digital shift spurred by the COVID-19 pandemic. Adyen works between other payment companies and merchants, including Uber, LinkedIn, Spotify and Microsoft.