Payments firm Adyen has landed another round of financing, bringing its value up to $2.3 billion. The funds come care of Iconiq Capital, the fund that a prominent collection of Silicon Valley billionaires use to invest their fortunes.
The new funding comes in about nine months after Adyen’s last big round, led by General Atlantic, that brought Adyen officially into the unicorn club with a value of $1.5 billion. It was the largest FinTech deal of 2014.
The latest deal, on the other hand, is not really about the money, according to Chief Executive Pieter van der Does. The firm is profitable, had $185 million in revenue last year and is well on path to near doubling that this year. Moreover, van der Does noted, it still has the $250 million it raised in the last round sitting in the bank for the most part.
So why take the money? One word: networking.
“When Iconiq comes knocking, you have to think twice before saying no,” said van der Does of the latest round to The Wall Street Journal. “It’s significant to land them and allows us to have investors now represented worldwide.”
And he likely has a point. Iconiq invests for Facebook’s Mark Zuckerberg and Zynga’s Mark Picus, among others. And its investments are also quite well-known, with stakes in firms ranging from the Valley’s DocuSign to India’s emerging eCommerce power Flipkart.
What to do with all that money they technically don’t need? The firm intends to build out as a POS solution for physical retailers.
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