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.
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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
