The Dutch payments platform that never took VC-style growth-at-all-costs money — public since 2018, processing well over €1 trillion a year.
Updated · Analysis by Trace Cohen · adyen.com
+18% YoY (+21% constant currency)
+18% YoY (+21% constant currency)
+21% YoY excluding one large customer
up from 50% in FY2024
by Pieter van der Does & Arnout Schuijff
Adyen has traded on Euronext Amsterdam under ticker ADYEN since its June 2018 IPO. As of August 2026 its market capitalization is in the ~€32–34 billion range (~$38 billion), per Euronext trading data — this moves daily with the stock price, so treat it as a snapshot rather than a fixed figure.
Adyen runs a single, unified payments platform (rather than a patchwork of acquired systems) that lets large merchants accept payments across online, in-store, and mobile channels from one integration. It makes money by taking a small percentage of processed volume plus per-transaction and scheme fees, and by selling its own POS terminal hardware for in-person payments.
Its customer base skews toward large global enterprises (Adyen counts Meta, Uber, Spotify, Cash App, and Microsoft among its merchants) rather than SMBs, which is why processed volume (€1.39 trillion in FY2025) is so large relative to headcount — Adyen has historically run with a notably small, engineering-heavy team relative to revenue.
Adyen raised venture funding privately (including from Index Ventures and General Atlantic) before going public on Euronext Amsterdam in June 2018 at an IPO price of €240/share. As a public company it no longer raises private rounds; its 2026 outlook guides to 20–22% constant-currency net revenue growth.
The largest private rival — developer-first payments infrastructure with broader SMB reach.
Consumer-wallet distribution and a competing enterprise processing stack.
Another large private global-enterprise payments processor.
Adyen is the proof case that payments infrastructure doesn't require Stripe- or Brex-style venture burn to win — it IPO'd in 2018, stayed lean, and still processes over €1.3 trillion a year for some of the biggest brands on earth. Its FY2025 numbers (EBITDA margin climbing to 53% even as revenue grew 18%) show real operating leverage, which is rare in payments at this scale. The risk is concentration: a handful of very large enterprise customers drive an outsized share of volume, so any one of them in-housing payments or switching providers moves the number more than at a broader-based competitor like Stripe.
Yes. Adyen has traded on Euronext Amsterdam under the ticker ADYEN since its IPO in June 2018. Its market capitalization was roughly €32–34 billion (about $38 billion) as of August 2026, though this changes daily with the stock price.
Adyen takes a small percentage of the payment volume it processes for merchants, plus per-transaction and card-scheme fees, and sells its own point-of-sale hardware. It runs one unified platform across online, in-store, and mobile payments rather than separate acquired systems.
Adyen processed €1,394.3 billion (about $1.5 trillion) in total payment volume in full-year 2025, up 21% year over year excluding one very large customer, with net revenue of €2,364.2 million, up 18% YoY.
Adyen's main rivals are Stripe (the largest private payments infrastructure company), PayPal/Braintree, and Checkout.com — all competing for large global enterprise merchants.
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Analysis by Trace Cohen · @Trace_Cohen · t@nyvp.com. Figures are as of the update date; verify before relying on them.