Competing against the likes of Worldpay and PayPal, Adyen reported net revenues for FY2017 of €218 million, up 38% on 2016, and net income of €24.1 million. The company is handling exponential growth in payments volumes as more consumers shop online, rising to €108 billion in 2017 against €66 billion in 2016, a 63% growth curve.
The firm – which scored a notable coup earlier this year to knock Paypal off its perch as the primary payment method on eBay – already processes payments made over a host of popular gig economy and media platforms, including Spotify, Uber and Facebook.
The company has also secured a banking license, which will see it compete with major banks in the settlement arena.
“We feel that we are still in the early stages of a remarkable journey. Our focus remains on building new functionality and on helping our merchants grow,” says CEO and co-founder Pieter van der Does. “This offering provides us with the freedom to keep building the company, while offering our shareholders a path to liquidity. Adyen will remain a company that is driven by a long-term vision and strategy.”
The IPO comes at a frenzied time in the payments processing space, which has been consolidating rapidly in the wake of a rash of mergers and takeovers over the past year.