Adyen Adds New Funding From Iconiq, Values Dutch Payment Group At $2.3B
Adyen, a payment startup based in Amsterdam that provides services for companies like Facebook, Uber and Netflix, made waves last year when it announced a $250 million Series B that valued it at $1.5 billion.
Context & Ripple Effects
Adyen's new Iconiq round lands on top of strong operating momentum: the company had already reported doubling 2015 revenues to $350M while handling $50B in transactions, up from $25B the prior year. The $2.3B valuation is a step up from the $1.5B set by its $250M Series B, with Facebook, Uber and Netflix cited among the merchants it processes for.
First-order effects
- Adyen secures additional growth capital at a 53% higher valuation than its Series B, extending its runway as a private company while its merchant roster includes Facebook, Uber and Netflix.
- Iconiq takes a fresh stake in one of Europe's fastest-scaling payment processors, betting on the revenue curve rather than an imminent exit.
Second-order effects
- The growth capital supports the trajectory that follows in the corpus: Adyen reports 2016 revenue up 99% YoY to $727M, and management states at that point there are still no IPO plans.
- Rival payment processors competing for large platform merchants now face a well-funded Dutch competitor whose transaction volume had already doubled twice in two years.
Third-order effects
- When Adyen does go public, it chooses Euronext Amsterdam over a US listing, and its debut up 67% at €400 per share plus post-IPO results showing H1 revenue growth of 67.3% validate Amsterdam as a viable home exchange for European fintech at scale.
The trend: European payment infrastructure is moving from private growth rounds priced on hypergrowth to home-market public listings, with Euronext Amsterdam emerging as the venue of choice.