Posted on Wednesday, May 23rd 2018
According to data platform PitchBook, there are nearly 30 private FinTech startups that are valued at or above $1 billion. One of them is Billion Dollar Unicorn Adyen that is expected to go public soon.
Amsterdam-based Adyen was founded in 2006 by Pieter van der Does and Arnout Schuijff to deliver a solution that would offer more flexibility and transparency to e-commerce transactions. Adyen offers an online payment service that provides a modern end-to-end infrastructure connecting directly to Visa, Mastercard, and consumers’ globally preferred payment methods.
Adyen recently expanded its unified commerce offering to Canada. It has now attained full coverage in North America and Europe. Earlier this year, Adyen launched its point-of-sale solution in Singapore and expanded into New Zealand. It now supports over 250 payment methods and most of the world’s currencies across four continents.
Besides payment solutions, Adyen also provides analytics and risk management capabilities. Today, Adyen has more than 5,000 customers globally including Microsoft, Samsung, LinkedIn, Spotify, Twitter, Facebook, Netflix, Casper, Bonobos, L’Oreal SA, and Burberry Group, to name a few.
In a huge win early this year, eBay announced that it will be using Adyen as its primary payments processor instead of PayPal, which eBay spun out nearly three years ago.
Adyen makes its revenues from processing fees and payment method fees per transaction. It recently announced that it generated revenue of $1.14 billion, up 55% from $727 million in 2016. it processed $122 billion in volume for merchants in 2017, up 61%.
For 2016, Adyen had reported that its revenues net of transaction costs grew 65% to $178 million, and its EBITDA was $87 million compared with $46 million in 2015. Adyen has been profitable since 2011.
The company is profitable and delivering substantial revenues and good growth and has avoided corrupting its cap table by taking in exorbitant amounts of capital at ridiculous valuations. It has so far raised $266 million from investors including Temasek Holdings, Felicis Ventures, and General Atlantic. Its last funding round was held in October 2015, when it raised an undisclosed at a valuation of $2.3 billion. Earlier rounds had valued the company at $1.5 billion.
There is a lot of consolidation happening in the European online payment space. Just last week, PayPal announced the acquisition of Swedish mobile payments company iZettle for $2.2 billion, roughly double the expected valuation through a planned IPO. While PayPal is used by major retailers around the world, including Walmart and Best Buy, iZettle is focused more on small-to-medium-sized firms.
There was speculation earlier that PayPal wanted to buy Adyen, but Adyen wanted to remain an independent company. Adyen is now reported to be looking at an IPO as early as June this year but there have not yet been any formal announcements.
More investigation and analysis of Unicorn companies can be found in my latest Entrepreneur Journeys book, Billion Dollar Unicorns.
This segment is a part in the series : Billion Dollar Unicorns
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