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Image Source: Pedro Szekely

Fintech unicorn celebrates double digit growth

A global London-based fintech unicorn has announced double digit growth in the first half of the year as it continues to diversify its business.

Adyen, based in Soho, saw continued profitable growth to June, having processed €129.1bn in the period, up 23 per cent year-on-year.

Net revenue for the first half of the year was €279.9m, up 27 per cent year-on-year, with EBITDA at €140.9m.

With many of its day-to-day merchants having to change operations in reaction to Covid-19, Adyen said its product suite was able to rapidly adapt offering increased online volumes more quickly. As stores have started to reopen, Adyen has facilitated more contactless in-store payment set ups.

It said that despite the challenging macroeconomic environment, following an initial dip in March, online retail and digital goods volumes accelerated while travel and in-store volumes slowed down.

Existing merchants contributed to over 80 per cent of Adyen’s growth, while overall merchant concentration continued to decline, and volume churn was below 1 per cent.

Adyen has offices around the world, including a second UK office in Spinningfields, Manchester.

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