Adyen aims to expand its footprint in Asia, with plans to increase its head count — from software engineers to salespeople — as well to acquire the necessary financial license.
Founded in 2006, Adyen began as a payment gateway service, allowing e-commerce sites and app operators to plug in various payment methods, such as credit cards, online banking, and digital wallets.
Euronext Amsterdam-listed company, which handles transactions for clients like Uber Technologies and Amazon Japan, processed 516 billion euros ($720 billion) worth of transactions last year globally, with the contribution from non-European markets, including the Asia-Pacific, topping 40% of the total for the first time.
Asia-Pacific markets contributed 11% to the company’s net revenue, making it the third-largest market after Europe, at 57%, and North America, at 25%. The Asia-Pacific had the fastest year-on-year growth rate, at 53%.
Adyen has expanded to eight cities, including Singapore, Hong Kong, Mumbai, Tokyo and Kuala Lumpur.
Adyen aims to fill over 350 positions globally, with around 10% of the hiring to take place in Asia-Pacific markets.
Adyen’s focus in Asia comes as payment demand in the region expands on the back of digitization, with players like Ant Group, the fintech affiliate of Chinese tech giant Alibaba Group Holding, as well as Western companies like Stripe entering the market.
Adyen has broadened its services, acquiring its own banking licenses, which allows it to process merchant payments almost instantly, rather than relying on banking partners to handle settlements over several days.
Adyen is already profitable and has a strong balance sheet. For the first half of this year, its net revenue was 608 million euros, up 37% from a year earlier, while its net income stood at 282 million euros, up 38%.