Global Fintech Adyen Releases H1 2023 Financial Results

Adyen (AMS: ADYEN) displayed continued growth and remained in investment mode, scaling the Adyen team to further position itself to capture its long-term opportunity.

As mentioned in the announcement by Adyen, the key H1 2023 figures are as follows:

  • Processed volume was €426.0 billion, up 23% year-on-year. Of these volumes, total point-of-sale volumes were €67.0 billion, up 49% year-on-year
  • Net revenue was €739.1 million, up 21% year-on-year
  • EBITDA was €320.0 million, down 10% year-on-year. This figure was primarily  impacted by increased wages and salaries stemming from Adyen’s investmentsinto scaling its global team for the long term
  • Following these investments, EBITDA margin landed at 43%
  • Free cash flow conversion ratio was 77%, with CapEx at 7.6% of net revenue

Shareholder letter & interim financial results

You may find their full H1 2023 financial results and accompanying shareholder letter here.

As noted in the update, Adyen claims it is “the financial technology platform of choice for leading companies.”

By providing end-to-end payments capabilities, data-driven insights, and financial products in a single global solution, Adyen helps businesses “achieve their ambitions faster.”

With offices around the world, Adyen works “with the likes of Meta, Uber, H&M, eBay, and Microsoft.”

As reported, Adyen, the global financial technology platform of choice for leading businesses, is among the first “to complete testing and receive certification to utilize the FedNow(R) Service, the Federal Reserve’s instant payment infrastructure launching in July 2023.”

Adyen obtained a U.S. banking branch license “in 2021, a reflection of the company’s long-standing commitment to commercially investing in the North America region.”

By becoming one of the first industry players able to access the FedNow Service, Adyen looks forward to meeting U.S. merchant needs “through expanded real time payments and utilizing the financial technology platform’s payout capabilities.”

Davi Strazza, President of Adyen North America, said:

“Businesses are always on the lookout for faster and more efficient ways to move money. The FedNow Service solves that very problem and we are excited to be an early adopter of the service. Adyen’s historical investments into North America have put us in an exciting position today: as one of the only Fintech companies with a local branch license, we are qualified to join the Federal Reserve’s new instant payments infrastructure. Combined with our suite of products on payments and embedded finance, we can offer businesses a wide variety of powerful tools to thrive in today’s competitive market.”

To achieve FedNow Service certification, Adyen completed “a comprehensive testing curriculum and demonstrated to the Federal Reserve that its payment services fulfilled a checklist of requirements to confirm the ability to operate in a 24x7x365 environment.”

Moving forward, Adyen will aim to “streamline cash flow for its customers, improve corporate treasury management, and enable instant funds movement between financial institutions. This innovation sits at the forefront of payments and payout services by securely and reliably operating 365 days a year, 24 hours a day.”

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