Adyen expects 2024 revenue to continue to grow, building on a successful close to 2023 and driven by continuing business from existing partners.
The Dutch company, a B2B fintech and payments platform provider, outlined Q1 net revenue year-on-year growth of 21% to €438m, although this would have been unchanged on a constant currency basis.
North America was a standout region for the firm, highlighted as its ‘fastest-growing’ market. Revenue growth was driven by a YOY increase in processed volume of 46% to €297.8bn, with 80% of this coming from the firm’s existing partners.
The company has inked payments partnerships with a range of high-profile companies during its 18-year existence. Notable clients include eBay, McDonalds, Spotify and Uber.
A breakdown of the firm’s services saw digital processed volume rise 51%, attributed by the company from an expansion of an unnamed digital customer in the second half of last year.
“While this customer demographic drove a volume push, it is important to note that volume and net revenue growth do not always move in parallel,” its Q1 report stated.
“This variance is a natural outcome of merchant mix as well as growth within our established customer base, which we have always embraced and encouraged.”
Platform growth meanwhile stood at 55% YOY, with volume growing 116%, with the exception of eBay. The company states that it sees continuing momentum in the sector.
Concluding its summary of Q1, the firm’s objectives moving forward remain unchanged, projecting that net revenue will grow ‘between the low twenties and high-twenties’ in terms of percentage, up to and including 2026.
Adyen added that improving the EBITDA margin above 50% in 2026 and maintaining a sustainable capital exposure level of up to 5% of its net revenue are additional goals.
