Dutch payments fintech Adyen has reported a 20% year-over-year rise in net revenue for Q3 2024.
In its latest financial report, Adyen revealed net revenue reached €498.3m for the quarter, reflecting a 21% year-over-year growth on a constant currency basis.
The company attributes this growth to ongoing trends, including wallet share expansion, further diversification in its merchant mix, and the acquisition of new business, with existing customers continuing to contribute the majority of growth.
One way Adyen recently diversified its partner portfolio was with gaming fintech Aghanim, further widening the breadth of industries the former is involved in.
Ethan Tandowsky, CFO of Adyen, commented: “As we continue to build Adyen for the long-term, the third quarter of 2024 marked a period of strong growth and continued innovation.
“Our net revenue growth of 21% at constant currency was driven by our ability to consistently execute on our land-and-expand strategy with our existing customers, in-line with the building blocks that we outlined in 2023.”
The report also outlined that processed volume for the quarter hit €320.6bn, marking a 32% YoY increase.
Platforms remained Adyen’s fastest-growing pillar as the company scaled its customer base. Processed volume for Platforms was up 44% YoY, and excluding eBay, growth was 54% YoY.
Furthermore, the number of platforms processing over €1bn annually increased to 25, up from 17 the previous year, while the total number of transacting terminals reached 182k, up 77k YoY.
Unified commerce also saw strong growth, up 33% YoY, with large-format retail and hospitality among the fastest-growing verticals. The appeal of Adyen’s omnichannel offering continues to broaden, with 559 customers now processing across multiple regions, an increase of 91 YoY. Additionally, 74 new customers are now processing across channels at scale since Q3 2023, bringing the total to 382.
Meanwhile, the company’s digital segment showed consistent underlying growth, rising 29% YoY.
Looking forward, Adyen did not see any business developments in Q3 2024 that would lead to an update in its guidance. As such, the company’s financial objectives remain unchanged.
Adyen continues to target net revenue growth in the low-to-mid 20% annually through 2026. The company also aims to improve its EBITDA margin to above 50% by 2026. Capital expenditure is expected to remain sustainable, targeting up to 5% of net revenue.
Tandowsky concluded: “As we look towards the end of the year and into 2025, we remain confident in the vast opportunity ahead and in our ability to continue executing on our long-term vision.”
