Economy Dutch fintech firm Adyen first-half core earnings jump 79%

Dutch fintech firm Adyen first-half core earnings jump 79%

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Dutch fintech firm Adyen first-half core earnings jump 79%

Adyen (ADYEN.AS), a Dutch fintech company that processes payments for online merchants including Facebook and Netflix, on Thursday posted a 79% jump in core profits, driven by a higher volume of transactions handled for existing customers.

First-half core earnings (EBITDA) at Adyen, which became one of Europe’s better-known fintech firms after a spectacular stock market flotation in June 2018, reached 125.8 million euros ($139 million), up from 70.3 million a year before.

Adyen said it added new customers during the half including North Face and Timberlane. It also added new payments methods to its platform, including local deals with Apple Pay and Google Pay, as well as Open Banking in Britain and M-Pesa in Kenya.

Adyen’s pitch to its merchant customers is that it is able to juggle nearly any kind of payment shoppers may use, routing them quickly through its single platform with fewer errors than incumbent competitors.

The company grew strongly in all key metrics, with net revenue up 41% to 222.1 million euros and net profit up 92%.

Growth was “predominantly due to enterprise merchants already on our platform,” the company said in a letter to shareholders signed by CEO Pieter van der Does.

“This growth came in the form of the organic growth of these merchants, as well as through winning additional volume with them in new geographies, channels, and product lines.”

Adyen processed 104.6 billion euros worth of payments in the first half, up from 70 billion euros in the first half of 2018.

Shares, issued last year at 240 euros, closed at 677.40 on Wednesday, up 42 percent year to date.

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