Amsterdam-based Adyen, a fintech unicorn, announced on Sunday, October 23, that it has launched two new embedded financial products, Capital and Accounts, for platform and marketplaces businesses in the US and Europe through Adyen’s single integration.
The announcement comes a few weeks after launching its Real-Time Visa Account Updater (VAU) in Europe to assist its clients in increasing revenue and authorisation rates from card-on-file payments by automatically updating Visa accounts in real-time.
According to a recent research by the Dutch payment platform and Boston Consulting Group, 64 percent of small businesses are interested in financial services integrated into a larger platform.
This research indicates a growing demand for platforms offering a one-stop shop for all their business needs.
To capitalise on this opportunity, the Dutch unicorn has developed a suite of financial products comprising cash advances, business bank accounts, and card issuing.
“Platforms are at the centre of a transforming financial services industry – and Adyen is primed to drive this revolution further,” says Adyen’s co-founder and CEO, Pieter van der Does.
“Embedded finance is a logical next step following our embedded payments offering. By historically investing in our banking licences and industry-leading technology, we have positioned ourselves as the sole provider offering a full embedded financial product suite via a single integration. From this vantage, we are excited to seize the opportunity that banking-as-a-service brings,” he adds.
With 94 percent of SMBs interested in cash advance solutions stating they would benefit from pre-approved loans, Capital proactively enables platforms to offer business financing based on historical payment data.
With 72 per cent of SMBs valuing an integrated bank account experience, Adyen’s Accounts product allows users to run their finances where they do business and get instant access to funds.
Issuing, launched earlier this year, completes the offering by enabling users to easily spend their funds on platform-branded payment cards.
Adyen: What you need to know
Founded in 2006 by Pieter van der Does and Arnout Schuijff, Adyen is a payments platform providing end-to-end infrastructure that connects directly to Visa, Mastercard, and other payment methods. It offers payment services across online, mobile, and in-store channels.
The company is operational in the Netherlands, Brazil, Singapore, the UK, Canada, Australia, South Korea, Hong Kong, Mexico, China, New Zealand, Malaysia, India, Japan, and the US. Its customers include Facebook, Uber, Spotify, Casper, Bonobos, and L’Oréal.
In August 2022, Adyen launched its first in-house designed terminals. The terminal range, which runs on Adyen’s single platform, was developed to support a variety of payment use cases and is the most recent development in Adyen’s commercial offering.