Adyen, an Amsterdam-based fintech unicorn, announced on Thursday that it has launched a suite of embedded financial products to enable platforms and marketplaces to create tailored financial experiences for their users, unlock new revenue streams, and increase loyalty.
“We see this step in building out our financial technology platform as a natural evolution of our business,” says Pieter van der Does, CEO and co-founder at Adyen.
“We’re building these products to help businesses achieve their ambitions faster. For platform businesses this means we empower them to become a one-stop-shop for all their users’ needs. We’re uniquely positioned to help them here, combining our technology with our licensing framework,” he adds.
‘Adyen for Platforms’ enables platforms to embed payments into their offering for a unified commerce experience across sales channels and geographies.
The Dutch unicorn also launched ‘Issuing’, enabling platforms to offer their users virtual and physical cards for business transactions and receive funds quickly.
From now, Issuing will be included in a full suite of embedded financial products, with multi-currency accounts, which allows users to receive payments, initiate payouts, and safely store money all in one place.
“This will enable platforms to solidify their relationships with their users while also providing a traditionally underbanked segment, namely small business owners, with the funds needed to build their businesses,” writes Adyen in a press release.
“By building our banking infrastructure, as a part of the single platform, from the ground up, we remove the limitations of legacy financial systems, enabling Adyen to deliver the power of a bank combined with the adaptability of a fintech,” says Thom Ruiter, VP of Banking and Financial Products at Adyen.
“This unique approach means we can offer our platform customers unparalleled flexibility to meet the evolving needs of their user base without the barriers of regulatory complexity, lengthy product development, or sponsor bank restrictions,” he adds.
Last month, Adyen published its H2, 2021, Shareholder letter and financial statements, in which the company revealed that its net revenue for 2021 surpassed the €1B mark.
Earlier this year, Adyen launched mobile Android point of sale (POS) terminals in the EU, UK, and the US. According to Adyen, these multi-purpose terminals will not only reduce the cost of their hardware but also help businesses improve in-person customer experiences.
Adyen: What you need to know
Founded by entrepreneurs Pieter van der Does and Arnout Schuijff in 2006, Adyen is a payments platform providing end-to-end infrastructure connecting directly to Visa, Mastercard and other payment methods. It offers payment services across online, mobile and in-store channels.
The company operates in the Netherlands, Brazil, Singapore, the UK, Canada, Australia, South Korea, Hong Kong, Mexico, China, New Zealand, Malaysia, India, Japan, and the US. Some of its customers include Facebook, Uber, Spotify, Casper, Bonobos, and L’Oréal.
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