Payments technology provider Adyen said it reached a key milestone today as it continues to expand into the retail and fashion space with clients such as Burberry, Tory Burch, L’Oréal, Kit and Ace and Scotch & Soda, among others.
The San Francisco-based company said transaction volume grew to $90 billion in 2016 — an 80 percent year-over-year gain.
Pieter van der Does, cofounder and chief executive officer of Adyen, said the “opportunity for disruption and innovation in global payments is like no other market in the world today.”
The ceo went on to note that the company has become “the partner of choice for companies looking to expand globally, and we’re now seeing real growth in our next big area of focus, the in-store retail payment experience.” The company said its in-store point-of-sale solution has “expanded to over 2,700 live stores in U.S. and Europe.”
As previously reported, Adyen is also expanding its geographic footprint. In 2016, the company expanded its payments capabilities across the U.S., in Australia, Hong Kong and in Brazil. “Additionally, [Adyen] continued to add local payment methods in key markets — including WeChatPay in China and Oxxo in Mexico,” the company said, adding that it positions itself as “a single global and end-to-end platform, which enables the company to increase overall conversions rates for its customers by 1.4 percent.”
Although it doesn’t release financial details, the company said it was profitable in 2016. And it’s been profitable since 2011. The company was founded in 2006.
Kamran Zaki, president of North America at Adyen, told WWD the market demand for omnichannel retailing is one of the key drivers of the company’s growth. Zaki, who formerly served in executive positions at Netflix and Paypal, among others, said, “We offer a single platform that is global, which compares to [companies relying on] multiple platforms across multiple countries.” Zaki added that clients are also able to use data generated by the platform to help inform merchandising decisions and to help streamline the customer experience.