Adyen, the start-up that processes payments for the likes of Netflix, Uber and Facebook, saw a 99 percent surge in revenues in 2016, the company announced on Wednesday.
The Dutch firm, which is valued at $2.3 billion, posted revenues of $727 million last year, up from $365 million in 2015. Adyen also recently announced that it processed $90 billion worth of transactions in 2016, an 80 percent year-on-year rise.
Pieter van der Does, chief executive of Adyen, said the growth has been driven by higher volumes in the U.S., a territory it has not typically had a big footprint in.
“Historically we were stronger in Europe now the U.S. is very strong in terms of growth. We have been expanding our footprint in Asia and Latin America. Part of the growth is down to more volume, part of it is the increase of geographical footprint,” van der Does told CNBC in an interview on Wednesday.
A lot of American clients who had been trusting Adyen to process their international payments gave their domestic volume to the company, the CEO added.
Selling point of sale (POS) systems – hardware such as card readers – has also boosted the company’s top line but still only accounts for “single-digit revenue” percentage, van der Does said.
Adyen is going to focus on investing in Asia and so-called “omnichannel” – serving customers both online and in-store.
The Dutch start-up has been profitable since 2011 but said that it’s not the focus this year. Van der Does also said that an initial public offering is not on the cards.
“Currently I think it would be extremely bad timing because we are investing so much and focusing so much on the business,” the CEO told CNBC.
Van der Does admitted that due to the rapid pace of growth the company has seen in past years, revenues rises in percentage times will slow down, but “absolute growth” will remain strong.
