Dutch payments firm Adyen saw its digital processed volume leap 51% year over year during the first three months of 2024.
This happened during a quarter in which the company’s total processed volume rose 46% year over year, Adyen said in a business update released Thursday (April 25).
Adyen attributed the rise in digital processed volume to the expansion of an unnamed existing digital customer as well as accelerated volume from other large enterprise merchants, according to the business update.
“We think that we offer a premium proposition, and we price for that,” Ethan Tandowsky, chief financial officer at Adyen, said Thursday during the company’s quarterly earnings call. “I think it is really a strong proof point that these customers are willing to expand wallet share with us and bring more of their business onto the Adyen platform.”
Together with digital, Adyen saw broad-based growth across its other businesses as well, Tandowsky said.
Adyen’s unified commerce processed volume grew 30% year over year in the first quarter, with point-of-sale (POS) volumes growing faster than eCommerce volumes “as consumer expectations increasingly turned towards hybrid physical and digital experiences,” per the business update.
The company’s platforms processed volume jumped 55% year over year. Adyen said in the business update that this growth was driven by the addition of 58,000 platform business customers over the past 12 months, bringing the total number to 96,000, and a “growing appetite for platforms from both enterprises and SMBs.”
“In terms of new verticals and new markets that could be unlocked by a lower take rate, here we really look at, ‘Is payments strategic for an industry?’ I think over time we’ve seen that payments has become more strategic for more industries, even breaking into things like everyday retail,” Tandowsky said during the call.
Looking ahead, Adyen expects its annual net revenue growth up to an including 2026 to be between the low twenties and high twenties percent, according to the business update.
“Our growth thus far is in line with our expectation for the full year, and it gives us the confidence that we’re on track to meet that low end of the guidance range,” Tandowsky said during the call.