October 1, 2015
Iconiq, an investment fund backed by some of the biggest names of Silicon Valley including Mark Zuckerberg and Jack Dorsey, has invested in a Dutch payment firm called Adyen which is valued at $2.3 billion. The size of the investment has not been specified.
As stated by the company, Adyen enables businesses to process payments across online, mobile and POS with over 250 payment methods and 187 transaction currencies. Headquartered in Amsterdam and San Francisco, with offices across North America, South America, Europe and Asia, Adyen serves more than 3,500 businesses and four of the five largest US Internet companies, including brands such as Facebook, Uber, Airbnb, Netflix, Spotify, Dropbox, Groupon, Evernote, Booking.com, Viagogo, Yelp, Vodafone, Mango, O’Neill, SoundCloud, KLM and JustFab. Adyen is a leading technology provider powering payments for global commerce.
According to the official website, in 2014, Adyen North America—one of the company’s fastest-growing regions—quadrupled the payment transaction volume of US-based customers over the previous year. The latest funding comes just nine months after the Series B funding round in December 2014 which was led by General Atlantic’s $250 million.
In 2014, the company processed $25 billion in payments transactions achieving more than 100% revenue growth. However, the firm's CEO, Pieter van der Does, said that Adyen was processing total transactions of about $45 billion per year at the current run rate. The company expects to generate revenues of $368M in 2015, up from $167M last year. This year, it forecasts an EBITDA of $44M. Ayden’s CEO also added that many of the people behind Iconiq are the firm’s clients and they decided to invest because they saw the benefits of the company’s technology.
Pieter van der Does also shared with FT that Adyen had not been looking to raise funds at this stage, but the opportunity was impossible to ignore. If Iconiq wants to invest in you, you’re not going to say no, he said. Iconiq is the most connected network in the Valley and it’s a massive vote of confidence that they have invested in us.