Adyen

One platform for online, in-store and mobile payments — then a take rate on every euro of volume: Adyen N.V. (Euronext: ADYEN) runs end-to-end acquiring and financial products on a single global stack, prices cards with Interchange++ (issuer interchange + scheme fees + Adyen's acquirer markup, typically shown as about $0.13 + 0.60% plus pass-throughs, with no setup or monthly fees), and earns net revenue equal to roughly 17.0 basis points of processed volume in FY2025. Merchants sit in Digital, Unified Commerce or Platforms pillars; platforms attach Issuing, Capital and business accounts; Intelligent Money Movement and Adyen Agentic extend the same stack. In 2025 Adyen processed €1.39 trillion, booked €2.36 billion of net revenue and a 53% EBITDA margin; H1 2026 volume grew 24% to €804 billion with net revenue €1.30 billion (+19%).

Business Model Canvas
Adyen
Research date: Oct 8, 2026
Evidence-backed · sources in companion brief

Key Partners

  • Visa / Mastercard schemes (FACT).
  • Local banks & clearing (e.g. France, UAE licence) (FACT).
  • Toast global partnership → U.S. (FACT, H1'26).
  • 31 Platforms customers >€1bn volume (FACT).
  • Agentic partners — OpenAI, Google, Cloudflare… (FACT).

Key Activities

  • Full-stack acquiring online + POS (FACT).
  • Uplift / Dynamic ID / Personalize (FACT).
  • Platforms — Issuing 8×, Capital, accounts (FACT).
  • Intelligent Money Movement (FACT).
  • Agentic commerce + Talon.One / Orb (FACT).

Key Resources

  • Single in-house tech + banking stack (FACT).
  • Unified transaction dataset → Uplift (FACT).
  • Full-stack share 84% of volume (FACT).
  • 53% EBITDA · 87% FCF conversion (FY2025) (FACT).
  • Euronext ADYEN + global licences (FACT).

Value Propositions

  • One integration · no setup/monthly fees (FACT).
  • Online + POS unified commerce (FACT).
  • Interchange++ fee transparency (FACT).
  • Uplift — conversion ↑ · cost ↓ (FACT).
  • Embedded Issuing / Capital / accounts (FACT).

Customer Relationships

  • Sales-led · custom pricing (FACT).
  • Grow share of wallet with existing merchants (FACT).
  • Volume tiers lower bps, raise absolute NR (FACT).
  • Attach Issuing / Capital / money movement (FACT).
  • Co-CEOs van der Does & Uytdehaage (FACT).

Channels

  • adyen.com → contact sales (FACT).
  • Platform / ISV embed (Toast, SaaS) (FACT).
  • Developer docs & APIs (FACT).
  • IR / Investor Day as CFO channel (FACT).
  • Marquee logo social proof (FACT).

Customer Segments

  • Digital · Unified Commerce · Platforms (FACT).
  • Enterprise logos — Meta, Uber, Microsoft… (FACT).
  • Omnichannel retail / Starbucks-scale POS (FACT).
  • SaaS platforms embedding Adyen (FACT).
  • Public sector (GOV.UK Pay) (FACT, H1'26).

Cost Structure

  • Interchange/scheme largely pass-through (FACT).
  • CapEx ~5% NR (2025) → ~7% guided 2026 (FACT).
  • Single-platform operating leverage (FACT).
  • H1'26 — 50% EBITDA ex one-time M&A (FACT).
  • People · licences · GTM (FACT/INFERENCE).

Revenue Streams

  • Interchange++ markup + method fees (FACT).
  • FY2025 take rate 17.0 bps (FACT).
  • Pillars — Digital · UC · Platforms (FACT).
  • €12.6M embedded net interest (FACT).
  • H1'26 NR €1.30B on €804B volume (FACT).
Sources: help.adyen.com/knowledge/payment-methods · adyen.com/press-and-media/adyen-publishes-h1-2026-financial-results-3wjne · adyen.com/press-and-media/adyen-publishes-h2-2025-financial-results-3pgu2 · adyen.com/about · investors.adyen.com/financials/2025 · adyen.com/pricing
Not affiliated with Adyen.
BMC · Osterwalder 9-block · Oct 8, 2026