H2 2020

Shareholder Letter

Customer wearing a mask making a contactless payment at a store.

*Historical figures have been adjusted since prior publications of results.


Business resilience amid global pandemic

  • Substantial net revenue growth (70%) in North America

  • Strong growth in online retail due to accelerated digitization of global commerce

  • Surging ecommerce volumes alongside store reopenings

Strong performance across growth pillars

  • Well-diversified merchant base compensated for declining travel volumes in enterprise

  • Momentum in unified commerce due to acceleration of longer-term tailwinds

  • Growing the mid-market merchant portfolio

Merchant-driven innovation on the single platform

  • Building IdentityRisk — sub-seller fraud checks on Adyen for Platforms

  • Scaling Adyen Issuing — rolling out over 30,000 cards with a single merchant

  • Launched mobile Android POS devices

Scaling the Adyen team and culture

  • Growing the team to 1,747FTE — focus is on scaling the culture

  • The team’s wellbeing as a focal point during COVID-19

  • Global expansion - opening an office in the Middle East

Enterprise

The enterprise space continued to drive the majority of our growth. Our continued success in this space stems from our ability to solve for our merchants’ payment complexities and how we build trusted partnerships with them. We consistently grow with them as they expand to new regions, sales channels, and product lines.

Enterprise volume in EUR billions

blue tomato logo.Crown Digital logo.PICNIC logo.Louis Poulsen logo.Verisure logo.Zee Dog logo.GoPro logobar logo.Thalys logo.

Unified Commmerce

The pandemic further accelerated the trend of merchants opting for a unified commerce approach. We saw that unified commerce merchants were more resilient when dealing with the challenges of the pandemic due to the flexibility of quickly shifting volumes between sales channels.

POS volume evolution, including share of total processed volume in EUR billions

Ralph Lauren logo.Columbia logo.QC TERME logo.Yotel logo.Boulanger logo.Fossil logo.Dick's Sporting Goods logo.Gianvito Rossi logo.

Mid-market

We remain focused on building out our mid-market offering, and supporting these merchants in growing their business while solving for their payment complexities that arise along the way. In line with previous periods, we saw numerous mid-market merchants organically graduate into the enterprise segment.

Mid-market volume in EUR billions. We define mid-market merchants as merchants processing up to €25 million annually on our platform. In H2 2020, 4,278 merchants met this definition.

Babolat logo.flora&fauna logo.Christy Sports logo.Trinny London logo.ATRES player logo.Lakrids by Bulow logo.Tembici logo.LensOnline logo.

Interim Condensed Consolidated Financial Statements H2 2020 Adyen N.V.

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