FRANKFURT (Reuters) - Adyen, one of Europe’s biggest fintech start-ups, said on Thursday that annual revenue doubled to around 330 million euros ($360 million) in 2015, leading profits to nearly triple to 40 million euros compared with a year ago.
The Dutch company, a rival to Worldpay, PayPal and Square said transaction volumes running via its payments platform doubled to 50 billion euros, resulting in a tripling of profits thanks to mounting economies of scale.
Adyen, which is backed by top venture capital firms and wealthy tech investors including Facebook’s Mark Zuckerberg, said profits last year rose to 40 million euros from 13.6 million in 2014, an increase of just under 200 percent.
The company has been profitable since 2011. The latest results are preliminary, pending a final audit, it said.
Growth came from new customers and increased business from existing customers and expansion of its point-of-sale services into the U.S. market in 2015 and in Australia, a market it has only recently entered. Adyen has 380 employees in 11 countries.
In 2015, Adyen signed up 10 new airlines including Cathay Pacific and easyJet, e-commerce firms Netflix, Dropbox and Eventbrite and retail customers such as Burton, Gant, Etam et Celio and Camper. Existing clients include Facebook, Uber [UBER.UL], Airbnb, and Priceline’s Booking.com. Last September, Adyen said it was valued at around 2 billion euros ($2.3 billion) after its latest funding round from Iconiq Capital, the investment vehicle of Zuckerberg and several other Silicon Valley billionaires. It previously received backing from Index Ventures, General Atlantic and Temasek Holdings.
Chief Executive Pieter van der Does said at that time that Adyen was working to become a full-service payments provider for retailers and online merchants globally and was prepared to wait up to two or three years before seeking a stock market listing.
($1 = 0.9153 euros)
Editing by Maria Sheahan