Europe's Stripe rival Adyen saw $20 billion wiped off its value in a single day. Here's what's going on
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Spirits were high when Dutch payments firm Adyen floated on the Amsterdam Stock Exchange in 2018.
The company was riding a wave of growth in Europe's technology sector and snapping up competition from its mega U.S. rival PayPal.
Since then, the company has weathered a turbulent ride, includinga global pandemic that knocked volumes from travel clients significantly.
The firm expanded aggressively in North America, where some of its most high-profile merchants are based, and hired hundreds of employees to turbocharge growth.
As the macroeconomic environment shifted in 2023, Adyen's growth strategy has been challenged in a big way.
Company shares plummeted 39% on Thursday, erasing 18 billion euros ($39 billion) from Adyen's market capitalization, as investors dumped the stock after the firm reported its slowest revenue growth on record.
The stock closed down a further 2.9% Friday after the precipitous decline of Thursday.
Identified as one of the top 200 global fintech companies globally by CNBC and Statista, Adyen isa payments services firm that works with customers including Netflix, Meta and Spotify.
It also sells point-of-sale systems for physical stores and handles payments online and in-store.
More than a processor, Adyen is what is known as a payment gateway — meaning that it uses technology to enable merchants to take card payments and transactions through online stores.
The company takes a small cut off every deal that runs through its platform.
It was co-founded by Pieter van der Does, the firm's chief executive officer, and Arnout Schuijff, former chief technology officer.
Adyen last week reported results for the first half of the year that came in well below expectations. The company's revenue of
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