LONDON — Dutch payments business Adyen doubled revenue last year to $727 million (£583 million), the company announced on Wednesday.
Founded in 2006, Adyen was valued at $2.3 billion (£1.8 billion) in 2015 in an investment round led by Iconiq Capital, a Silicon Valley fund backed by an incredible lineup of billionaires including Facebook’s Mark Zuckerberg and Twitter cofounder Jack Dorsey. Adyen announced in February that transaction volumes grew by 80% last year to hit $90 billion (£72.8 billion).
Revenue at the company jumped from $365 million (£292.8 million) in 2015 to $727 million (£583 million) in 2016.
CCO Roelant Prins told Business Insider: “One of the trends from this is we’ve been growing a lot outside of Europe. We now do much more in the US but also Latin America and Asia.”
The company has around 500 employees globally, meaning Adyen made $1.4 million (£1.1 million) in revenue per employee last year — an insanely high amount.
Prins says: “It’s an interesting number, especially if you look at some of the other companies out there in the tech space. They don’t have these numbers.”
Adyen, headquartered in Amsterdam, is a tech-focused payments business that lets companies manage all their various payments streams on one platform, which covers different geographies and both online and offline sales. It is hugely popular with digital businesses and counts Uber, Airbnb, Netflix, Spotify, and Facebook as key customers.
The company announced on Wednesday that it has since signed new customers including office provider WeWork, makeup brand Sephora, anti-virus software provider Symantec, and Microsoft.
Prins told BI that Adyen was aiming for equally strong revenue growth in 2017 and would achieve this through more international expansion and by targeting more traditional, offline retailers.
He said the high revenue per employee figure came from increased automation within the business.
“We’re hyper focused on automating as much as we can,” Prins said. “You think about anything around settlement reporting or managing anomalies like chargebacks or handling certain payment methods.
“It’s an important number for us because a really high objective for us is to automate as much as we can and therefore we’ll really be a cost leader in this space.”