Take Adyen, a B2B payment processor - valued at $45B, and a company that we can no longer ignore when talking about Stripe. Founded a few years before Stripe, IPO’d in 2018, processing a similar volume and growing faster in 2022 than Stripe.
In 2022: processed €767.5B. Net revenue €1.3B. EBITDA of €728.3M. EBIDTA margin of 55% - similar to that of eg Visa or MasterCard.
The difference? Cost basis.
Adyen employs about half the people as Stripe, mostly in Europe (their HQ is in Amsterdam). It’s not just fewer people, but, most likely, lower cost per employee (European HQ vs US HQ, and the wage difference between the two).
They offer lower rates, collect less net revenue, and have a far bigger profit than Stripe.
Source on Adyen’s numbers: their annual report https://www.adyen.com/press-and-media/adyen-publishes-h2-202...
In 2022: processed €767.5B. Net revenue €1.3B. EBITDA of €728.3M. EBIDTA margin of 55% - similar to that of eg Visa or MasterCard.
The difference? Cost basis.
Adyen employs about half the people as Stripe, mostly in Europe (their HQ is in Amsterdam). It’s not just fewer people, but, most likely, lower cost per employee (European HQ vs US HQ, and the wage difference between the two).
They offer lower rates, collect less net revenue, and have a far bigger profit than Stripe.
Source on Adyen’s numbers: their annual report https://www.adyen.com/press-and-media/adyen-publishes-h2-202...