The Dutch payments firm Adyen is making U.S. inroads, collecting more U.S. companies as customers this year, including employee search firm Indeed; retailer Crate and Barrel and streaming service Fubo.

Adyen reported winning those new clients as part of a second-quarter earnings report Thursday, also noting that its North American revenue shot up 30% to 243.9 million euros ($268.26 million) for the first six months of 2024, compared to the same period in 2023.

The payments company also benefited from long-time U.S. customers, including San Jose, California-based auction site eBay, company’s chief financial officer said on a call to discuss second-quarter results. “EBay volumes have grown in the first half sequentially,” Adyen CFO Ethan Tandowsky said in the earnings call Thursday.

Adyen provides e-commerce and mobile payments processing services, as well as point-of-sale services to merchants and online retailers. The company has previously laid out its North American growth ambitions, noting a list of clients that also includes McDonald’s, Microsoft, Uber, Spotify and Etsy.

Adyen does not disclose U.S. earnings figures, but the company’s executives credited growth in North America to clients based in the United States.

“We continue to grow and win with domestic players,” Adyen Co-CEO Ingo Uytdehaage said during Thursday's first half earnings call.

While Adyen is based in Amsterdam, it has a regional headquarters in San Francisco.

The company has branched out to find new sources of revenue, Tandowsky said in Thursday’s earnings call. This customers that included the sporting goods seller Scheels, which is based in Fargo, North Dakota, and Northbrook, Illinois-based Crate and Barrel, he said.

“We’re especially proud that we were able to gain market share, both with our existing customers and with new wins,” Tandowsky said. “If you look at where we are growing, you can see we are diversifying across more and more verticals.”

Adyen also delved into streaming services by attracting New York-based Fubo, a streaming service known for carrying sports-focused channels like ESPN, ESPN 2, Fox Sports, NBC Sports and CBS Sports.

Analysts were largely upbeat about Adyen’s first half performance, with many citing the company’s U.S. revenue growth. “Execution remains solid with continued strength in North America,” TD Cowen’s Bryan Bergin wrote in a note to investors.

Adyen reported a total net revenue of 913.4 million euros ($1 billion) in the first half of 2024, up 24% from the same period last year.

By Patrick Cooley on Aug 19, 2024
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