Global: Adyen Secures UK Banking License, Expanding Financial Services

Dutch FinTech giant Adyen is embarking on a journey to offer banking services in the United Kingdom after successfully obtaining a banking license from British regulators. This new authorization replaces its earlier temporary permission.

Adyen announced this development in a press release on Thursday, September 7th, highlighting that the newly acquired banking license complements its global end-to-end financial technology capabilities. As a local acquirer, Adyen is committed to maintaining full control over its offerings, ensuring that U.K. customers can continue to enjoy the benefits of its hallmark speed, flexibility, and reliability.

This banking license empowers Adyen to continue providing its comprehensive suite of embedded financial services to its U.K. customer base. This suite encompasses bank accounts, virtual or physical cards, and capital services, offering a holistic financial experience.

Chief Risk and Compliance Officer of Adyen, Mariëtte Swart, expressed the company’s dedication to enhancing customer experiences, stating, “Our focus is always on providing our customers with technology that helps them excel. The U.K. is a key market for Adyen, and we’re excited to cement our position here with this banking authorization. It will strengthen our ability to help domestic and international businesses achieve their ambitions faster.”

Adyen, which went public five years ago, has attracted a roster of high-profile clients, including Microsoft, Instacart, and Subway. It operates as an all-in-one payments processor, facilitating payments across online, mobile, and in-store channels. Its robust infrastructure is integrated with major payment methods such as Visa and Mastercard.

The announcement of the banking license comes amid Adyen’s response to the aftermath of an August earnings report that caused its stock price to decline. The company cited factors such as rising hiring costs and slower growth in the United States, where it competes with giants like PayPal, as reasons for falling short of internal targets. Consequently, Adyen’s stock price experienced a 44% decline.

The company is actively engaging with investors through a roadshow and has scheduled an investor day for November.