The Ledger
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Uytdehaage: Only Adyen and Stripe globally invest in fintech infrastructure
“Because I think we are the only two companies globally that are investing in technology, in financial technology.”
Chamath: Adyen is the only company with AI in production at scale
“He may be the first, I mean, Adyen, I think, is the first and really only company that's implemented AI in production at scale.”
Chamath: Stripe is worth $25B, a 50% markdown from its recent valuation
“And I think the answer is that Stripe at that fifty billion dollar round, fifty-five billion dollar round is worth twenty-five billion. So there's a 50% markdown right there.”
Uytdehaage predicts public and private fintech valuation gaps will rationalize
“I think so. Ultimately, if we're both public you're going to compare the same numbers and it's a combination of growth rate and profitability.”
Uytdehaage: Adyen has a US banking license and direct Fed access
“So in the US we have our own access to the FED. We have a license, a banking license in the US. So we don't need commercial banks to be successful.”
Adyen will not launch its own stablecoin but considers partnering with stablecoins
“No, I think we would consider working with stable coins.”
Uytdehaage: Most Adyen volume comes from displacing legacy banks
“But if you see where we win most of our business, it's with the traditional businesses. So indeed, the incumbents, the banks, that's where volume comes from.”
Chamath: Payment processors like Stripe and Adyen fundamentally lack pricing power
“The thing to remember about all these businesses, Stripe, Adyen, PayPal, is that they're middlemen businesses, which by definition means that they don't have pricing power. They actually have to reflect the prevalent pricing power of the incumbent sponsors of …”
Uytdehaage: Chinese domestic market is super difficult for payment providers
“I think the Chinese domestic market is a super difficult market to be active.”
Uytdehaage says Adyen does not need a US stock listing
“If I would list in the U.S., like, if there would be no liquidity in Europe, I would list in the U.S., but there is sufficient liquidity in Europe, so you need to have certain size, but we have the size. There is liquidity, liquidity, so it's not needed.”
Uytdehaage: Adyen secured Indian licenses and local data center infrastructure
“We have local data centers now in India. We got all the licenses and we're one of the few international companies, maybe the only one right now that can offer this to international companies that want to go domestic or international companies that want to go c…”
Uytdehaage: Adyen has over one billion unique shoppers on its platform
“The data set that we sit on, like we have, I think, over a billion unique shoppers in our platform, so it's a billion humans.”
Uytdehaage: Adyen's China strategy focuses on merchants expanding to US
“We have a huge team in China selling basically to Chinese merchants that want to go here in the US.”
Chamath: Adyen processed nearly €1T volume with 46% EBITDA margin in 2023
“In 2023, Adyen processed nearly a trillion euro in payment volume. They had net revenue of 1.6 billion euros and an EBITDA, Jesus Christ, EBITDA of seven hundred and forty three million euros, a 46% EBITDA margin.”
The US accounts for over one-third of Adyen's total revenue
“Already one third of our total revenues at the US.”
Adyen's AI U.S. debit routing yields 20%+ cost savings for merchants
“We just also launched a new way of U.S. Debit routing in the U.S. Where AI helps us to make the best trade-off for merchants to lower the cost, so you get a 20% plus lower cost if you route that well, and at the same time higher authorization rates.”
Chamath: Adyen and Stripe will process almost $2 trillion in volume
“Adyen and Stripe are gonna process two trillion dollars almost.”
Chamath: Adyen charges enterprise customers roughly 1.3% to 1.4% per transaction
“Whereas if you go to the head, I think Adyen is charging like 1.3 or four percent.”