Adyen(AMS: ADYEN) The global financial technology platform of preference for top businesses has announced today that it will be expanding beyond payments to create embedded financial products. These products will allow platforms and marketplaces create customized financial experiences for their customers, such as small businesses owners or individual sellers. This suite of products will enable platforms to unlock new revenue streams, and increase user loyalty.
“By building our banking infrastructure, as a part of the single platform, from the ground up, we remove the limitations of legacy financial systems, enabling Adyen to deliver the power of a bank combined with the adaptability of a fintech,” Thom Ruiter is VP Banking and Financial Products, Adyen. “This unique approach means we can offer our platform customers unparalleled flexibility to meet the evolving needs of their user base without the barriers of regulatory complexity, lengthy product development, or sponsor bank restrictions.”
“We see this step in building out our financial technology platform as a natural evolution of our business,” said Pieter van der Does, CEO and co-founder at Adyen. “We’re building these products to help businesses achieve their ambitions faster. For platform businesses this means we empower them to become a one-stop shop for all their users’ needs. We’re uniquely positioned to help them here, combining our technology with our licensing framework.”
Adyen for Platforms was the company that enabled platforms to integrate payments into their offerings and provide a seamless commerce experience across all sales channels and geographies. As platforms became more popular, the need for greater control over payouts was evident. Adyen launched Issuing in an effort to improve the experience. It allows platforms to offer virtual and physical cards to their users for business transactions and to receive funds quicker.
Issuing will now be part of a complete suite of embedded financial products. This is because platforms have highlighted the need for financial complexities to be reduced for their users. Multi-currency account will be among the products. This allows users to receive and send payments as well as initiate pay outs. It also lets them safely store their money. Platforms will be able to extend financing to users through these accounts. Due to Adyen’s data-driven risk-scoring capabilities, these financing offers are pre-qualified and require no additional checks on the user end. This will enable platforms build relationships with their users and provide small business owners with funds they need to grow their businesses.
Adyen’s complete suite of embedded financial products paired with payments allows platforms to centralize their users’ finance needs in a single ecosystem.