On the Finanser, we often talk about Stripe, as their valuation is the highest of all fintechs. In case you missed it, their peak valuation was in 2021 at $95 billion; it then nearly halved but, over the past year, has bounced back to a valuation today of $91 billion. Interestingly, according to their annual newsletter, this may be down to their focus upon stablecoins and AI …
“In each of the last six years, Stripe has reinvested a much higher proportion of our earnings in R&D than any comparable company [and] … we believe this ability will prove particularly important in the coming years, as stablecoins, AI, and other forces reshape the landscape.”
… more likely it is their success in providing open payments connectivity.
The thing is that most of the discussions of Stripe overlook the activities of one of their biggest competitors: Adyen, a Dutch payment company listed on Euronext Amsterdam. The reason for the oversight is that Adyen is listed and Stripe are still to IPO.
Therefore, I was interested to read Sam Boboev’s insight comparing Stripe vs. Adyen on LinkedIn the other day.
Sam is a leading thinker on fintech trends, and here is a summary of what he was saying:
Deep Dive: Stripe vs. Adyen: Comparing 2024 Performance
Both payment powerhouses had a stellar 2024, but they took different paths to success. Stripe saw $1.4 trillion in Total Payment Volume (TPV), growing 38% YoY, while Adyen wasn’t far behind with €1.29 trillion processed (+33% YoY). Adyen maintained its 50% EBITDA margin, while Stripe finally hit full-year profitability, proving its business model can scale.
Product-wise, Stripe doubled down on software flexibility—its subscription billing tool hit a $500M revenue run rate and is now used by over 300,000 companies. Meanwhile, Adyen flexed its Unified Commerce muscle, seamlessly integrating online and in-store payments for brands like KFC in APAC. Adyen also made big moves with direct connections to Faster Payments (UK) and FedNow (US), leveraging its banking licenses for deeper infrastructure control.
Both companies went all-in on AI and automation. Stripe used machine learning to boost authorization rates and reduce fraud, while Adyen introduced AI-powered optimization tools like “Adyen Uplift,” improving payment conversion by 6%. Stripe also made a bold bet on stablecoins, acquiring a crypto startup to position itself for the future of digital payments. Meanwhile, Adyen focused on account-to-account payments, integrating Brazil’s Pix and the UK’s Faster Payments for speedier transactions.
So, what’s next? Stripe continues expanding into enterprise clients (50% of the Fortune 100 now use Stripe), while Adyen is scaling in North America and strengthening its platform capabilities. As the competition heats up, both are shaping the future of global payments, whether through AI, stablecoins, or embedded finance.
Both Stripe and Adyen reported strong growth in 2024, with significant transaction volumes and improving profitability. Total Payment Volume (TPV) on Stripe’s platform reached $1.4 trillion for 2024, a 38% year-over-year (YoY) increase. This makes Stripe responsible for about 1.3% of global GDP in payments processing. Adyen’s processed volume was of a similar magnitude at €1.29 trillion in 2024, which was up 33% YoY. Adyen’s management notes that excluding a single large client (eBay), volume growth would have been even higher (28% in H2 2024 vs 22% reported), indicating healthy underlying momentum.
In terms of revenue, Adyen’s business model focuses on “Net Revenue,” which excludes pass-through costs. Adyen’s net revenue for 2024 was €1,996.1 million, a 23% YoY increase. Stripe, as a private company, does not publicly break out revenue figures in its community letter; however, the company confirmed that it was profitable in 2024. Stripe’s profitability in 2024 marked a notable milestone, enabling it to “plow back” operating earnings into R&D. Adyen also demonstrated strong profitability – its EBITDA for 2024 was €992.3 million (up 34% YoY), representing a robust 50% EBITDA margin. Adyen’s net income came in at €925.2 million for 2024, growing 32% YoY, reflecting a high conversion of revenue into profit.
Despite the differences in disclosure, a few trends stand out. Stripe’s TPV growth (38%) slightly outpaced Adyen’s volume growth (33%), reflecting Stripe’s rapid expansion – 2024 was described as an “unusually good year” for Stripe. Adyen’s revenue growth (23%) was a bit lower than its volume growth, due in part to take-rate compression; Adyen’s blended take rate in H2 2024 was 16.2 basis points, roughly flat from 16.3bps a year prior.
For more analysis, follow Sam on LinkedIn.
