Goldman Sachs

Pieter van der Does × Clif Marriott

Adyen’s one-stack model pairs direct control of acquiring infrastructure with AI on every transaction to improve authorization, fraud detection and payment costs.About a third of its workforce is in engineering, and avoiding acquisitions preserves that integrated platform as Adyen pursues incumbents that still hold “the vast majority” of the market.Payment data and banking licenses also support loans and card issuing, though van der Does says expansion is “early on that journey”; AI-enabled merchant onboarding and fraud remain key execution risks.