Adyen expands to build embedded financial products

Adyen has announced it will expand beyond payments to build embedded financial products.

The Dutch tech payments business said that its new products will enable platforms and marketplaces to create “tailored financial experiences” for consumers.

"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,” said Thom Ruiter, vice president of banking and financial products at 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."

The new products will include multi-currency accounts which will enable customers to receive payments, initiate pay outs, and store money all in one place. The FinTech platform says these accounts will also enable platforms to facilitate the extension of financing to their users within the platform interface.

The company added that its new financial products are “pre-qualified” and so do not require additional checks on the user end.

“We see this step in building out our financial technology platform as a natural evolution of our business,” said Pieter van der Does, chief executive 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.”

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