Deep Dive: Stripe vs. Adyen: Comparing 2024 Performance
In this Deep Dive, we’re putting two fintech heavyweights — Stripe and Adyen — head-to-head to see how they stacked up in 2024
TL;DR:
This week, we’re diving into the battle of fintech giants: Stripe vs. Adyen. 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.
Which strategy do you think will win out? Let’s discuss!
Financial Performance
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. This suggests Adyen gained more large merchants (which generate high volume at lower fee percentages). Both companies achieved strong profitability.
Stripe turned a full-year profit and expects to remain profitable going forward, while Adyen maintained its long-held >50% EBITDA margin target in the second half of 2024. Adyen’s operating leverage improved as it slowed headcount growth relative to revenue — H2 2024 EBITDA margin was 53%, up from 48% in H2 2023. In short, Stripe leveraged high growth to reach profitability, and Adyen balanced solid growth with efficiency to expand an already strong margin.
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