Adyen NV said it poached new merchants from embattled German payments firm Wirecard AG, as the Dutch company reported a 27% rise in revenue for the first half of the year. The scandal that plagued competitor Wirecard proved to be a boost in Adyen’s favor. Retail merchants looked for payment processing alternatives following the German company’s spectacular collapse in June, when Wirecard filed for insolvency after admitting that almost 2 billion euros ($2.37 billion) previously reported as cash didn’t exist.
“We certainly got some inbound from merchants that wanted to work with us,” Adyen Chief Financial Officer Ingo Uytdehaage said in an interview. They were primarily in the Asia-Pacific region, he said.
Partnerships with a couple of former Wirecard clients are already live, while Adyen is still in talks with many others, the finance chief said. Some are “really well-known brands” that “wanted to convert quickly,” he said, declining to name specific new merchants.
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