Adyen vs CRED: Revenue, Profit and Business Model
Adyen had ~$2.7B of annual revenue in FY2025 and ~$1.2B of net income. CRED had ~$317.3M of annual revenue in FY2025 and a net loss of ~$169M.
Latest financial snapshot
Financial summary
Adyen
Adyen reported 2025 net revenue of ~$2.67 billion (€2.3642 billion), up 18% year over year, while processed volume reached ~$1.58 trillion (€1.3943 trillion). EBITDA was ~$1.41 billion (€1.2457 billion) and the EBITDA margin was 53%. These measures must be kept distinct: processed volume is the value of payments handled, while net revenue is Adyen's primary top-line KPI after specified pass-through costs. Adyen is a major European financial technology firm, commanding a powerful market valuation frequently exceeding $40 billion.
CRED
CRED's revenue has climbed from ~$11 million (₹95 crore) in FY21 and ~$49 million (₹422 crore) in FY22 to ~$172 million (₹1,484 crore) in FY23 (total income), ~$287 million (₹2,473 crore) in FY24 and ~$317 million (₹2,735 crore) in FY25. Growth slowed to 16% in FY25, but the company cut its operating loss by 51% to ~$34.6 million (₹298 crore) and reported gross margins of about 70%. Total loss, which includes ESOP costs and depreciation, narrowed 11.5% to ~$169 million (₹1,457 crore). Funding history tracks the same arc: the valuation peaked at $6.4 billion in 2022, fell to about $3.5 billion in a $72 million GIC-led round in May 2025, and recovered to about $4.5 billion post-money when Meta led a $900 million Series H in June 2026 (roughly $500 million primary and $400 million secondary). Kunal Shah said at the time that annual revenue had crossed ~$371 million (₹3,200 crore), without naming the period.
Revenue and profit by year
Adyen
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$2.7B | ~$1.2B | 44.9% | +17.3% | Source |
| FY2024 | ~$2.3B | ~$1B | 45.9% | +23.9% | Source |
| FY2023 | ~$1.8B | ~$789.1M | 42.9% | +22.2% | Source |
| FY2022 | ~$1.5B | ~$637.5M | 42.4% | +32.8% | Source |
| FY2021 | ~$1.1B | ~$530.8M | 46.9% | +46.4% | Source |
| FY2020 | ~$773.1M | — | — | +37.7% | Source |
| FY2019 | ~$561.6M | — | — | +42.4% | Source |
| FY2018 | ~$394.3M | — | — | +60.0% | Source |
| FY2017 | ~$246.3M | — | — | — | Source |
Where the revenue comes from
Adyen
- Settlement fees
Not formally reported
Fees tied to payment acquiring and settlement; Adyen does not disclose this as a standalone percentage of net revenue.
- Processing fees
Not formally reported
Per-transaction fees for platform services; no audited percentage split is disclosed.
- Other platform and financial-product fees
Not formally reported
Includes services for platforms, issuing, accounts, capital, data, and optimization products without a reported percentage split.
CRED
- Lending distribution
Not formally reported
Fees on CRED Cash personal loans and other credit underwritten by partner banks and NBFCs.
- Payments
Not formally reported
CRED Pay checkout, UPI and bill payments, where merchants and partners pay processing or marketing fees.
- Financial product distribution
Not formally reported
Insurance, mutual funds through Kuvera and other products.
- Brand partnerships and commerce
Not formally reported
Advertising, rewards and the CRED Store. Total revenue was ~$317 million (₹2,735 crore) in FY25.
Business model and strategy
Adyen
How it makes money
Adyen earns net revenue from processing and settlement fees and from other services delivered through its platform. Interchange, scheme fees, and costs from financial institutions are generally passed through and are not the same as Adyen's net revenue. The company reports Digital, Unified Commerce, and Platforms as commercial pillars rather than separate reportable revenue segments.
Growth strategy
Adyen is expanding share of wallet with existing customers, adding local payment and acquiring capabilities, and extending its platform beyond payments. In 2026 it added Talon.One for loyalty and incentives and Orb for usage-based billing, while launching Adyen Agentic and Intelligent Money Movement.
Competitive advantage
Adyen operates gateway, risk, acquiring, payment processing, and financial products through a single technology platform. This structure gives merchants one integration and a unified data view across online and in-person channels.
CRED
How it makes money
Paying a credit card bill on CRED is free, and members earn CRED Coins and rewards for doing it. The bill-pay habit is the acquisition engine; revenue comes from what CRED sells to that audience. The largest streams are: (1) lending distribution, where CRED acts as a lending service provider and earns fees on CRED Cash personal loans and other credit underwritten by partner banks and NBFCs;
Growth strategy
CRED grows by selling more products to the same affluent members rather than chasing mass sign-ups. Bill payments bring users in; lending (CRED Cash), UPI and CRED Pay drive frequency; insurance, Kuvera mutual funds and travel raise revenue per user. Acquisitions have filled gaps: HipBar (a prepaid payment licence) and Happay in 2021, CreditVidya for underwriting data in 2022, and Kuvera for wealth in 2024.
Competitive advantage
CRED's edge is the quality of its audience. Membership is gated by a 750+ credit score, so every user is a proven, card-holding borrower. That makes CRED an efficient channel for lenders, insurers and premium brands, who pay to reach customers with high spending power and low default risk.
Questions about Adyen vs CRED
Which company has higher revenue — Adyen N.V. or CRED?
Adyen N.V. had ~$2.7B (FY2025), while CRED had ~$317.3M (FY2025). By latest annual revenue, Adyen N.V. is the larger business, with CRED showing a smaller revenue base.
What is the market cap of Adyen N.V. vs CRED?
Adyen N.V. has a market capitalisation of $28.1B. A public market cap figure for CRED was not available (it may be privately held).
How does revenue per employee compare for Adyen N.V. and CRED?
Adyen N.V. has $560k / employee in revenue per employee, while CRED has $264k / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do Adyen N.V. and CRED make money?
Adyen N.V. and CRED generate revenue in fundamentally different ways. Adyen N.V.: Adyen earns net revenue from processing and settlement fees and from other services delivered through its platform. CRED: Paying a credit card bill on CRED is free, and members earn CRED Coins and rewards for doing it.
Is Adyen N.V. bigger than CRED?
By last reported revenue, Adyen N.V. (~$2.7B (FY2025)) is the larger company compared to CRED (~$317.3M (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Adyen vs CRED overview