Adyen vs N26: Revenue, Profit and Business Model
Adyen had ~$2.7B of annual revenue in FY2025 and ~$1.2B of net income. N26 had ~$566.8M of annual revenue in FY2025 and ~$1.8M of net income.
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.
N26
N26 burned through heavy losses for most of its first decade, with cumulative losses of roughly $1.13 billion (€1 billion) through 2024 as the BaFin growth cap coincided with the ECB rate-hike cycle. The turn came in 2024, when it posted its first quarterly profit in Q3, and 2025 delivered the first full-year profit: revenue rose 13% to ~$567 million (€501.6 million), gross profit rose 33% to ~$396 million (€350.5 million) and net income swung from a ~$47.5 million (€42.0 million) loss to a ~$1.81 million (€1.6 million) profit. Preliminary Q1 2026 figures showed ~$147 million (€130.0 million) in revenue and ~$11.1 million (€9.8 million) in net income, and management expects to stay profitable in 2026. N26 GmbH is a massive German digital challenger bank operating across Europe, commanding a private market valuation of approximately $9 billion.
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 |
N26
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$566.8M | ~$1.8M | 0.3% | +12.6% | Source |
| FY2024 | ~$503.3M | ~-$47.5M | -9.4% | +42.1% | Source |
| FY2023 | ~$354.3M | ~-$115.7M | -32.7% | — | 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.
N26
- Net fee and commission income
53% of gross profit (2025)
Mostly premium subscriptions (Smart, Go and Metal) and card interchange on ~$193 billion (€170.7 billion) of transaction volume. ~$208 million (€184.2 million).
- Net interest income
47% of gross profit (2025)
Interest on deposits placed with central banks and treasury assets, plus overdrafts and consumer loans. Up 49% to ~$188 million (€166.3 million).
- Investing products
Not formally reported
Trading fees on stocks, ETFs and crypto.
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.
N26
How it makes money
N26 earns money from two roughly equal engines. Net fee and commission income, mostly premium subscriptions (Smart, Go and Metal tiers) and card interchange on ~$193 billion (€170.7 billion) of 2025 transaction volume, reached ~$208 million (€184.2 million), or 53% of 2025 gross profit.
Growth strategy
After leaving the UK in 2020 and the US in early 2022, N26 concentrates on continental Europe, with Germany, France, Spain and Italy as core markets. Growth now comes from converting free users into primary-bank and paying customers, cross-selling savings, investing and credit, and scaling efficiently so that revenue growth turns into profit.
Competitive advantage
N26 pairs a full German banking license with a product built only for the phone. Holding its own license since 2016 lets it take deposits covered by German statutory deposit protection up to €100,000, lend through overdrafts and consumer credit, and passport services across 24 markets without a sponsor bank.
Questions about Adyen vs N26
Which company has higher revenue — Adyen N.V. or N26?
Adyen N.V. had ~$2.7B (FY2025), while N26 had ~$566.8M (FY2025). By latest annual revenue, Adyen N.V. is the larger business, with N26 showing a smaller revenue base.
What is the market cap of Adyen N.V. vs N26?
Adyen N.V. has a market capitalisation of $28.1B. A public market cap figure for N26 was not available (it may be privately held).
How does revenue per employee compare for Adyen N.V. and N26?
Adyen N.V. has $560k / employee in revenue per employee, while N26 has $354k / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do Adyen N.V. and N26 make money?
Adyen N.V. and N26 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. N26: N26 earns money from two roughly equal engines.
Is Adyen N.V. bigger than N26?
By last reported revenue, Adyen N.V. (~$2.7B (FY2025)) is the larger company compared to N26 (~$566.8M (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 N26 overview