Adyen vs Starling Bank: Revenue, Profit and Business Model
Adyen had ~$2.7B of annual revenue in FY2025 and ~$1.2B of net income. Starling Bank had ~$1.2B of annual revenue in FY2026.
Latest financial snapshot
Adyen
- Latest annual revenue
- ~$2.7B (FY2025)
- Net income
- ~$1.2B
- Net margin
- 44.9%
- Revenue growth
- +34.7% a year, FY2017–FY2025
Starling Bank
- Latest annual revenue
- ~$1.2B (FY2026)
- Net income
- Unavailable here
- Net margin
- —
- Revenue growth
- +25.1% a year, FY2023–FY2026
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.
Starling Bank
Starling's profits come mainly from net interest income: it funds mortgages and SME loans with low-cost deposits. That made it a big winner from higher UK interest rates, with pre-tax profit peaking at ~$397M (£301.1M) in FY24. As rates eased, profit settled at ~$295M (£223.4M) in FY25 and ~$287M (£217.1M) in FY26, and reported revenue slipped from ~$1.24B (£940.0M) to ~$1.17B (£887.4M). Deposits still grew to ~$16.8B (£12.7B), and Engine by Starling's revenue rose 25% in FY26, adding a fee-based line that depends less on interest rates. Starling Bank is a highly disruptive, digital-only challenger bank in the UK, maintaining a massive private market valuation estimated over $3 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 |
Starling Bank
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | ~$1.2B | — | — | +24.3% | Source |
| FY2025 | ~$942.5M | — | — | +4.7% | Source |
| FY2024 | ~$900.5M | — | — | +50.7% | Source |
| FY2023 | ~$597.7M | — | — | — | 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.
Starling Bank
- Business banking
Not formally reported
Accounts and lending for British small and medium-sized businesses. This is the main source of profit.
- Retail banking
Not formally reported
Free personal current accounts, which bring in customers and low-cost deposits that fund mortgages and SME loans.
- Engine by Starling
About $92.4 million committed ARR
Starling's cloud banking software licensed to other banks. GBP 70 million.
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.
Starling Bank
How it makes money
Starling earns money in three ways. Retail banking offers free personal current accounts, which bring in customers and deposits. Business banking serves British small and medium-sized businesses and is its main source of profit.
Growth strategy
Starling is growing through software sales and lending rather than by opening consumer banks in new countries, which is expensive and heavily regulated. It sells its Engine platform to existing banks, including in Asia and the Middle East, and it is expanding mortgage and commercial lending in the UK, funded by its deposit base of about $16.8 billion (GBP 12.7 billion).
Competitive advantage
Starling's advantage is its own core banking software. It built its banking infrastructure in the cloud from the start, while older banks run on decades-old mainframe systems that cost far more to maintain. That keeps Starling's cost per account low. Its founder, Anne Boden, came from traditional banking, which helped the company work through UK banking regulation and obtain a full licence.
Questions about Adyen vs Starling Bank
Which company has higher revenue — Adyen N.V. or Starling Bank?
Adyen N.V. had ~$2.7B (FY2025), while Starling Bank had ~$1.2B (FY2026). By latest annual revenue, Adyen N.V. is the larger business, with Starling Bank showing a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
What is the market cap of Adyen N.V. vs Starling Bank?
Adyen N.V. has a market capitalisation of $28.1B. A public market cap figure for Starling Bank was not available (it may be privately held).
How does revenue per employee compare for Adyen N.V. and Starling Bank?
Adyen N.V. has $560k / employee in revenue per employee, while Starling Bank has $335k / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do Adyen N.V. and Starling Bank make money?
Adyen N.V. and Starling Bank 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. Starling Bank: Starling earns money in three ways.
Is Adyen N.V. bigger than Starling Bank?
By last reported revenue, Adyen N.V. (~$2.7B (FY2025)) is the larger company compared to Starling Bank (~$1.2B (FY2026)). 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 Starling Bank overview