Adyen

Adyen sells payment processing, risk tools, and financial products to large merchants and platforms, from Amsterdam. Q3 2026 net revenue rose 23% to €738.1 million on €451.1 billion of processed volume (High). Platforms net revenue grew fastest, up 46%. Adyen closed its purchases of Orb and Talon.One on July 1, 2026. The bottom line is that a payments leader now sells billing, and its Orb plans matter to every billing vendor.

Adyen paid $335 million in cash for Orb and runs it under an incubator model (High). Its Orb teardown covers the billing product in detail. Adyen expects 2026 net revenue growth of 21% to 23% at constant currency and now targets a 50% EBITDA margin for 2026.

What does it sell?

Each transaction carries a fixed $0.13 processing fee plus a payment method fee (High). Major cards price at interchange++ plus 0.60%, and Adyen charges no setup or monthly fees. It sets a minimum invoice that depends on industry. Adyen calls the published fees indicative and offers custom pricing.

Orb adds usage billing for AI and SaaS companies, and Talon.One adds loyalty and promotions. Orb keeps supporting other payment processors in its first phase. Adyen states its long-term intent as one platform across billing and payments (High).

What does it ship for AI agents?

Shipped: Adyen partnered with Sierra and Meta on the Personal Agent Protocol, a proposed standard for AI agents to interact with businesses (High). Its Q3 update lists the partnership as a business highlight. Orb meters AI token usage and prepaid credit pools for Adyen’s billing customers.

Absent: a joint billing and payments product. Adyen describes simulations of what a merchant will collect as a future joint capability (High). Orb itself has shipped no in-product AI agent, per the Orb teardown.

What does a buyer need to check?

Orb’s independence has a horizon. Adyen promises multi-processor support in the first phase, then convergence. Buyers who choose Orb with another processor must ask how long that support lasts.

Margins are falling by choice. Adyen dropped its medium-term EBITDA objective to fund investment, and the shares fell 12% on the news, per Euronext (Medium). Buyers gain a well-funded vendor that is spending to win billing.

What to watch

• A joint Adyen and Orb product for collections forecasting. Shows first in Adyen press releases.
• Changes to Orb’s multi-processor language. Shows first on the Orb site and docs.
• 2027 financial objectives in February. Shows first in the H2 2026 results.
• Personal Agent Protocol adoption by merchants. Shows first in Adyen’s business updates.