Adyen vs Checkout.com
Business model, scale, and a side-by-side Litmus framework score — which model wins, and for whom.
Adyen wins on scale, profitability and a public-market track record; Checkout.com is the smaller, well-funded challenger for the same enterprise deals.
At a glance
| Metric | Adyen | Checkout.com |
|---|---|---|
| Revenue | €2.36B net revenue (FY2025) | ~$300M+ (2024 est., Sacra); 30%+ growth in 2025 |
| Profit | EBITDA margin 53% (FY2025) | Adjusted EBITDA positive (10%+ margin, FY2025) |
| Active users | Billions of transactions | Enterprise and high-growth merchants |
| Employees | ~4,500 | ~2,000+ |
| Founded | 2006 | 2012 |
| HQ | Amsterdam, Netherlands | London, UK |
LLitmus Framework Score
Overall: Adyen 91 · Checkout.com 81
Customer Segment
92
84
Value Proposition
94
85
Marketing Channel
85
80
Engagement
95
88
Income Source
90
78
Asset Validation
93
82
Core Operations
91
83
Strategic Alliance
88
80
Expense Validation
92
72
Adyen leads 9 modules, Checkout.com leads 0. Overall edge: Adyen.
Head to head
| Dimension | Adyen | Checkout.com |
|---|---|---|
| Profitability | 53% EBITDA margin (FY2025) | Not yet at Adyen's margin profile |
| Volume | €1.4T processed (FY2025) | Far smaller processed volume |
| Status | Public (AMS: ADYEN) since 2018 | Private, VC-funded |
| Positioning | Single licensed platform, omnichannel | Modern, enterprise-focused, online-led |
FAQ
Is Adyen or Checkout.com a better business?
Adyen wins on scale, profitability and a public-market track record; Checkout.com is the smaller, well-funded challenger for the same enterprise deals. It depends on what you optimise for — see the module-by-module breakdown above.
What is the difference between Adyen and Checkout.com's business model?
Adyen operates in Fintech (The payments platform built for growth), while Checkout.com is Fintech (Accept payments. Everywhere.). Their revenue, scale and Litmus scores are compared in detail above.
Which is more profitable, Adyen or Checkout.com?
Adyen: EBITDA margin 53% (FY2025). Checkout.com: Adjusted EBITDA positive (10%+ margin, FY2025).