UK Grants Banking License To Amsterdam-Based Adyen, Which Saw Recent Interest From Cathie Wood's ARK Invest

Dutch payment technology giant Adyen ADYEY nabbed a banking license in the U.K., enabling its merchants to offer cash advances to small and medium-sized enterprises there.  

Adyen is used by several high-profile companies including Microsoft, Instacart and Subway as an all-in-one payment processor.

“It will strengthen our ability to help domestic and international businesses achieve their ambitions faster. It’s another stride towards Adyen becoming a full spectrum global financial technology platform,” said Mariëtte Swart, Adyen’s chief legal and compliance officer.

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License, in Detail: Adyen announced the license would let it continue to operate under the U.K.’s Temporary Permissions Regime wherein it can provide services in line with its E.U. business, post-Brexit.  

The license also allows Adyen to continue to offer its recently launched embedded financial product suite in the U.K. The suite includes bank accounts, virtual or physical cards for simplified cash flow and expense management.

Adyen has a license in the Netherlands as an acquiring bank under which it can process merchant payments almost instantly rather than seek banking partners who take several days to do the same.

Cathie Wood and Ark Invest Interest: In the last week of August, Cathie Wood made a significant investment in Adyen with ARK Invest purchasing around 2,889 shares of Adyen NV through ARK Fintech Innovation ETF ARKF and around 733,462 U.S.-traded depository receipts through ARK Next Generation Internet ETF ARKW.

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