Cellulant partners Adyen to make international funds transfer easier. The partnership is quite an interesting one because it helps to position Adyen as one of the world’s largest payment processor by reach.
Founded in 2006, Adyen recently became one of the biggest Fintech companies in Europe. The Fintech is a multichannel payment company helping businesses accept payments through different platforms including e-commerce and point of sales (POS).
But unlike other payments companies, the company goes beyond facilitating funds transfer. The company handles the entire processes involved, including fraud protection, checkout and interfacing with different Fintech systems including those of Visa and Mastercard.
Despite being a small fish in the over $2 trillion payments market, Adyen has grown quite enviably over the last 9 years. The company has quietly grown, gaining the trust of bigger platforms along the way.
Last year, the fintech was adopted as the payment processor for eBay, the humongous ecommerce platform. Before then, eBay had been using PayPal, a company it owned till 2015.
That was an epic move that sent PayPal’s shares spiralling down for a while.
Adyen also processes payments for companies such as Uber and Groupon. However, its partnership with Cellulant signals the company has significant plans to get involved in the African continent.
Cellulant already processes a large chunk of payments in the African market and has partnerships with services such as mPesa, Airtel Money, Tigo Pesa, and MTN Money. This makes Cellulant a strategic partner for the enterprising Adyen.
“We are excited to extend our payment capabilities into key African markets”, says Adyen COO, Roelant Prins. “Eliminating boundaries across channels and geographies will help our customers’ businesses to expand by making these markets more accessible.”
With a few African countries already barred from using some of PayPal’s services, Adyen could serve as an excellent option for merchants and services looking to do business with Africans. Africans in return could take advantage of the Cellulant deal to accept payments from more sources abroad.
It’s a sort of win-win situation. But we’ll wait for it to become fruitful.