Investment Thesis
There are not many examples when you analyze the company, and you make conclusions these guys are different. That was my experience with Adyen ([[ADYEY]]; [[ADYYF]]). The company is, in many ways, different than other market companies. I believe the company has a unique business model and culture, which is hard to find nowadays.
Business Model
Adyen operates as a global payments platform, integrating the full payments stack - gateway, risk management, processing, acquiring, and settlement.
Payment systems typically involve many participants. With its single, integrated platform, Adyen operates across the entire value