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Posted on August 28, 2019 by staff

FinTech unicorn Adyen partners with Alibaba

Payments platform Adyen has collaborated with Alipay, the FinTech spin out of Chinese multinational conglomerate Alibaba.

Amsterdam-based Adyen, which operates in the UK, said that the partnership with Alipay will facilitate payments outside of mainland China for its Alibaba’s AliExpress, Taobao, Tmall, Alibaba.com brands as the group looks to enhance and streamline existing payment management operations.

Founded in 2006, the publicly-listed unicorn allows businesses to accept e-commerce, mobile, and point-of-sale payments. Its customers include tech giants Facebook, Uber, Spotify, as well as Casper mattresses, online fashion brand Bonobos and L’Oreal.

Adyen’s solution is hoped to offer Alibaba the ability to turn on additional payment methods quickly to build trust with local customers.

“At Adyen, our goal is to remove complexity from the payment process. Our solutions are created for fast-growing global giants like Alibaba who want to create a frictionless, uniform experience for their customers, regardless of geography.

“We’re pleased to partner with Alipay and to be part of Alibaba’s journey as they seek to enter new markets and acquire new customers,” said Warren Hayashi, Asia-Pacific president of Adyen.

Clara Shi, Head of Financial Institution Strategic Partnership, International Business Group at Alipay added: “Adyen’s products are built with fast-growing, fast-moving businesses like Alibaba in mind.

“Adyen is designed to deliver real-time, data-driven and quickly scalable payment options.

“Alipay can utilise Adyen’s rich insights into payment authorisation to help ensure higher transaction approval rates and an elevated level of user experience for our customers. We look forward to continuing our growth trajectory with Adyen.”