Adyen closed its first two acquisitions on a single day, July 1, 2026:Talon.One, a German loyalty and promotions platform, and Orb, a San Francisco company that sells usage-based billing software. Together the deals cost more than $1 billion. For a Dutch payment service provider (PSP) that built its name on a single platform, developed in house, and had never bought another company, the move marks a clear break. Adyen is betting that processing alone no longer pays enough, and that the value is shifting to the services wrapped around the payment.
Loyalty and billing sit on either side of the payment
Neither company processes payments. Both handle what happens around them. Talon.One, bought for about €750M (~$870M), is a real-time decisioning engine that adjusts promotions, coupons and prices to each customer’s profile across every channel. It feeds Adyen’s Unified Commerce strategy, which aims to recognize the same customer online and in store. Orb, acquired for $335M in cash, runs usage-based billing and can process millions of consumption events in real time. That is what companies need as AI pushes them toward usage-based pricing, where customers pay for what they consume.
| Target | Country | Business | Price | Announced |
|---|---|---|---|---|
| Talon.One | Germany | Loyalty, promotions, real-time decisioning | ~€750M (~$870M) | Apr. 23, 2026 |
| Orb | US (San Francisco) | Usage-based billing | $335M (cash) | June 11, 2026 |
The deals were announced seven weeks apart and closed together once regulators signed off. Both teams now join Adyen, which used the closing to announce several leadership changes, including the appointment of Gayathri Rajan as chief product officer. “Adyen has evolved into a comprehensive platform offering multiple, integrated solutions,” co-CEO Ingo Uytdehaage said. Once an acquirer and processor, the company now pitches itself as a one-stop shop for enterprise commerce.
Value-added services protect margins that processing can’t
Payment processing is a high-volume, thin-margin business under constant pricing pressure. Value-added services are sticky. Once they are wired into a merchant’s back office, they make switching providers less tempting, and they are billed separately. Adyen’s numbers frame the bet. In 2025, net revenue reached €2.36 billion, up 18% (21% at constant currency), and the EBITDA margin hit 55% in the second half. For 2026, the company is guiding for net revenue growth of 20% to 22% at constant currency, and it targets an EBITDA margin above 55% by 2028.
In the first quarter of 2026, net revenue from Unified Commerce, Adyen’s in-store and omnichannel business, grew 24% year over year, compared with 9% for the Digital segment, which covers pure e-commerce. Talon.One’s loyalty engine plugs into that faster-growing omnichannel core. Orb targets SaaS and AI-native merchants whose billing depends on usage events, a segment payments alone did not reach.
Large PSPs are turning into commerce platforms
Adyen is not alone. Stripe unveiled a long list of new features around its agentic commerce suite at Sessions 2026, and Adyen answered with Adyen Agentic, a suite of modular APIs for selling through conversational interfaces. The largest PSPs no longer want to be pipes. They want to be commerce platforms that span loyalty, billing, data and distribution, and the line between a payments fintech and a commerce software vendor is blurring.
In France and across Europe, where Adyen is a major acquirer competing with Worldline, Stripe and Checkout.com, the shift changes how PSPs compete. Winning will depend less on transaction pricing and authorization rates alone, and more on the breadth and quality of the services sold on top of the payment. By dropping its long-held refusal to buy companies, Adyen is acknowledging that the next fight in payments will turn less on the rails than on what runs over them.