Adyen to buy Talon.One in first-ever acquisition

• Key insights: Adyen has entered into a definitive agreement to buy Berlin-based loyalty and incentive platform Talon.One for 750 million euro ($879 million). 
• What’s at stake: The acquisition is Adyen’s first and marks a notable shift from the fintech’s M&A strategy that has historically favored build versus buy. 
• Forward look: Talon.One is expected to generate about 60 million euros ($70.3 million) in annualized recurring revenue in 2026, and opens inroads into new verticals and merchants.  

Adyen has stepped out of its preference to develop new services in-house by agreeing to a 750 million euro ($879 million), all-cash transaction to buy Berlin-based loyalty and incentive marketing firm Talon.One. 

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The purchase is Adyen’s first and marks a notable shift from the fintech’s M&A strategy that has historically favored build versus buy. 

“[Adyen] company has historically shied away from doing deals, and we think this is a positive as it allows for faster product-to-market capabilities than building internally” and also provides Adyen inroads to new verticals and merchant customers, Keefe Bruyette & Woods analyst Sanjay Sakhrani said in a research note. 

The acquisition, which is expected to close in the second half of 2026, allows Adyen to expand its loyalty offering and push its unified commerce strategy. 

“Our merchants ask us every day how they can better connect their online and in-store customer data and act on that in real time,” said Ingo Uytdehaage, co-CEO of Adyen, in a statement. “Many have tried to build a solution themselves but struggle to turn insights into action. With Talon.One, a merchant can recognize a shopper and apply a relevant offer instantly, before the payment is completed, ultimately driving higher revenue.”

Talon.One is a Berlin-based loyalty platform that allows companies to build and manage marketing campaigns, and works with more than 300 enterprise merchants, including Swedish clothing company H&M and department store chain Nordstrom. 

Talon.One is expected to generate about 60 million euros ($70.3 million) in annualized recurring revenue in 2026, according to Adyen. 

“This acquisition will broaden Adyen’s role beyond payments optimization and processing to enabling merchants maximize their customer life-time value,” Sakhrani said, noting that the tech will marry Adyen’s payments infrastructure and proprietary transactional data with Talon.One’s decision abilities. 

“Ultimately this enhances Adyen’s ability to provide real-time insights from online and in-store,” Sakhrani said. It also allows Adyen to monetize marketing revenues in addition to payments. 

The deal also broadens Adyen’s total addressable market by allowing it to influence the economics of the transaction, rather than just optimizing individual payments, according to TD Cowen analyst Bryan Bergin. 

“By linking customer identity to SKU‑level promotions and incentives, it can better impact conversion, fraud, and customer lifetime value in real time,” Bergin said. 

Adyen has been working to expand its business beyond the payment. Earlier this month, it launched a treasury product called Intelligent Money Movement that combined payments, liquidity management and disbursements, and in February it expanded its partnership with Uber outside of its app to a kiosk at New York’s La Guardia’s airport.