Adyen Co-CEO Rules Out Buybacks After Stock Rout

Adyen Co-CEO Rules Out Buybacks After Stock Rout

Good morning FinTech Fanatic,

Now that the first dust has settled after last week’s sharp drop in Adyen's share price, the FinTech company continues to look confidently to the future, according to Bloomberg reports.

“We’re focused on building a business and we always had a policy where we continue to invest our funds in the business,” Ingo Uytdehaage, Adyen’s co-chief executive officer said in an interview on Friday.

The co—head of Dutch payment processing company Adyen further ruled out a share buyback, after its worse-than-expected financial results triggered a stock meltdown that erased more than €18 billion of Adyen’s market value on Thursday.

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Nubank shares dip

That Adyen is in ‘good company’ is evident from the fact that Nubank also saw its shares tumble last week, after co-founder and chief executive officer David Velezsold a part of his stake in the Brazilian unicorn.

Although the world’s biggest standalone digital bank released some impressive financial results over Q2 last week, Nubank saw the stock fell by as much as 8.6% during New York trading, marking the largest intra-day decline since April, as reported by Bloomberg.

Despite this drop, Nubank’s shares have still seen a 73% increase year-to-date, reflecting the bank’s robust growth, according to the report.

Velez said he sold 3% of his shares in the company for general portfolio management reasons, per the report. This is his first sale since Nubank’s initial public offering in 2021.

Let's hope the week ahead is a bit quieter for the FinTech scene and sentiment cools down a bit. Please find the other FinTech news listed below👇


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