Balanced News: Stripe rival Adyen secures banking license in the UK

Adyen, a Dutch payments company and competitor to Stripe, has secured a banking license in the UK, allowing it to offer cash advances to small and medium-sized enterprises. The license will also enable Adyen to continue operating in the UK under the Temporary Permissions Regime after Brexit. Adyen already has a license in the Netherlands as an acquiring bank, allowing it to process merchant payments instantly. The company’s shares fell by 39% in August, wiping €18bn ($20bn) off its market value. Meanwhile, UK fintech firm Revolut has struggled to obtain a license from the Bank of England due to concerns over its accounts and corporate culture.