Dutch fintech platform Adyen has partnered with Dublin-based e-commerce platform provider Kooomo to provide the technological backing to launch Kooomo Payments, a new payment solution for enterprises.
Kooomo will integrate Ayden's payments technology into its platform to better enable cross-border transactions, give its customers localised payment methods and currencies, buy now, pay later (BNPL) services and digital wallets.
"Kooomo is built to simplify cross-border selling. With Adyen, we’re giving rapidly scaling merchants access to affordable enterprise technology, which might otherwise be out of reach,” said Gary Hammond, managing director at Kooomo.
“Our customers are looking to move away from a model of multiple integrations into multiple payment types. This is especially relevant since Covid-19 has triggered the rapid rise of digital wallets, and BNPL methods such as Klarna.
"Klarna has recently become available in Ireland, and a lot of businesses are excited to offer consumers the payment option. A single integration with Adyen enables our customers to be agile and focus on growth,” he added.
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Colin Neil, Adyen managing director for the UK & Ireland, said the partnership would help businesses to scale by "offering access to a single global payment system and enterprise standard technology.
"Through this partnership, Kooomo will be able to provide data insights on digital wallets and cards across markets. Users will also get access to repeat subscription services, which can make a tangible difference to businesses of all sizes.
The latest accounts for the SaaS company show the company made earnings before tax of €640,791 in 2020, almost double its €337,682 EBITDA in 2019, although turnover dropped slightly from €2.2m to €2m year-on-year.
Kooomo, founded in 2015 and majority owned by CEO Giovanni Medi, highlighted that its annual recurring revenue increased 56% to €796,000 two years ago, accounting for 36% of its total revenue and that it invested a total of €1.3m in its e-commerce platform.
The company directors said it would be "some time" before revenue generated by the e-commerce platform would be sufficient to fund the capital development cost and growth in operating costs it required, but that it expected further growth due to the increase in online shopping related to Covid-19 and that banks and investors had been attracted by the quality of the platform.
Kooomo employed 25 people between management, software development and other areas of the firm in 2020, three fewer than in 2019, and directors' renumeration for the year totalled €195,932.
Kooomo counts the likes of Morrisons, Umbro, SMEG, Kraft Heinz, Blauer USA, MotoGP, Avoca and Butler's Chocolates among its clients.
Photo: Gary Hammond, Managing Director at Kooomo.
