Not all revenue is equal. Payments is interesting because the processor’s growth is directly tied to the growth of its customers. Stripe captures the vast majority of high growth SF startups. Stripe has better customers.

It is not 5x bigger, it is 5x more valuable. Obviously Stripes 2x higher revenue is part of that equation, but not all of it.

stripe has a bigger software revenue mix -- Atlas, Treasury, Radar, Connect -- that commands higher multiples than pure payment processing. adyen is cleaner as a business but it's basically a payments rail. stripe's embedded finance products are what analysts are really pricing in. whether that thesis holds post-IPO is another question.

According to wikipedia, Stripe had a revenue of 5.1B in 2024.