INDEX / DIRECTORY / ADYEN / ECONOMIC

Adyen ECONOMIC

ECONOMIC AUDIT UPDATED 2026-10-06
Economic Score 3.50 /10 D Adyen - BDS-1000 292
Economic 3.50

Evidence-only forensic audit. Scoring happens downstream - see the main dossier for the composite assessment.

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Request ID: 4f73f77e-9ea3-4d56-a3c7-c9bc1f30fc02 Research cut-off: 30 September 2026

Supply Chain & Sourcing Relationships

Adyen is a financial-technology/payments company, not a retailer or agricultural importer in the reviewed corporate materials.1, 2, 3 no public evidence identified in the checked sources of Adyen directly sourcing agricultural goods from Mehadrin, Hadiklaim, Galilee Export or comparable Israeli produce exporters.

A direct Israel-linked commercial relationship is documented with Nayax. On 16 September 2024 Adyen and Nayax announced a long-term strategic partnership under which Adyen joined Nayax’s acquiring-bank network and Nayax’s payment and loyalty platform would be integrated into Adyen’s global platform, initially around EV charging and automated self-service payments.4 Nayax’s 2025 Form 20-F states that Nayax Ltd. is incorporated in the State of Israel and headquartered in Herzliya.5 The same filing states that Nayax’s corporate headquarters in Israel is the central hub for the group’s core management, product strategy, research and development, marketing and other key corporate functions; it also reports 2025 external revenue of about $22.3 million from Israel and about $157.0 million of non-current assets in Israel.5 These figures describe Nayax’s own group footprint and are not Adyen revenue, assets or tax contributions.

The reviewed partnership documents describe technology/payment integration, not agricultural sourcing, an importer-of-record structure, or an Adyen ownership stake in Nayax.4, 5

Product Origin, Labeling & Regulatory Compliance

Adyen provides payment and acquiring services rather than consumer goods requiring country-of-origin labelling.6, 3 no public evidence identified in the checked sources of Adyen selling settlement-origin physical products, receiving a country-of-origin labelling citation concerning Israeli settlements, or publishing a retail sourcing policy for settlement-produced goods.

The checked UN settlement-business database and specialist company screens did not identify Adyen as a listed settlement enterprise in the versions reviewed.7, 8, 9, 10 This is a bounded source check, not proof that every merchant processed by Adyen has been examined.

Investment, Capital & Financial Exposure

Adyen states that it was founded in Amsterdam, the Netherlands, in 2006.1 Its current investor and governance materials identify Adyen N.V. as the listed operating company and describe a two-tier Management Board/Supervisory Board structure.2, 11

No public evidence identified in the reviewed materials of Adyen acquiring an Israeli operating company or holding a controlling equity stake in Nayax. The Adyen–Nayax relationship is described as a long-term strategic commercial partnership and platform integration.4 Nayax itself is Israeli-incorporated and headquartered in Herzliya.5

No public evidence identified in the checked sources of Adyen underwriting Israeli sovereign debt or war bonds, distributing Israel Bonds, operating an asset-management portfolio holding Israeli defence/settlement companies, or providing a disclosed direct lending facility to an Israeli defence prime.2, 6, 3, 12

Adyen’s founder and governance materials were reviewed for controlling-principal context.11, 13, 14 No verified material personal investment by a controlling Adyen principal in an Israeli defence, settlement or strategic infrastructure company was established from the retained evidence. A complete personal-vehicle reconstruction was not completed.

Operational Presence & Market Activity

Adyen’s current office list states that it is based in Amsterdam and lists regional/local offices across Europe, Asia-Pacific, North America, Latin America and Dubai; Israel is not listed as an Adyen office location.15 Adyen’s European licence page describes its European payments licensing but does not identify an Israeli banking or payment licence.6

No public figure for Adyen employees in Israel, Israeli tax contribution, or Israel-specific net revenue was identified in the reviewed materials. The 2025 annual report reports global results rather than a separately disclosed Israel segment in the material reviewed.2

The Nayax partnership gives Adyen a commercial relationship with an Israeli payments company, but both Adyen’s announcement and Nayax’s filing frame the collaboration as global expansion into EV charging and automated self-service markets, including expansion into regions such as Latin America and APAC, rather than an Israel-specific Adyen operating hub.4, 5 Nayax’s filing separately identifies Israel as its home market and core corporate/R&D hub; no reviewed source allocates any portion of the Adyen partnership itself to Israeli merchants, Adyen Israel revenue, Adyen Israel employees, Adyen tax in Israel or an Adyen operating asset in Israel.5

Corporate Structure & Foundational Ties

Adyen was founded in Amsterdam in 2006 and is not described in its corporate history as Israeli-founded or originally incorporated in Israel.1 Current governance and shareholder materials are centred on Adyen N.V. and Amsterdam.2, 11, 14

No public evidence identified in the checked sources of Israeli state ownership, an Israeli government-appointed Adyen director, an Israeli golden share, or a charter mandate tying Adyen’s mission to Israeli state policy.2, 11

The Israeli nexus established in this audit is commercial: the post-July-2024 Nayax integration with an Israeli-incorporated company whose headquarters and core management/R&D hub are in Israel.4, 5 The partnership is described as global, and this nexus is distinct from evidence that Adyen itself was founded, headquartered, beneficially controlled or state-owned in Israel.

Profit Repatriation & Economic Contribution

No Israel-specific Adyen revenue or profit figure was identified in the reviewed annual-report material.2 The Nayax partnership announcement states that Adyen becomes part of Nayax’s acquiring network and that Nayax’s platform integrates with Adyen, but it does not disclose partnership revenue, fees, transfer pricing, taxes or profit flows between the companies.4 Nayax’s filing reports its own 2025 Israel revenue and Israel-located non-current assets, but does not attribute those figures to Adyen or to the Adyen partnership.5

Accordingly, the reviewed public material establishes that Adyen has a long-term global commercial integration with an Israeli-headquartered company whose core corporate/R&D hub is in Israel, while leaving the amount and direction of any Israel-specific Adyen revenue, fees, tax contribution or profit repatriation unresolved.4, 5

The checked UN/OHCHR and civil-society materials did not identify Adyen as a named settlement enterprise or conflict-linked financier in the versions reviewed.7, 16, 12, 17, 18, 8, 9, 10

Constructive Notice and Settlement Nexus

The Adyen–Nayax strategic partnership was announced on 16 September 2024, after the ICJ Advisory Opinion of 19 July 2024, and the relationship is described as long-term.4 The evidence establishes continuation of a commercial relationship with an Israeli payments company after that date, but it does not establish settlement activity, military financing or state financing by Adyen.

No public evidence identified in the checked sources of an Adyen office, subsidiary, property, disclosed merchant contract or direct operational asset in an Israeli settlement. Merchant-level acquiring data sufficient to establish or exclude settlement merchants was not available.

Footnotes

  1. Adyen - About. https://www.adyen.com/about ↩ ↩2 ↩3

  2. Adyen - 2025 Annual Report. https://investors.adyen.com/financials/2025 ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7

  3. Adyen - Pricing. https://www.adyen.com/pricing ↩ ↩2 ↩3

  4. Adyen - Nayax partnership announcement. https://www.adyen.com/press-and-media/adyen-nayax ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7 ↩8

  5. Nayax Ltd. - 2025 Form 20-F. https://www.sec.gov/Archives/edgar/data/1901279/000117891326000779/zk2634476.htm ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7 ↩8 ↩9

  6. Adyen - European licences. https://www.adyen.com/en_GB/licenses/europe ↩ ↩2 ↩3

  7. UN - 2025 settlement-business database update. https://www.un.org/unispal/document/business-database-26sep25/ ↩ ↩2

  8. AFSC Investigate - all companies. https://investigate.afsc.org/all-companies?page=0 ↩ ↩2

  9. Who Profits - companies database. https://www.whoprofits.org/companies ↩ ↩2

  10. Don’t Buy Into Occupation - full report. https://dontbuyintooccupation.org/report-structure/full-report/ ↩ ↩2

  11. Adyen - Governance. https://investors.adyen.com/governance ↩ ↩2 ↩3 ↩4

  12. PAX - Companies Arming Israel and Their Financiers. https://paxforpeace.nl/wp-content/uploads/sites/2/2024/06/The-Companies-Arming-Israel-and-Their-Financiers-June-2024.pdf ↩ ↩2

  13. Adyen - Arnout Schuijff transition. https://www.adyen.com/press-and-media/co-founder-and-cto-arnout-schuijff-to-step-down ↩

  14. Adyen - 2024 AGM. https://www.adyen.com/press-and-media/2024-agm ↩ ↩2

  15. Adyen - Offices. https://www.adyen.com/offices ↩

  16. UN HRC - A/HRC/59/23. https://documents.un.org/api/symbol/access?l=en&s=A/HRC/59/23&t=pdf ↩

  17. Al-Haq - Business and Human Rights. https://www.alhaq.org/cached_uploads/download/2024/07/04/business-and-human-rights-booklet-1720077751.pdf ↩

  18. BDS Movement - corporate priority guide. https://bdsmovement.net/Guide-to-BDS-Boycott ↩