Dutch payments company Adyen said on April 23, 2026 that it had signed a definitive agreement to buy all of the shares in Talon.One, a Berlin-based platform for loyalty programmes and promotions, for €750 million (about $877 million). Adyen will pay from its existing cash.
Talon.One's co-founders, Christoph Gerber and Sebastian Haas, will reinvest a meaningful portion of their proceeds in newly issued Adyen ordinary shares. Adyen did not say how large that portion is. The deal is expected to close in the second half of 2026, subject to customary conditions and regulatory approvals.
Talon.One serves more than 300 merchants worldwide, including Nordstrom and H&M. Adyen said it expects the company to finish 2026 with about €60 million (about $70 million) in annual recurring revenue, after growing 30% to 40% a year in recent years.
What Talon.One built
Gerber and Haas founded Talon.One in 2015. The company provides an API-first engine that large retailers and brands use to run loyalty schemes, personalised promotions and incentives, with AI tools to optimise which offers go to which customers.
Adyen described Talon.One as the loyalty and promotions infrastructure behind some of the world's biggest brands. Customers named in 2025 coverage of its funding included H&M, Adidas, Sephora and Nordstrom, according to FashionUnited. Adyen said there is meaningful overlap between Talon.One's customers and its own merchant base.
At €750 million, the price works out to about 12.5 times the annual recurring revenue Adyen expects Talon.One to reach by the end of 2026. German startup news site Startbase also reported the deal, putting the company's growth at 30% to 40% a year.
“With Talon.One, a merchant can recognize a shopper and apply a relevant offer instantly, before the payment is completed, ultimately driving higher revenue.”
Why Adyen is buying
Adyen's pitch is to move promotions into the payment flow. By combining its payments data with Talon.One's real-time decisioning, Adyen says merchants can recognise a shopper across online and in-store channels and adjust promotions and pricing in the shopper's cart, based on who that shopper is, before the payment completes.
Co-CEO Ingo Uytdehaage said merchants ask Adyen every day how to connect their online and in-store customer data and act on it in real time, and that many have tried to build that themselves without success. With Talon.One, he said, a merchant can recognise a shopper and apply a relevant offer instantly.
Adyen said linking customer identity to promotions at the level of individual products can help merchants influence conversion, fraud and customer lifetime value, as well as pricing and inventory decisions. It also pointed to agentic commerce, where purchases are increasingly started by software agents earlier in the checkout, as a model the combined platform is designed for.
The company sees cross-selling opportunities in both directions, and said the deal supports expansion into segments where it is underrepresented, such as everyday retail and domestic commerce.
The founders and the funding
In July 2025, Talon.One raised $135 million in growth funding from new investors Silversmith Capital Partners and Meritech Capital, with existing investor CRV also taking part, FashionUnited reported. Gerber was chief executive at the time, and the company said it would use the money to build AI-driven features and strengthen its position in the US, UK, Europe and Asia-Pacific.
Gerber and Haas said joining Adyen would let them build real-time decisioning into every transaction, connecting customer identity with pricing and promotions in stores and online. Talon.One did not disclose its headcount.
Deal mechanics and advisers
Adyen, listed in Amsterdam, announced the deal alongside a preview of its first-quarter results, saying net revenue rose 20% on a constant-currency basis to €620.8 million. It reiterated its financial targets and said they do not depend on the Talon.One acquisition.
Goldman Sachs Bank Europe acted as Adyen's financial adviser. De Brauw Blackstone Westbroek and Hengeler Mueller served as legal counsel, and KPMG Advisory carried out financial due diligence. Co-CEO Uytdehaage and CFO Ethan Tandowsky hosted an investor call on the evening of the announcement.
