It does seem like a lot, but if you look at growth rates, the differences are significant.

Stripe is also doing far more value-added stuff: If all you need is to process credit card Adyen is probably going to outbid Stripe. They almost always did last time I checked. But Stripe is offering a significantly larger product, especially to people running marketplaces. That was always the selling point for the doordashes and deliveroos of the world. Even for Amazon. So I bet that the skinny version that is just a payment processor would be worth a lot less.

They aren't the only ones trying to widen their horizons either: Paypal and Square/Block came up with plenty of plans to try to grow past boring payments. They just didn't execute on those things all that well, and somehow Stripe does.

Adyen is behind Stripe when it comes to small enterprises but ahead on large enterprises and especially global merchants. They also have scaled back on digital merchants which you can lose easily and focus more on unified commerce, their growth is a lot higher quality. They also report growth differently - ex fees to schemes and banks. Stripe will be on the hook if banks and schemes raise their fees. You also dont know what margin stripe has, just say robust which is enough for the crowd on wallstreet of course but I digress. The fact is Stripe is a good company, but its valuation is set in a room while Adyen's valuation is set on the market 80% of which is pods trading back and forth.