, Columnist
Dutch Mania Whips Us Back to the Dotcom Bubble
Adyen’s foundations are solid, but its IPO surge isn't.
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Payment-processing companies are surfing a wave of cash. Not just the relentless credit card swipes from regular folk, but also the enthusiasm of investors who reckon they're onto the next big thing.
The initial public offering of sector darling Adyen BV suggests that the understandable interest in good, profitable companies has morphed into a fervor bordering on dotcom mania. It’s a little unhealthy.