ElevenLabs' enterprise revenue hits 55%. Its new CFO took Adyen public.

ElevenLabs has a new chief financial officer, and the announcement says nearly as much about where the company's money comes from as it does about the man taking the job. Ethan Tandowsky, until recently the CFO of the Dutch payments group Adyen, arrives at a business where large organizations now generate 55% of revenue, up from 40% a year earlier.

The appointment on its own is unremarkable. The numbers attached to it are not. ElevenLabs describes itself as an 800-person team serving millions of developers, creators and businesses, with voice and audio models covering more than 90 languages and 10 million conversational agents deployed across sales, support, hiring and training. Speed is where that category competes, and the scoreboard runs in milliseconds: Magpie TTS spends just 32ms of a voice agent's latency budget.

Enterprise customers now pay most of the bills

For a company that started as an audio research lab, the shift in who pays is the story inside the personnel note. Enterprise clients account for 55% of revenue, according to ElevenLabs, and the customer list includes Nvidia, Stripe, Klarna and Deutsche Telekom. Names like those are why infrastructure vendors now wave security certifications at procurement teams, the same way Together AI's ISO 27001:2022 certification gives enterprise buyers a benchmark to check.

ElevenLabs frames the hire as a consequence of that scale. "As the business becomes more complex, Ethan will scale our financial infrastructure and shape how we invest in research, product, and global expansion," the company wrote.

The company does not publish absolute revenue, so the 15-point jump in enterprise share describes who is growing fastest inside ElevenLabs rather than how big the whole business has become. Governments from Brazil to Ukraine also appear on the customer list. The Brazil tie is already public: ElevenLabs signed a pact with the country's electoral authority to fold voice AI into election information services, a sign the sales motion has moved well past developer sign-ups.

What Adyen taught the new CFO

Tandowsky joined Adyen's finance team in 2016 and helped take the payments company public in 2018, before becoming its CFO in 2023. Over that stretch, Adyen grew from 400 to 5,000 employees, expanded into new international markets and increased revenue 20 times.

He spent seven years inside Adyen's finance organization before taking the top job there, so the listing work came from within the team rather than from an outside adviser's playbook.

That record is what ElevenLabs CEO Mati Staniszewski cites in introducing him. "Ethan brings a strong track record of scaling financial operations in high-growth environments, and valuable experience as CFO of a public company," Staniszewski said, adding that he looks forward to working with Tandowsky "to solve human-AI interaction for more businesses around the world."

Staniszewski's phrasing is careful. ElevenLabs' announcement says nothing about a listing, and nothing obliges the company to be contemplating one. It does now employ a finance chief who has steered a company through an IPO and the quarterly reporting that follows.

The voice IP marketplace still without a price

Further down the announcement sits a second signal: ElevenLabs says it is building new financial models for the creative ecosystem, including what it calls the industry's first marketplace for creators to earn money from their voice IP. The model has precedents, if imperfect ones: Pippa pays artists $0.005 per image while its own models still train on scraped art.

No revenue share, payout structure or launch date accompanies that marketplace in the text. For a company whose models synthesize human voices, the commercial rules governing voice rights will matter as much as any enterprise contract, and Tandowsky's stated remit covers that ground.

"My focus is to drive investment and build the financial foundation that allows the company to seize the significant opportunity ahead," Tandowsky said. At ElevenLabs, that means making research spending, government contracts and creator payouts add up on the same balance sheet.