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Adyen (ADYEN.AS), the Dutch company that processes payments for Uber and ​eBay, met first-quarter revenue expectations on Wednesday, ‌as it continued to process a higher volume of transactions despite slower consumer spending activity.

Net revenue in the quarter ​ended in March grew 20% on a ​constant currency basis, reaching 620.8 million euros ($728.3 million). ⁠Analysts expected on average revenue of 621.3 million ​euros with 20% growth, according to consensus data ​provided by the company.

Processed volume, the value of all payments processed, rose to 382 billion euros, up 21% from last ​year, and above the forecast of 374 billion ​euros.

Payments processors like Adyen are viewed as a barometer for ‌the ⁠health of consumer spending as their volumes reflect trends in both online and in-store purchasing.

Recent U.S. economic data for the first quarter showed that while ​the economy ​grew, consumer ⁠spending lost momentum as inflation and geopolitical uncertainty weighed on household budgets.

Still, the Dutch ​fintech has been a standout performer in ​the ⁠European payments industry. While regional peers grapple with disappointing earnings and slumping sales, Adyen has consistently gained ⁠market ​share in other continents, particularly ​in North America where it competes with PayPal (PYPL.O) and Stripe.

($1 = 0.8524 ​euros)