Global payments technology company
Nuvei is a payment processor headquartered in Montreal, Canada. Nuvei provides businesses with pay-in and payout options including card issuing, banking, risk and fraud management services, and enables them to accept more than 570 alternative payment methods.[2] The company went public in September 2020 with a $700 million initial public offering on the Toronto Stock Exchange.[3] At the time, the Canadian IPO was the largest ever technology company offering on the Toronto Stock Exchange. A year later, in October 2021, Nuvei closed a $424.8 million IPO on Nasdaq.[4]
History
Nuvei, formerly Pivotal Payments, was established in 2003 by Philip Fayer.[5] Fayer founded the company while taking some time off from attending Concordia University.[5] The company offered electronic payment processing and merchant services for point of sale and online businesses.[5] Since its founding, Nuvei has expanded significantly, acquiring clients and other similar operations through acquisitions.[5]
In 2006, the company received an investment from Goldman Sachs totaling CA$60 million to fund its acquisition strategy, which helped the company execute several acquisitions by 2010.[5] By this time, the company had grown to about 300 employees in Canada and the United States and reported a yearly revenue of CA$150 million.[6]
In September 2017, Montreal-based private equity firm Novacap and the public pension fund manager Caisse de dépôt et placement du Québec announced a joint investment in the company. During the funding series, the two investment firms valued the company at CA$525 million (US$424 million).[7]
In August 2019, Nuvei completed its acquisition of SafeCharge for CA$1.1 billion (US$889 million), based on the price of US$5.55 for each SafeCharge share, representing a 25% premium to the London-listed company's stock.[8][9]
In September 2020, the company raised US$700 million in the largest technology initial public offering to date on the Toronto Stock Exchange.[10]
In November 2020, Nuvei completed the acquisition of Smart2Pay as part of a drive to strengthen its presence in high-growth digital commerce verticals.[11] A month later in December 2020, Nuvei announced it was acquiring Base Commerce, a payment processing company specializing in bankcard and ACH payment processing.[12]
In August 2021, Nuvei completed the acquisition of payment provider Mazooma, a transaction to expand its portfolio of North American payment options, with instant bank-to-bank payments for pay-ins and payouts, as well as real time payments for accelerated withdrawals.[13] In September 2021, Nuvei acquired payments company Paymentez to expand in Latin America.[14]
In October 2021, Nuvei filed for an IPO on Nasdaq.[15]
Nuvei's annual results for the 12 months to the end of December 2021 published in March 2022 showed the combined organization processes over $95 billion in annual transaction volume from clients across the globe.[16]
In January 2023, Nuvei announced that it plans to buy Nasdaq-listed competitor Paya Holdings Inc. for approximately US$1.3-billion.[17]
On April 17, 2023, Nuvei announced an investment from Hollywood actor and investor Ryan Reynolds.[18]
US$843.3 million (2022)[1]
