The publicly-listed Canadian firm Nuvei Corporation announced the acquisition of the cryptocurrency company SimplexCC Ltd in an all-cash deal for $250 million. The deal is pending regulatory approval and Nuvei expects Simplex to “enhance” the firm’s portfolio of alternative payment method solutions.
Nuvei Acquires Crypto Payments Provider Simplex
On May 6, the Canadian company Nuvei (TSX: NVEI), a global payment technology firm, revealed the acquisition of the crypto asset payment operation Simplex. The digital currency startup offers fiat to the crypto on and off-ramps alongside the ability to provide Visa cards to crypto consumers. The company notes that it “processed approximately $500 million of total volume” last year and estimates it will process $2 billion this year.
“We expect Simplex to enhance and expand Nuvei’s steadily growing portfolio of alternative payment methods, adding turnkey simplicity to the process of buying and selling cryptocurrency and converting it back to fiat within a user account,” Philip Fayer, Nuvei’s Chair and CEO said during the announcement on Thursday. “Ultimately [it will] reduce complexity for merchants and consumers,” Fayer added.
Nuvei Supports 470 Local and Alternative Payment Methods
Nuvei Corporation is connected to 200 markets across the globe that supports “470 local and alternative payment methods.” Furthermore, Nuvei provides “nearly 150 currencies and 40 cryptocurrencies” as well. Nuvei (formerly Pivotal Payments) is the largest non-bank payment processor in Canada. The Montreal-based company went public in September 2020 accruing a $700 million initial public offering (IPO) on the Toronto Stock Exchange (TSX).
“Today is a very special day for all of the Simplex team, as well as the entire cryptocurrency community,” Nimrod Lehavi, Simplex’s cofounder and CEO concluded. “By joining Nuvei, Simplex will be able to fulfill its promise of bridging the gap between the blockchain space and the traditional finance world. We couldn’t have thought of a better partner for us, and we are excited for what the future holds,” the CEO added.
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