Nuvei

Last updated

Nuvei Corporation
Company type Public
Industry
Founded2003;21 years ago (2003)
FounderPhilip Fayer
Headquarters
Montreal, Quebec
,
Canada
Area served
Worldwide
RevenueIncrease2.svg US$1.19 billion (2023) [1]
Increase2.svg US$117 million (2023) [1]
Decrease2.svg US$−696 million (2023) [1]
Total assets Increase2.svg US$5.14 billion (2023) [1]
Total equity Increase2.svg US$2.04 billion (2023) [1]
Number of employees
2,202 (2023) [2]
Website nuvei.com
Footnotes /references
[1] [2]

Nuvei Corporation is a payment processor headquartered in Montreal, Canada. Nuvei provides businesses with pay-in and payout options. [3] The company went public in September 2020 with a $700 million initial public offering on the Toronto Stock Exchange. [4] 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. [5]

Contents

History

Nuvei, formerly Pivotal Payments, was established in 2003 by Philip Fayer. [6] Fayer founded the company while taking some time off from attending Concordia University. [6] The company offered electronic payment processing and merchant services for point of sale and online businesses. [6] Since its founding, Nuvei has expanded significantly, acquiring clients and other similar operations through acquisitions. [6]

In 2006, the company received an investment from Goldman Sachs totaling CA$60 million to fund its acquisition strategy. [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]

On April 1, 2024, it was announced that Advent International had agreed to buy Nuvei for $6.3 billion in an all-cash deal, taking it private. [19]

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References

  1. 1 2 3 4 5 6 "Nuvei Corp. 2023 Annual Report (Form 40-F)". U.S. Securities and Exchange Commission. March 5, 2024.
  2. 1 2 "Nuvei Corp. 2023 Annual Report (Form 40-F) Exhibit 99.1". U.S. Securities and Exchange Commission. March 5, 2024.
  3. ↑ "Nuvei Announces Second Quarter 2022 Results". investors.nuvei.com. Retrieved August 10, 2022.
  4. ↑ "Payment firm Nuvei launches on Toronto Stock Exchange Thursday in most valuable tech IPO in TSX's history". CBC News. September 17, 2020.
  5. ↑ "Nuvei Announces Closing of US $ 424,833,000 Initial Public Offering in the United States". investors.nuvei.com. Retrieved April 13, 2022.
  6. 1 2 3 4 5 Martin, Megan (April 7, 2010). "Thinking small forges big payoff". National Post. Retrieved January 10, 2023.
  7. ↑ Mason, Quinn (September 27, 2017). "La Caisse and Novacap make joint investment, value Pivotal Payments at $525 million". Montreal in Technology. Retrieved January 10, 2018.
  8. ↑ "Canadian payments firm Nuvei acquires SafeCharge for $889 million". mobilepaymentstoday.com. August 1, 2019. Retrieved November 17, 2019.
  9. ↑ "Nuvei completes acquisition of SafeCharge for US $889 million, strengthening its global payment technology and reach". The Canadian Business Journal. August 1, 2019. Retrieved March 20, 2020.
  10. ↑ Silcoff, Sean (September 17, 2020). "Nuvei stock soars after largest tech IPO in TSX history" . Retrieved September 28, 2022.
  11. ↑ "Nuvei completes acquisition of Smart2Pay, expands alternative payment methods offering". thepaypers.com. Retrieved April 13, 2022.
  12. ↑ "Nuvei to acquire Base Commerce". Finextra Research. December 1, 2020. Retrieved April 13, 2022.
  13. ↑ "Nuvei finalises acquisition of payment provider Mazooma". iGaming Business. August 4, 2021. Retrieved April 13, 2022.
  14. ↑ "Nuvei acquires Paymentez".
  15. ↑ "Payments tech firm Nuvei files for U.S. IPO a year after Toronto listing". Reuters. October 4, 2021. Retrieved April 13, 2022.
  16. ↑ "Nuvei Announces Fourth Quarter and Fiscal Year 2021 Results".
  17. ↑ O’Kane, Josh (January 9, 2023). "Montreal's Nuvei to buy competing U.S. payments firm for US$1.3-billion". The Globe and Mail. Retrieved January 9, 2023.
  18. ↑ "Ryan Reynolds announces investment in Canadian fintech Nuvei" (Press release). April 17, 2023.
  19. ↑ Nishant, Niket; Saini, Manya (April 1, 2024). "Advent to buy Ryan Reynolds-backed fintech Nuvei in $6.3 bln deal". Reuters. Retrieved April 2, 2024.
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