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December 12, 2019

Canadian paytech firm Nuvei secures $270m investment

Canadian payments technology provider Nuvei has received $270m in common equity funding, led by its current shareholders including private equity firm Novacap.

Canadian institutional investor Caisse de dépôt et placement du Québec also participated in the fundraising. The funding takes the valuation of the firm to $2bn.

Novacap (TMT) president and CEO Pascal Tremblay said: “We are extremely thankful for our LPs’ continued trust and support.

“This encourages us to continue our efforts to become even more performant at creating meaningful partnerships with entrepreneurs and management to build world-class companies.”

Through the fresh infusion, Nuvei intends to support its strategy of driving growth organically and through acquisitions.

Nuvei offers payment acceptance solutions, foreign exchange services, local acquiring, and value-added business services, among others, It supports over 150 currencies.

The business has a presence in the US, Canada, Europe, Latin America, and Asia Pacific.

Commenting on the development, Nuvei chairman and CEO Philip Fayer said: “I’d like to thank our partners for helping us continue to expand the breadth and reach of our fintech solutions around the world,”

“It further reinforces our strategy of growing organically and through complementary M&A activities, including technology partnerships, that will make a significant impact to the markets and businesses in which we operate.”

Earlier this year, Nuvei acquired SafeCharge International Group for around $889m.

 

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