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February 20, 2020

Nuvei to sell CreditGuard to Israel’s Max Group

Payment technology firm Nuvei has signed an agreement to sell CreditGuard to Israeli financial institution Max Group.

CreditGuard offers payment gateway services to Israeli businesses.

Last year, Nuvei took over CreditGuard as part of its $889m acquisition of SafeCharge International Group.

The agreement will also provide Max’s local commercial customers with access to Nuvei’s payment acquiring network in North America, Europe, Latin America, and Asia Pacific regions.

The move will help them to transact in 150 currencies and around 250 alternative payment methods.

In turn, Nuvei’s merchants can connect to Max’s acquiring services in Israel.

Nuvei’s chairman and CEO Philip Fayer said: “We went through a rigorous process to find the ideal partner to expand our acquiring business into Israel, as well as a company that will ensure the continuity and long-term success of CreditGuard, its customers and employees.

“We’re confident in MAX’s vision and strategy in delivering exceptional products and services to CreditGuard’s customers. In turn, the partnership enables Nuvei to grow its global footprint and cements our role as a payments leader with massive scale and reach.”

Max business development and strategy EVP Ohad Maimon said: “This is important news for Israeli businesses joining the digital revolution.

“CreditGuard provides a range of advanced and secure digital payment services across all sales channels.

“The collaboration with Nuvei will help us tailor global payment solutions to our commercial customers.”

In December last year, Nuvei secured $270m in common equity funding.

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