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May 7, 2021

Nuvei inks deal to buy crypto payment startup Simplex

By Johney Amala

Canadian electronic payment processing company Nuvei has agreed to acquire Israel-based crypto payment startup Simplex for approximately $250m in cash.

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The deal, subject to regulatory approval, is expected to close in the second half of 2021.

Established in 2014, Simplex provides fiat infrastructure users to buy or sell cryptocurrencies using credit and debit cards.

It acts as a fiat-cryptocurrency gateway connecting market participants including exchanges, brokers, wallet and liquidity providers.

Simplex’s proprietary fraud and risk management tools are designed to deliver a zero-chargeback guarantee to its customers, leading to higher conversion rates.

Simplex is a principal member of the Visa network and has permission to issue Visa cards.  The processed approximately $500m of total volume last year and is expected to process over $2bn in payments this year.

The acquisition will add future banking and card issuing capabilities to Nuvei’s portfolio in addition to providing an electronic money institution (EMI) license to offer IBAN accounts to end users and corporations.

Nuvei chairman and CEO Philip Fayer said: “Simplex’s infrastructure is a natural fit for Nuvei’s Native Commerce Platform, further strengthening the capabilities and overall value proposition of our single-integration approach to payments. We are excited to welcome Simplex to the Nuvei team.”

Simplex co-founder and CEO Nimrod Lehavi added: “By joining Nuvei, Simplex will be able to fulfill its promise of bridging the gap between the blockchain space and the traditional finance world.”

Recent deal by Nuvei

Last month, Nuvei agreed to acquire gaming and sports wagering payment technology firm Mazooma Technical Service.

In December last year, the company agreed to acquire all the assets of integrated payment solutions provider Base Commerce.

Earlier last year, Nuvei signed an agreement to sell CreditGuard to Israeli financial institution Max Group.

Free Report
img

Prepare for changes in the Payments market

 The Payments market has seen drastic changes in the past few years, with this only expected to continue. What does your company need to do to prepare for what’s to come? GlobalData’s Payment Trends for 2022 report explores the key trends in technology, consumer habits, and regulations shaping the market. We also identify the leading companies in this changing market, giving you a competitive market outlook. This report covers the impact of:
  • ESG
  • E-commerce
  • Mobile payments
  • Alternative payment rails (Real-Time Payments, Blockchain, BNPL)
  • Fraud & Cybersecurity
  • Regulations
Download the report now to learn essential strategies to maximize your growth in the face of rapid change.
by GlobalData
Enter your details here to receive your free Report.

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