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 â€œenhanceâ€ the firmâ€™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 â€œprocessed approximately $500 million of total volumeâ€ last year and estimates it will process $2 billion this year.
â€œWe expect Simplex to enhance and expand Nuveiâ€™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,â€ Philip Fayer, Nuveiâ€™s Chair and CEO said during the announcement on Thursday. â€œUltimately [it will] reduce complexity for merchants and consumers,â€ Fayer added.
Nuvei Supports 470 Local and Alternative Payment Methods
Nuvei Corporation is connected to 200 markets across the globe that supports â€œ470 local and alternative payment methods.â€ Furthermore, Nuvei provides â€œnearly 150 currencies and 40 cryptocurrenciesâ€ 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).
â€œToday is a very special day for all of the Simplex team, as well as the entire cryptocurrency community,â€ Nimrod Lehavi, Simplexâ€™s cofounder and CEO concluded. â€œBy joining Nuvei, Simplex will be able to fulfill its promise of bridging the gap between the blockchain space and the traditional finance world. We couldnâ€™t have thought of a better partner for us, and we are excited for what the future holds,â€ the CEO added.
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