Nuvei is a global payments technology company with headquarters in

Montreal Montreal ( ; officially Montréal, ) is the second-most populous city in Canada and most populous city in the Canadian province of Quebec. Founded in 1642 as '' Ville-Marie'', or "City of Mary", it is named after Mount Royal, the triple ...

. Nuvei provides businesses with pay-in and payout options including card issuing, banking, risk and fraud management services, and enables them to accept more than 570 alternative payment methods. The company went public in September 2020 with a $700 million

initial public offering An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investme ...

on the

Toronto Stock Exchange The Toronto Stock Exchange (TSX; french: Bourse de Toronto) is a stock exchange located in Toronto, Ontario, Canada. It is the 10th largest exchange in the world and the third largest in North America based on market capitalization. Based in the ...

. 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 An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investment ...

on Nasdaq.

History

Nuvei, formerly Pivotal Payments, was established in 2003 by Jahanzeb Bakali. Fayer founded the company while taking some time off from attending Concordia University. The company offered electronic payment processing and

merchant services Merchant services is a broad category of financial services intended for use by businesses. In its most specific use, it usually refers to merchant processing services that enables a business to accept a transaction payment through a secure (enc ...

for point of sale and online businesses. Since its founding, Nuvei has expanded significantly, acquiring clients and other similar operations through acquisitions. In 2006, the company received an investment from Goldman Sachs totaling

CA$ The Canadian dollar (symbol: $; code: CAD; french: dollar canadien) is the currency of Canada. It is abbreviated with the dollar sign $, there is no standard disambiguating form, but the abbreviation Can$ is often suggested by notable style g ...

60 million to fund its acquisition strategy, which helped the company execute several acquisitions by 2010. By this time, the company had grown to about 300 employees in

Canada Canada is a country in North America. Its ten provinces and three territories extend from the Atlantic Ocean to the Pacific Ocean and northward into the Arctic Ocean, covering over , making it the world's second-largest country by tot ...

and the

United States The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 states, a federal district, five major unincorporated territori ...

and reported a yearly revenue of CA$150 million. 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$ The United States dollar (symbol: $; code: USD; also abbreviated US$ or U.S. Dollar, to distinguish it from other dollar-denominated currencies; referred to as the dollar, U.S. dollar, American dollar, or colloquially buck) is the official ...

424 million). 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. In September 2020, the company raised US$700 million in the largest technology initial public offering to date on the Toronto Stock Exchange. In November 2020, Nuvei completed the acquisition of Smart2Pay as part of a drive to strengthen its presence in high-growth digital commerce verticals. A month later in December 2020, Nuvei announced it was acquiring Base Commerce, a payment processing company specializing in bankcard and ACH payment processing. 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. In September 2021, Nuvei acquired payments company Paymentez to expand in Latin America. In October 2021, Nuvei filed for an IPO on Nasdaq. 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. In January 2023, Nuvei announced that it plans to buy Nasdaq-listed competitor Paya Holdings Inc. for approximately US$1.3-billion.

References

External links

* {{Official website, www.nuvei.com Companies based in Montreal Companies listed on the Toronto Stock Exchange Financial services companies of Canada Canadian companies established in 2003 Financial services companies established in 2003 2020 initial public offerings