Global Payments Platform Nuvei Set to Acquire Simplex For Approximately $250 Million
Nuvei, a global payment technology provider based in Canada, recently announced it has acquired
Simplex, an EU-licensed financial institution that provides the fiat infrastructure for the cryptocurrency industry, for approximately $250 million. Nuvei reported that the acquisition will provide it with an electronic money institution (EMI) license to offer IBAN accounts to end-users and corporations, and offers future banking and card issuing capabilities.
While sharing more details about the acquisition,
Philip Fayer, Nuvei’s Chair and CEO, stated:
“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.”
Nuvei acquires Israeli fintech co Simplex for $250m
Simplex provides a secure infrastructure for clearing cryptocurrency transactions and simplifies buying and selling.
Canadian payment technology company Nuvei Corporation (TSX: NVEI) today announced that it has entered into a definitive agreement to acquire Israeli fintech startup Simplex for $250 million cash. Simplex provides a secure infrastructure for clearing cryptocurrency transactions. Completion of the acquisition is subject to customary closing conditions, including regulatory approval, and is expected to close in the second half of 2021.
Simplex was founded in 2014 by CEO Nimrod Lehavi, CTO Erez Shapira and CIO Netanel Kabala. According to IVC the company has raised $18 million, mainly from private investors. Simplex has 150 employees at its Israel offices in Givatayim near Tel Aviv and in Vilnius, Lithuania.
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A single payment processing and fraud prevention solution enables retailers to increase revenue by approving more customers and increasing conversions without increased risk of fraud Forter, the leader in e-commerce fraud prevention, today announced that Nuvei (TSX: NVEI and NVI.U), the global payment technology partner of thriving brands, will be joining its global network of merchants and banks to fight online fraud and approve more legitimate customers instantaneously. The increased volume and lack of data on new online shoppers makes it difficult for retailers to accurately identify legitimate buyers from fraudsters, leading to false declines, a poor customer experience and ultimately, lost revenue. Combining the power of Forter s global network with Nuvei s Native Commerce Platform empowers merchants of any size, across any industry, to increase and fully optimize transactions in today s worldwide digital marketplace.