Canadian listed company Nuvei Corporation announced the acquisition of cryptocurrency company SimplexCC Ltd. in a $250 million all-cash transaction. The transaction is subject to regulatory approval. Nuvei hopes that Simplex will “enhance” the company’s product portfolio of alternative payment solutions.

Nuvei acquires crypto payment provider Simplex

On May 6, Canadian company Nuvei (TSX: NVEI), a global payment technology company, announced the acquisition of Simplex, an encrypted asset payment business. This digital currency startup company provides legal currency for the up and down ramps of cryptocurrencies, and can also provide Visa cards to cryptocurrency consumers. The company pointed out that last year it “processed a total of about US$500 million” and estimates that it will process US$2 billion this year.

“We hope that Simplex will enhance and expand Nuvei’s growing portfolio of alternative payment methods, adding turnkey ease of buying and selling cryptocurrencies, and converting them into fiat currency in user accounts,” Nuvei Chairman and CEO Philip Fayer said during the meeting. Announcement on Thursday. “finally [it will] Reduce the complexity of merchants and consumers. “

Nuvei supports 470 local and alternative payment methods

Nuvei is connected to 200 markets around the world and supports “470 local and other payment methods.” In addition, Nuvei also offers “nearly 150 currencies and 40 cryptocurrencies.” Nuvei (previously known as Pivotal Payments) is Canada’s largest non-bank payment processor. The Montreal-based company went public in September 2020 and conducted a $700 million initial public offering (IPO) on the Toronto Stock Exchange (TSX).

“Today is a very special day for all Simplex teams and the entire cryptocurrency community,” concluded Nimrod Lehavi, co-founder and CEO of Simplex. By joining Nuvei, Simplex will be able to fulfill its promise to bridge the gap between the blockchain space and the traditional financial world. We have never thought about finding a better partner for us, and we are excited about the future prospects. “The CEO added.

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What do you think of Nuvei’s acquisition of Simplex with a $250 million all-cash transaction? Let us know your thoughts on this topic in the comments section below.

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