- Leading global payment technology provider Nuvei announced it has raised $270 million in common equity financing
Nuvei — a leading global payment technology provider — announced that it has raised a $270 million (CA$358 million) in common equity financing at a valuation of US$2 billion (CA$2.65 billion).
This investment comes primarily from Nuvei’s existing shareholders, including leading Canadian private equity firm Novacap, supported by some of its key limited partners, and Caisse de dépôt et placement du Québec (CDPQ) — one of the largest Canadian institutional investors. This round of funding allows Nuvei to further bolster both its organic and acquisition growth plans.
Based in Montreal, Quebec and with offices across the globe, Nuvei delivers omnichannel, end-to-end payment acceptance solutions, streamlined payouts, foreign exchange services, local acquiring, risk management, and value-added business services in the U.S., Canada, Europe, Latin America, and Asia Pacific. And Nuvei empowers businesses and organizations to grow locally and globally thus delivering these capabilities through a single unified platform.
Through one integration, Nuvei’s proprietary native platform makes it easy to connect with the global economy and begin transacting with clients in more than 150 currencies worldwide. And with support for over 180 alternative payment methods, it makes Nuvei one of the few established payment processors with truly global acquiring capabilities.
“I’d like to thank our partners for helping us continue to expand the breadth and reach of our fintech solutions around the world,” said Nuvei’s chairman and CEO Philip Fayer. “It further reinforces our strategy of growing organically and through complementary M&A activities, including technology partnerships, that will make a significant impact to the markets and businesses in which we operate.”
This equity round concludes a successful year for Nuvei. For example, it completed several acquisitions including the transformational purchase of SafeCharge International Group Limited for $889 million.
“We are extremely thankful for our LPs’ continued trust and support,” added Novacap president and CEO Pascal Tremblay. “This encourages us to continue our efforts to become even more performant at creating meaningful partnerships with entrepreneurs and management to build world-class companies.”
Nuvei was also nominated one of Canada’s Best Managed Companies by Deloitte Canada and Philip Fayer won the EY Entrepreneur of The Year 2019 Award in the Fintech category.
“We are proud to support and accompany Nuvei through this exciting part of its history,” explained Novacap partner David Lewin. “This new raise gives the company flexibility to continue executing on its successful growth strategy.”
Novacap is a leading Canadian private equity firm with $3.6 billion of assets under management. And the private equity firm’s investment approach — based on deep operational expertise and an active partnership with entrepreneurs — has helped accelerate growth and create long-term value for its numerous portfolio companies.
And Caisse de dépôt et placement du Québec (CDPQ) is a long-term institutional investor that manages funds primarily for public and parapublic pension and insurance plans. CDPQ holds over CAD 326.7 billion in net assets.
“Our partnership continues ahead to support the global expansion of a leading Quebec tech firm,” commented Charles Emond, an executive vice-president at Québec, private equity and strategic planning at CDPQ. “Since this initial investment, CDPQ and its partners are proud to have sustained Nuvei’s growth, especially through the transformational acquisition of SafeCharge, and to have supported the emergence of a world-class, global player in its field.”
