Proposed acquisition represents significant
milestone in global expansion strategy and further strengthens
Nuvei's presence in LATAM
MONTREAL, Aug. 5, 2024
/PRNewswire/ -- Nuvei Corporation ("Nuvei" or the "Company")
(Nasdaq: NVEI) (TSX: NVEI), the Canadian fintech company, today
announces that it has entered into a definitive agreement to
acquire Pay2All Instituição de Pagamento Ltda. ("Pay2All"), a
licensed Payment Institution authorized by the Central Bank of
Brazil. This strategic milestone
is expected to enhance Nuvei's capabilities in the Brazilian market
and reinforces its commitment to the Latin American (LATAM)
region.
The Payment Institution license will enable Nuvei to offer
comprehensive payment services in Brazil as an Issuer of Electronic Currency.
These include accepting payments, managing e-wallets and
betting accounts, and participating in all of
Brazil's local payment systems,
including processing Pagamentos Instantâneos ("PIX")
transactions.
A Payment Institution license is required to provide
transactional services for authorized operators in the newly
regulated market of sports betting and online gaming,
in accordance with Law No. 14.790/23. Brazil's iGaming market presents significant
growth opportunities for Nuvei. Revenue in the Brazilian iGaming
market is projected to reach US$1.97bn in 2024 and is predicted to show an
annual growth rate (CAGR 2024-2029) of 15.39%, resulting in a
projected market volume of US$4.03bn
by 2029.[1]
By securing a Payment Institution license, Nuvei will be well
positioned as a payment partner of choice to the iGaming and
broader eCommerce ecosystems in Brazil. The proposed transaction is subject to
customary closing conditions, including receipt of key regulatory
approvals by the Central Bank of Brazil and local antitrust authorities.
Philip Fayer, Nuvei Chair and
CEO, commented on the announcement: "Securing a Payment Institution
license in Brazil has been a top
priority, and will mark another significant milestone in our global
expansion strategy. The proposed transaction not only strengthens
our presence in LATAM but also demonstrates our commitment to
providing fully localized and modern payment solutions to
businesses in Brazil. We're
excited to offer our full suite of services to help drive growth
for the rapidly-growing eCommerce and iGaming operators in this
dynamic market."
In 2024, Nuvei already signaled its commitment to growth in
LATAM through its announcement that it was the first global
payments company to offer direct local acquiring in Colombia. In addition to securing its
impending Payment Institution license in Brazil, Nuvei is also currently implementing a
local acquiring service in Mexico,
leading to the fulfilment of processing requirements to become a
direct acquirer under the Comisión Nacional Bancaria y de Valores
(CNBV). Further strategic expansion in LATAM is scheduled to
follow.
About Nuvei
Nuvei (Nasdaq: NVEI) (TSX: NVEI) is the Canadian fintech company
accelerating the business of clients around the world. Nuvei's
modular, flexible and scalable technology allows leading companies
to accept next-gen payments, offer all payout options and benefit
from card issuing, banking, risk and fraud management
services. Connecting businesses to their customers in more than 200
markets, with local acquiring in 50 markets, 150 currencies and 700
alternative payment methods, Nuvei provides the technology and
insights for customers and partners to succeed locally and globally
with one integration.
For more information, visit www.nuvei.com
Forward-Looking Statements
This press release contains "forward-looking information" and
"forward-looking statements" (collectively, "Forward-looking
information") within the meaning of applicable securities laws.
This Forward-looking information is identified by the use of terms
and phrases such as "may", "would", "should", "could", "expect",
"intend", "estimate", "anticipate", "plan", "foresee", "believe",
or "continue", the negative of these terms and similar terminology,
including references to assumptions, although not all
forward-looking information contains these terms and phrases.
Particularly, statements regarding the obtaining of the Payment
Institution license and the anticipated impacts thereof are
forward-looking information. In addition, any statements that refer
to expectations, intentions, projections or other characterizations
of future events or circumstances contain forward-looking
information. Statements containing forward-looking information are
not historical facts but instead represent management's
expectations, estimates and projections regarding future events or
circumstances. Forward-looking information is based on management's
beliefs and assumptions and on information currently available to
management and involves known and unknown risks and uncertainties,
many of which are beyond our control, that could cause actual
results to differ materially from those that are disclosed in or
implied by such Forward-looking information. These risks and
uncertainties include, but are not limited to, the risk factors
described in greater detail under the heading "Risk Factors" in the
Company's annual information form filed on March 5, 2024, and under the heading "Risk
Factors" in the Company's management's discussion and analysis for
the three months ended March 31,
2024.
Contact:
Public Relations
alex.hammond@nuvei.com
Investor Relations
IR@nuvei.com
NVEI-IR
1 https://www.statista.com/outlook/amo/online-gambling/brazil#:~:text=Revenue%20in%20the%20Online%20Gambling,US%244.03bn%20by%202029.
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SOURCE Nuvei