Canadian payments FinTech Nuvei is set to become a private company.
Nuvei announced the $6.3 billion deal with private equity firm Advent International on Monday (April 1), three weeks after reports of a possible acquisition emerged.
“This transaction marks the beginning of an exciting new chapter for Nuvei, and we are glad to partner with Advent to continue to deliver for our customers and employees and capitalize on the significant opportunities that this investment provides,” Nuvei CEO Philip Fayer said in a news release.
“Our strategic initiatives have always focused on accelerating our customers’ revenue, driving innovation across our technology, and developing our people. Bringing in a partner with such extensive experience in the payments sector will continue to support our development.”
Fayer, who will control nearly a quarter of the equity in the private company, is expected to remain as the head of the firm.
Nuvei made headlines last year after actor/entrepreneur Ryan Reynolds invested in the company after a series of other high-profile ventures: a 25% stake in Mint Mobile — a wireless provider sold to T-Mobile for $1.35 billion — as well as investments in American Aviation Gin and the U.K.’s Wrexham Football Club.
Last year also saw Nuvei conclude its $1.3 billion acquisition of payment platform Paya as it sought to increase its footprint in “high growth” spaces like healthcare, nonprofit, government, utilities, and other business-to-business (B2B) markets.
PYMNTS Intelligence has worked with Nuvei on research, such as the recent report “The Role of Fraud Screening in Minimizing Failed Payments.”
And PYMNTS last week spoke with Gigi Beyene, senior vice president of integrated payments at Nuvei, on how the role of the independent software vendor (ISV) has changed over the years.
Tracing their roots to the 1960s, ISVs have become critical for providing software solutions for specific verticals, like enabling practice management for dental or medical practices or front- and back-office solutions for restaurants.
A natural expansion of this role, Beyene said, would involve embedded payments, as an integration could help accelerate revenue for both the ISVs and their clients.
As Beyene told PYMNTS, “integrated payments have helped increase operational efficiencies, have reduced costs — and have changed the narrative for merchants.”