Nuvei Corporation, a Canada-listed payment processing company with a market capitalization of almost $10 billion, has agreed to acquire crypto firm Simplex for $250 million.
Announcing the information on Thursday, Nuvei said the deal is all in money and is predicted to shut within the second half of this 12 months, topic to regulatory approvals and different situations.
Simplex is an Israel-based crypto payment processor, offering on-ramp and off-ramp companies to crypto exchanges and corporations, together with Binance and Huobi. Nuvei mentioned Simplex processed round $500 million of complete quantity in 2020 and is predicted to course of greater than $2 billion of complete quantity in 2021.
“Simplex’s infrastructure is a pure match for Nuvei’s Native Commerce Platform, additional strengthening the capabilities and general worth proposition of our single-integration strategy to funds,” mentioned Nuvei chairman and CEO Philip Fayer. Nuvei’s commerce platform connects retailers in 200 markets, supporting 470 native and various payment strategies, together with cryptocurrencies.
“We anticipate Simplex to improve and develop Nuvei’s steadily rising portfolio of different payment strategies, including turnkey simplicity to the method of shopping for and promoting cryptocurrency and changing it again to fiat inside a person account,” mentioned Fayer.
The acquisition of Simplex will even present Nuvei with an digital cash establishment (EMI) license to supply worldwide checking account numbers (IBANs) to purchasers and supply future banking and card issuing capabilities.
Simplex has permission to challenge Visa playing cards. Last December, the firm grew to become a principal member of Visa in Europe.
Founded in 2014, Simplex has raised $18 million to date and employs 160 folks, co-founder and CEO Nimrod Lehavi informed The Block. The firm would stay a separate entity inside Nuvei, mentioned Lehavi.