Nuvei Acquires Paymentez, Continues Latin American Market Expansion
MONTREAL, Sept. 07, 2021 (GLOBE NEWSWIRE) — Nuvei Corporation (“Nuvei” and “the Company”) (TSX: NVEI and NVEI.U), the global payment technology partner of thriving brands, today announced the acquisition of Paymentez LLC (“Paymentez”), a leading payment solution provider in Latin America.
Founded in 2011, Paymentez provides a breadth of payment solutions to merchants and financial institutions, including gateway, white-labeling, card acquiring and prepaid card options. Paymentez supports high-growth eCommerce verticals including online games, delivery platforms, mobility, transportation, sports, as well as other segments throughout Latin America.
Paymentez provides direct connectivity in eleven countries with local acquiring in nine countries (Mexico, Ecuador, Venezuela, Colombia, Brazil, Peru, Argentina, Uruguay and Chile), supports more than 80 local and alternative payment methods, including bank transfer, wallets, instant payment networks and the most relevant cash networks to provide a comprehensive local payment platform for more than 4,000 merchants in the region.
Customers include Rappi, one of the region’s fastest growing consumer technology companies specializing in online delivery services; DirecTV, an American direct broadcast satellite service provider; General Motors, the automotive multinational corporation; amongst many others. Paymentez also offers its platform as a service to acquirers and banks, such as Redeban, Davivienda and others, helping them to serve their customers looking for a platform to process online payments, eliminating the complexity and improving their competitiveness.
With offices in Sao Paulo, Buenos Aires, Bogota, Guayaquil and Mexico City, Paymentez currently has 46 employees and is growing rapidly. As part of the acquisition, Paymentez CEO and cofounder, Juan F. Franco joins Nuvei as General Manager, Latin America (LATAM), responsible for leading the Company’s commercial and operational expansion in the region.
“Paymentez further increases our total addressable market by significantly expanding and strengthening our presence in Latin America, along with enhancing our regional processing capabilities, enabling us to support even more local payment methods,” said Philip Fayer, Nuvei’s Chair and CEO. “Online commerce in Latin America is growing at an unprecedented rate, representing one of the fastest growing markets in the world. The acquisition ensures that we’re well positioned with the technology and expertise for the market to service new customers as well as broaden our capabilities and deepen our relationships with our existing global customers.”
“I am excited about the next chapter for Paymentez. Our presence, experience, connectivity and knowledge in Latin America, combined with the technology, explosive growth and leadership of Nuvei creates a leading payment platform in the region. Our customers will have a world class platform with the best connectivity and support in the Region. The future is very exciting,” said Juan F. Franco, newly appointed General Manager, LATAM for Nuvei.
We are Nuvei (TSX: NVEI and NVEI.U), the global payment technology partner of thriving brands. We provide the intelligence and technology businesses need to succeed locally and globally, through one integration – propelling them further, faster. Uniting payment technology and consulting, we help businesses remove payment barriers, optimize operating costs and increase acceptance rates. Our proprietary platform provides seamless pay-in and payout capabilities, connecting merchants with their customers in 204 markets worldwide, with local acquiring in 45 markets. With support for over 480 local and alternative payment methods, nearly 150 currencies and 40 cryptocurrencies, merchants can capture every payment opportunity that comes their way. Our purpose is to make our world a local marketplace.
For more information, visit www.nuvei.com.
Vice President, Head of Investor Relations