Nuvei announces strategic partnership with the MAX Group and agrees to sell CreditGuard
MONTREAL and TEL AVIV, Israel, Feb. 19, 2020 (GLOBE NEWSWIRE) — Nuvei, a global payment technology provider, has entered into a strategic collaboration agreement with the Max Group (MAX), one of Israel’s leading financial institutions. Under the partnership, MAX’s commercial customers who wish to establish business activities outside of Israel will have access to Nuvei’s payment acquiring network in North America, Europe, Latin America, and Asia Pacific. As part of the agreement, Nuvei agreed to sell CreditGuard, a provider of payment gateway services to businesses in Israel.
Nuvei’s proprietary native platform opens up a greater global scale of business, offering MAX’s customers, through one integration, the capability of transacting in over 150 currencies and over 250 alternative payment methods. Nuvei’s merchants will, in turn, be able to connect to MAX’s acquiring services in Israel.“We went through a rigorous process to find the ideal partner to expand our acquiring business into Israel, as well as a company that will ensure the continuity and long-term success of CreditGuard, its customers and employees,” said Philip Fayer, Nuvei’s chairman and CEO. “We’re confident in MAX’s vision and strategy in delivering exceptional products and services to CreditGuard’s customers. In turn, the partnership enables Nuvei to grow its global footprint and cements our role as a payments leader with massive scale and reach.”“This acquisition is in line with our merchant-centric approach. Israel is on the verge of a payment revolution, which will require merchants of all sizes to overhaul their online and offline capabilities, and adapt their systems to EMV standards,” said Ohad Maimon, EVP business development and strategy at MAX. “This is important news for Israeli businesses joining the digital revolution. CreditGuard provides a range of advanced and secure digital payment services across all sales channels. The collaboration with Nuvei will help us tailor global payment solutions to our commercial customers.”“The true value of CreditGuard is its exceptional commitment to serving its customers,” said Uriel Ben David, CreditGuard’s CEO. “We will continue to treat them as one of the company’s most cherished assets. We believe that the connection to MAX will empower us to expand the range of services and increase the value proposition we’ll be able to provide to our customers.”Nuvei acquired CreditGuard as part of its acquisition of SafeCharge in 2019. The closing of the sale of CreditGuard is subject to customary conditions and regulatory approvals.About Nuvei
We are Nuvei, the first-ever community of payment experts. We provide fully-supported omnichannel payments to large-scale merchants, SMBs and distribution partners, powered by our broad suite of proprietary technologies. We also equip ISOs, ISVs, payment facilitators, developers, and eCommerce platforms with the technology, expertise and customer service they need to stand out. Backed by our full-service, globally connected platform, our vision is to build a network in which our merchants and partners can truly thrive. Our goal is to create bigger and better payment opportunities for all, paving the way to great partnerships. Learn more at www.nuvei.com.About the MAX Group
MAX, based in Israel, is a leading financial institution, which provides advanced payments and credit solutions. Acquired by Warburg Pincus in February 2019, MAX, formerly known as Leumi Card, is one of the largest issuers in Israel and provides advanced services to most of the largest financial institutions in Israel, to merchants and to consumers. MAX services around 2.5 million card holders through its partnerships with Visa and MasterCard and supports over 50,000 merchants of all sizes and sectors. The company has leveraged its core capabilities to develop a more diversified financial offering for each type of customer such as a diversified portfolio of Lending Solutions. The Group’s most recent acquisition of Capit underpins this approach, providing a fuller offering to Israeli merchants. For more information, please visit the MAX website: www.max.co.ilContact Details