Canadian payments firm Nuvei announces to acquire SimplexCC Ltd. for approximately $250 million to be paid in cash. Simplex is a fintech startup providing fiat infrastructure to the cryptocurrency industry. The companies are waiting for regulatory approval and expect to close the deal in the second half of 2021.
Founded in 2014, Simplex is a leading fiat cryptocurrency gateway connecting market participants, including exchanges, brokers, wallet and liquidity providers. The firm’s infrastructure enables users to buy and sell crypto with credit and debit cards. Through the firm’s proprietary fraud and risk management tool it ensures a zero-chargeback guarantee to customers.
The acquisition will provide Nuvei with Electronic Money Institution (EMI) license to offer IBAN accounts to end-users and corporations. As a principal member of the Visa network, Simplex has permission to issue Visa cards, giving customers access to digital currency daily. The firm processed approximately $500 million of total volume in 2020 and expected more than $2 billion in 2021.
Philip Fayer, Nuvei’s CEO, “We except simplex to enhance and expand Nuvei’s steadily growing portfolio of alternative payment methods adding turkey simplicity to the process of buying and selling cryptocurrency and converting it back to fiat within a user account- ultimately reducing complexity for merchant and consumers.”
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Nuvei provides payment technology and consultancy to help businesses remove payment barriers. The platform connects merchants in 200 markets worldwide. They support nearly 150 currencies and 40 cryptocurrencies.
Simplex banking offers simplex fraudless payment processing with global payment accessibility. As a licensed EU financial institution, simplex is one of the 10 most impactful companies in blockchain in 2020.
