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Nuvei

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Nuvei Corporation
FormerlyPivotal Payments
TypePrivate
Industry
Founded2003; 23 years ago (2003)
FounderPhilip Fayer
Headquarters
Montreal, Quebec
,
Canada
Area served
Worldwide
RevenueIncrease US$1.19 billion (2023)[1]
Increase US$117 million (2023)[1]
Decrease US$−696 million (2023)[1]
Total assetsIncrease US$5.14 billion (2023)[1]
Total equityIncrease US$2.04 billion (2023)[1]
Owner
Number of employees
2,357 (2026)[2]
Websitenuvei.com
Footnotes
[1][2]

Nuvei Corporation, formerly known as Pivotal Payments, is a Canadian payment processor headquartered in Montreal, Quebec. The company provides payment-processing and acquiring services for online and in-person transactions. Nuvei went public on the Toronto Stock Exchange in 2020[3] and later listed on Nasdaq in 2021.[4]

In November 2024, Nuvei was taken private in a US$6.3 billion transaction led by Advent International, and its shares were delisted from both exchanges.[5] In June 2026, Nuvei agreed to acquire Nasdaq-listed cross-border payments company Payoneer for approximately US$2.75 billion.[6]

History

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Early years and expansion (2003–2019)

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Nuvei, formerly Pivotal Payments, was established in 2003 by Philip Fayer.[7] Fayer founded the company while taking time off from Concordia University.[7] The company offered electronic payment processing and merchant services for point of sale and online businesses.[7]

In 2006, the company received an investment from Goldman Sachs totaling CA$60 million to fund its acquisition strategy.[7] The following year, Pivotal acquired the assets of Cardex Corporation.[8] In 2009, Pivotal acquired Canadian processor Tangerine Payment Solutions.[9]

In September 2017, Montreal-based private equity firm Novacap and the public pension fund manager Caisse de dépôt et placement du Québec announced a joint investment in the company. The investment valued the company at CA$525 million (US$424 million).[10] At the time, Fayer had been considering a sale of the company to a competitor, but instead chose the investment from Novacap and CDPQ, providing additional capital for the company's expansion into e-commerce.[11]

On October 23, 2018, Pivotal Payments announced that it was rebranding as Nuvei, combining its corporate business with its GlobalOnePay division under the new brand.[12] The corporate entity formally adopted the name Nuvei Corporation on November 27, 2018.[13]

In August 2019, Nuvei completed its acquisition of SafeCharge for CA$1.1 billion (US$889 million), based on a price of US$5.55 per SafeCharge share, representing a 25% premium to the London-listed company's stock.[14][15]

Public listing and acquisitions (2020–2023)

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Nuvei completed its initial public offering on the Toronto Stock Exchange in September 2020, then the largest technology IPO in the exchange's history.[16] Following the exercise of the underwriters' over-allotment option, the offering generated gross proceeds of US$805 million.[17]

Later that year, Nuvei completed its acquisition of Smart2Pay and announced an agreement to acquire Base Commerce, a U.S. payment-processing company.[18]

In May 2021, Nuvei agreed to acquire Simplex, an Israeli cryptocurrency payment infrastructure company, for approximately US$250 million in cash.[19]

The acquisition of payment provider Mazooma was completed in August 2021.[20] In September, Nuvei acquired payments company Paymentez as part of its expansion in Latin America.[21]

In October 2021, Nuvei filed for a public offering in the United States and subsequently began trading on Nasdaq.[4]

A December 2021 report by short seller Spruce Point Capital Management questioned aspects of Nuvei's management and accounting, after which the company's shares fell sharply. Nuvei rejected the allegations.[22] A related proposed securities class action was discontinued against Nuvei and the other remaining defendants in February 2023.[23][24]

In January 2023, Nuvei announced an agreement to acquire Nasdaq-listed payments company Paya Holdings Inc. for approximately US$1.3 billion.[25] Paya, an Atlanta-based payments company that originated as the payment-processing arm of Sage, had gone public through a SPAC merger in 2020. The acquisition expanded Nuvei's presence in integrated and software-embedded payments.[26]

On April 17, 2023, actor and investor Ryan Reynolds announced an investment in Nuvei.[27] Spruce Point issued a second report concerning Nuvei in April 2023.[28] In June, the firm disclosed that it no longer held a short position in the company.[29]

Going private (2024)

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Nuvei acquired Australian payment technology company Till Payments in January 2024 for approximately US$36.9 million.[30] The acquisition followed a period of financial difficulties at Till Payments, which had previously been valued at approximately A$500 million.[31]

In 2024, Nuvei launched direct acquiring in Colombia after receiving authorization from the country's financial regulator, its first such licence in Latin America.[32]

Advent International agreed on April 1, 2024, to acquire Nuvei in an all-cash transaction valuing the company at approximately US$6.3 billion, or US$34 per share, a 56 percent premium to its closing price before reports of the transaction.[33]

The transaction was completed on November 15, 2024. Nuvei's shares were delisted from the Toronto Stock Exchange and Nasdaq. Fayer, Novacap and CDPQ retained approximately 24%, 18% and 12% of the private company, respectively, while Fayer remained chair and CEO.[34]

Since going private (2025–2026)

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In January 2025, Nuvei completed the acquisition of Paywiser Japan Limited, including an acquiring licence granted by Japan's Ministry of Economy, Trade and Industry, giving the company direct-acquiring capabilities in Japan.[35]

The company began operating as a direct local payment acquirer in Canada in June 2025.[36] In December 2025, Nuvei received a Crypto-Asset Service Provider licence under the European Union's Markets in Crypto-Assets Regulation (MiCA), as well as a payment institution licence.[37]

In April 2026, Nuvei launched direct acquiring in Mexico, extending its locally licensed processing infrastructure to the market.[38][39]

Nuvei entered into a definitive agreement in June 2026 to acquire Payoneer for approximately US$2.75 billion in cash, or US$7.40 per share.[6] The combined businesses were expected to process more than US$500 billion in annual payment volume for more than 2.4 million customers and generate approximately US$3 billion in annual revenue.[6][40] The transaction is expected to close in mid-2027, subject to Payoneer shareholder and regulatory approvals.[6][40]

Several changes to Nuvei's senior management were announced in July 2026, including the appointments of Samir Zabaneh as chief operating officer, Eli Rosner as chief product and technology officer, and David McLaughlin as chief financial officer.[41]

In September 2026, the Federal Trade Commission filed a complaint against Nuvei's U.S. operations alleging violations of the Federal Trade Commission Act and the Telemarketing Sales Rule in connection with its merchant-screening and payment-processing practices. Under a proposed stipulated order, Nuvei would pay US$4.85 million for consumer redress, be prohibited from processing payments for certain telemarketed technical-support services, and be required to strengthen its merchant-screening and monitoring practices.[42]

Technology and services

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Payment processing

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Nuvei provides payment-processing and acquiring services for online and in-person transactions. Its payment infrastructure supports card payments, alternative payment methods and recurring billing.[13] The company also operates direct-acquiring infrastructure in several markets.[32][36]

In November 2022, Virgin Atlantic selected Nuvei as a payment partner for its international payment operations.[43]

By December 2023, Microsoft had begun using Nuvei's payment technology for recurring billing and individual transactions across its Office and Xbox product ranges in the Middle East and Africa.[44]

During 2025, online marketplace Temu integrated Nuvei to provide additional local payment methods in markets including Japan, Poland, Belgium, the Netherlands and Portugal.[45] Hong Kong jewellery retailer Chow Sang Sang also used Nuvei's payment services as part of its expansion into North America.[46]

Nuvei partnered with Volkswagen Brazil in October 2025 to provide payment infrastructure for connected-vehicle services, including recurring payments through the automaker's in-vehicle multimedia system.[47]

In February 2026, Nuvei began providing payment-processing services for MediaMarktSaturn's online marketplace in Europe.[48]

Platform integrations and payment methods

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Nuvei became a payment service provider on Outpayce's Xchange Payment Platform, developed by Amadeus for the travel industry, in January 2025.[49] Later that year, Nuvei integrated with subscription-management company Zuora for recurring payments.[50]

In September 2025, Nuvei added Paze, a digital wallet operated by Early Warning Services, as a checkout option for U.S. merchants.[51] In November 2025, Nuvei integrated Visa Direct for Account, allowing clients to send payments directly to eligible bank accounts. The service was initially introduced in Europe, with expansion to additional markets planned for 2026.[52] Later that month, the company began processing merchant transactions through Wero, the digital wallet developed by the European Payments Initiative, following pilot testing earlier in the year.[53]

In January 2026, WEX integrated its virtual-card technology with Nuvei's network for travel-sector supplier payments.[54] Nuvei also integrated its payment infrastructure into SYSPRO's enterprise resource planning software for manufacturers[55] and into BlackLine's invoice-to-cash platform.[56]

Infrastructure and automation

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Nuvei introduced an artificial-intelligence-based Integration Agent in September 2025, intended to automate parts of the technical onboarding process for merchants and partners.[57]

The following month, Nuvei announced support for Visa's Trusted Agent Protocol, a framework designed to allow merchants to identify authenticated artificial-intelligence agents conducting transactions on behalf of consumers. Nuvei participated in Visa's initial Agent Enabler pilot.[58]

By December 2025, Nuvei expanded its existing relationship with Microsoft by moving core payment-processing APIs to Microsoft Azure and incorporating Azure AI services into its processing infrastructure.[59] The company stated that the infrastructure was designed to support processing rates above 10,000 transactions per second and annual payment volume exceeding US$1 trillion.[59]

In July 2026, Nuvei participated in a proof of concept with Visa, Arvato Systems and fashion retailer Kings and Priests in which an artificial-intelligence agent initiated and completed a payment on behalf of a shopper.[60]

Digital assets

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Nuvei expanded into cryptocurrency payment infrastructure through its acquisition of Simplex in 2021.[19]

In 2025, Mastercard partnered with Nuvei and stablecoin issuers Circle and Paxos to enable merchants to receive settlement in stablecoins.[61]

Nuvei introduced stablecoin-based payout services for selected emerging markets in August 2025, including cross-border payroll, marketplace and remittance payments.[62]

Nuvei received a Crypto-Asset Service Provider licence under the European Union's Markets in Crypto-Assets Regulation in December 2025.[37]

In June 2026, Mastercard announced an expansion of its stablecoin-settlement infrastructure and identified Nuvei among the institutions expected to support the additional settlement options in the United States and Latin America.[63]

References

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  1. 1 2 3 4 5 6 "Nuvei Corp. 2023 Annual Report (Form 40-F)". U.S. Securities and Exchange Commission. March 5, 2024.
  2. 1 2 "Nuvei Corp. 2023 Annual Report (Form 40-F) Exhibit 99.1". U.S. Securities and Exchange Commission. March 5, 2024.
  3. ↑ "Payment firm Nuvei launches on Toronto Stock Exchange Thursday in most valuable tech IPO in TSX's history". CBC News. September 17, 2020. Retrieved October 5, 2026.
  4. 1 2 "Payments tech firm Nuvei files for U.S. IPO a year after Toronto listing". Reuters. October 4, 2021. Retrieved October 5, 2026.
  5. ↑ "Nuvei Strikes a Deal With Advent International to Go Private". Digital Transactions. April 2, 2024. Retrieved October 5, 2026.
  6. 1 2 3 4 "Canada's Nuvei to buy Payoneer for $2.75 billion in cross-border payments push". Reuters. June 15, 2026. Retrieved October 5, 2026.
  7. 1 2 3 4 Martin, Megan (April 7, 2010). "Thinking small forges big payoff". National Post. Retrieved October 5, 2026.
  8. ↑ "Company Profile: Pivotal Payments". The Green Sheet. Retrieved October 5, 2026.
  9. ↑ "Nuvei". Scotiabank Digital Banking Lab. Ivey Business School. Retrieved October 5, 2026.
  10. ↑ Mason, Quinn (September 27, 2017). "La Caisse and Novacap make joint investment, value Pivotal Payments at $525 million". Montreal in Technology. Archived from the original on January 11, 2018. Retrieved October 5, 2026.
  11. ↑ "Record Canada Tech IPO Rewards CEO Who Shunned a Sale to Rival". Bloomberg. September 24, 2020. Retrieved October 5, 2026.
  12. ↑ "Pivotal Payments changes name to Nuvei to reflect partnership community". PaymentsSource. October 23, 2018. Retrieved October 5, 2026.
  13. 1 2 "Nuvei Corporation Annual Information Form". U.S. Securities and Exchange Commission. Retrieved October 5, 2026.
  14. ↑ "Payments tech firm Nuvei to buy Britain's SafeCharge for $889 million". Reuters. May 22, 2019. Retrieved October 5, 2026.
  15. ↑ "Nuvei completes $889m acquisition of SafeCharge". Globes. August 2, 2019. Retrieved October 5, 2026.
  16. ↑ Silcoff, Sean (September 17, 2020). "Nuvei stock soars after largest tech IPO in TSX history". The Globe and Mail. Retrieved October 5, 2026.
  17. ↑ "Nuvei raises over US$100-million more in record-setting TSX tech IPO as underwriters exercise option". The Globe and Mail. September 22, 2020. Retrieved October 5, 2026.
  18. ↑ Simpson, Meagan (December 1, 2020). "Publicly listed Canadian tech companies Lightspeed, Nuvei continue to make acquisitions". BetaKit. Retrieved October 5, 2026.
  19. 1 2 "Nuvei acquires Israeli fintech co Simplex for $250m". Globes. July 5, 2021. Retrieved October 5, 2026.
  20. ↑ "Nuvei finalises acquisition of payment provider Mazooma". iGaming Business. August 4, 2021. Retrieved October 5, 2026.
  21. ↑ "Nuvei acquires Paymentez". The Paypers. Retrieved October 5, 2026.
  22. ↑ "Short-seller report sends Nuvei shares tumbling". The Globe and Mail. December 9, 2021. Retrieved October 5, 2026.
  23. ↑ "Nuvei Corp. Annual Information Form (Form 40-F, FY2022)". U.S. Securities and Exchange Commission. 2023. Retrieved October 5, 2026.
  24. ↑ Dufour, Richard (December 10, 2021). "Demande d'autorisation d'action collective contre Nuvei". La Presse (in French). Retrieved October 5, 2026.
  25. ↑ O'Kane, Josh (January 9, 2023). "Montreal's Nuvei to buy competing U.S. payments firm for US$1.3-billion". The Globe and Mail. Retrieved October 5, 2026.
  26. ↑ Williams, Trevor (January 20, 2023). "Paya to Be Acquired by Montreal's Nuvei Corp. for $1.3B". Global Atlanta. Retrieved October 5, 2026.
  27. ↑ Prakash, Prarthana (April 17, 2023). "After he sold his company for over $1 billion, Ryan Reynolds' investing spree continues with a fintech company that has ties to Binance and DraftKings". Fortune. Retrieved October 5, 2026.
  28. ↑ "Nuvei Faces Short-Seller Report After Ryan Reynolds Stake". Bloomberg Law. April 18, 2023. Retrieved October 5, 2026.
  29. ↑ "Spruce Point no longer holding short position in Ryan Reynolds-backed Nuvei". Reuters. June 28, 2023. Retrieved October 5, 2026.
  30. ↑ "Nuvei Corporation – Condensed Interim Consolidated Financial Statements". U.S. Securities and Exchange Commission. 2024. Retrieved October 5, 2026.
  31. ↑ Pathe, Tyler (November 17, 2023). "Nuvei reportedly snaps up Aussie paytech Till Payments for $30.5m". FinTech Futures. Retrieved October 5, 2026.
  32. 1 2 Caparroso, José (February 20, 2024). "Nuvei entra a competir en la adquirencia directa en Colombia". Forbes Colombia (in Spanish). Retrieved October 5, 2026.
  33. ↑ Nishant, Niket; Saini, Manya (April 1, 2024). "Advent to buy Ryan Reynolds-backed fintech Nuvei in $6.3 bln deal". Reuters. Retrieved October 5, 2026.{{cite news}}: CS1 maint: multiple names: authors list (link)
  34. ↑ Riehl, Alex (November 13, 2024). "Nuvei posts revenue growth in final earnings as go-private deal gets green light". BetaKit. Retrieved October 5, 2026.
  35. ↑ "Big in Japan: Nuvei acquires Paywiser's Japanese subsidiary in Asia-Pacific market push". BetaKit. January 29, 2025. Retrieved October 5, 2026.
  36. 1 2 "Nuvei launches direct acquiring in Canada". FinTech Global. June 30, 2025. Retrieved October 5, 2026.
  37. 1 2 Bignell, Francis (January 2, 2026). "Nuvei secures EU CASP and payment institution licences". FinTech Futures. Retrieved October 5, 2026.
  38. ↑ Woodward, Kevin (April 22, 2026). "Nuvei's Direct Acquiring Move in Mexico Has Local and International Impacts". Digital Transactions. Retrieved October 5, 2026.
  39. ↑ "Nuvei launches direct card acquiring in Mexico". The Paypers. April 22, 2026. Retrieved October 5, 2026.
  40. 1 2 "Nuvei to buy US payments processor Payoneer for $2.75 billion USD". BetaKit. June 15, 2026. Retrieved October 5, 2026.
  41. ↑ Marek, Lynne (July 2, 2026). "Nuvei names new C-suite executives". Payments Dive. Retrieved October 5, 2026.
  42. ↑ "Payment Processor Nuvei Must Implement Robust Merchant Screening Practices and Pay $4.85 Million to Settle FTC Charges that the Firm Facilitated Merchant Fraud". Federal Trade Commission. September 4, 2026. Retrieved October 5, 2026.
  43. ↑ Sava, Estera (November 29, 2022). "Nuvei to be a Virgin Atlantic payment partner". The Paypers. Retrieved October 5, 2026.
  44. ↑ "Microsoft Taps Nuvei for Xbox and Office Payments". PYMNTS. December 4, 2023. Retrieved October 5, 2026.
  45. ↑ "Temu Partners With Nuvei to Expand Access to Local Payment Methods". PYMNTS. February 28, 2025. Retrieved October 5, 2026.
  46. ↑ "Hong Kong luxury jeweller Chow Sang Sang expands into North America". Inside Retail Asia. August 11, 2025. Retrieved October 5, 2026.
  47. ↑ "Nuvei to Power In-Vehicle Payments for Volkswagen Brazil". PYMNTS. October 9, 2025. Retrieved October 5, 2026.
  48. ↑ Gothi, Vriti (February 25, 2026). "MediaMarktSaturn selects Nuvei for Europe payments". IBS Intelligence. Retrieved October 5, 2026.
  49. ↑ "Nuvei partners with Outpayce from Amadeus". Travolution. January 20, 2025. Retrieved October 5, 2026.
  50. ↑ "Nuvei partners with Zuora for subscription payment services". Electronic Payments International. August 20, 2025. Retrieved October 5, 2026.
  51. ↑ "Nuvei Adds Early Warning's Paze Wallet for Its E-Commerce Merchants". Digital Transactions. September 8, 2025. Retrieved October 5, 2026.
  52. ↑ "Nuvei Adds Visa Direct for Account". Digital Transactions. November 6, 2025. Retrieved October 5, 2026.
  53. ↑ "Nuvei Begins Processing Merchant Transactions via EPI's Digital Wallet, Wero". PYMNTS. November 19, 2025. Retrieved October 5, 2026.
  54. ↑ "Nuvei and Wex partner for virtual card payment solution in travel industry". Markets Insider. January 27, 2026. Retrieved October 5, 2026.
  55. ↑ "Syspro & Nuvei: Embedded Finance Transforms ERP Platforms". FinTech Magazine. May 19, 2026. Retrieved October 5, 2026.
  56. ↑ "Nuvei and BlackLine partner on invoice-to-cash payments". The Paypers. August 6, 2026. Retrieved October 5, 2026.
  57. ↑ "Nuvei's AI Onboarding Agent and other Digital Transactions News briefs from 9/30/25". Digital Transactions. September 30, 2025. Retrieved October 5, 2026.
  58. ↑ "Nuvei Supports Visa Trusted Agent Protocol to Advance Agentic Commerce". MarketScreener. October 14, 2025. Retrieved October 5, 2026.
  59. 1 2 "Nuvei launches Azure-powered global payments platform". FinTech Global. December 3, 2025. Retrieved October 5, 2026.
  60. ↑ Albu, Sinziana (July 3, 2026). "Nuvei completes its first in-agent payment on Visa rails". The Paypers. Retrieved October 5, 2026.
  61. ↑ Shen, Muyao (April 28, 2025). "Mastercard Adds Stablecoin Settlement Support for Merchants". Bloomberg. Retrieved October 5, 2026.
  62. ↑ "Fintech Nuvei Leverages Stablecoin Rails To Enable Payouts In Emerging Markets". Crowdfund Insider. August 13, 2025. Retrieved October 5, 2026.
  63. ↑ "Mastercard Adds Stablecoin Settlement on 24/7 Basis". Yahoo Finance. June 3, 2026. Retrieved October 5, 2026.
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