Nuvei bags crypto know-how with Simplex acquisition

Canadian payments company Nuvei has agreed a $250m deal to acquire Israeli FinTech enterprise Simplex.

Founded in 2014, the Givatayim-based company provides fiat infrastructure to the cryptocurrency space, offering a fiat-cryptocurrency entry that connects brokers, exchange, wallet and liquidity providers.

Simplex’s platform allows users to purchase and sell cryptocurrency with debit and credit cards. The company also markets fraud and risk management tools to enable a zero-chargeback guarantee to its customers. The company is expected to process over $2bn in digital currency access this year, building on $500m in 2020.

The purchase will provide Nuvei with an electronic money institution licence to offer IBAN accounts to users and corporations as well as offer future banking and card-issuing abilities.

According to Nuvei, the acquisition is subject to customer closing conditions and is expected to close in the second half of this year.

Nuvei CEO Philip Fayer said, “We expect Simplex to enhance and expand Nuvei’s steadily growing portfolio of alternative payment methods, adding turnkey simplicity to the process of buying and selling cryptocurrency and converting it back to fiat within a user account – ultimately reducing complexity for merchants and consumers.”

Nuvei was established in 2003 as a financial service company that provides its clients with payment technology solutions. The company has raised $330m in funding to date.

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