Canadian fintech, Nuvei has completed its acquisition of Paya Holdings Inc, the U.S. provider of integrated payment and commerce solutions that processed $50 billion in annual payment volume last year.
Nuvei said in a statement that the acquisition would help it expand its reach into new underpenetrated and non-cyclical markets. Much of Paya’s payment volume was reported to have come from high growth sectors such as healthcare, non-profit, government, utilities, and other business-to-business (“B2B”) end markets.
The acquisition provides the latest landmark for the payments company, which provides businesses with pay-in and payout options in the areas of card issuing, banking, risk and fraud management.
In September 2020, the company went public with a $700 million initial public offering on the Toronto Stock Exchange. At the time, the Canadian IPO was the largest ever technology company offering on the Toronto Stock Exchange. A year later, in October 2021, Nuvei closed a $424.8 million IPO on the Nasdaq.
The deal also comes ahead of Nuvei’s fourth quarter and fiscal year 2022 financial results, which will be released before market open on Wednesday, March 8, 2023
Nuvei Chair and CEO Philip Fayer said, “This is an important milestone for Nuvei as we continue to build a preeminent payment technology provider with strong positions in global eCommerce, Integrated Payments and B2B. I’m thrilled to officially welcome our new colleagues from Paya to the Nuvei family. We have been working diligently on our integration planning, and we are ready to begin the next step on this exciting journey as a single, unified team.”
