Paya amplifies Nuvei’s existing growth strategy and expands its reach into new underpenetrated and non-cyclical verticals where Nuvei’s proprietary technology is well positioned to accelerate customer growth. The announcement was first made in January 2023, when the fintech initialised the all-cash acquisition of Paya at USD 10 per share.
Paya is a US provider of integrated payment and frictionless commerce solutions that processed USD 50 billion in annual payment volume in 2022, mainly in high growth verticals such as healthcare, non-profit, government, utilities, and other B2B end markets. Nuvei and Paya are highly complementary with respect to geographies, capabilities to offer to customers and partners, and the end-markets and verticals that each currently serves.
According to Canadian fintech, the transaction will enhance its ability to execute on high-growth integrated payment opportunities, given that Paya’s deep software integrates with over 300 independent software vendor platforms and end-to-end commerce solutions allows Nuvei to capitalise on the domestic and global software-led market opportunity.
Commenting on this development, Nuvei’s officials said that this is an important milestone for them as they continue to build a preeminent payment technology provider with strong positions in global ecommerce, integrated payments, and B2B. They are happy to officially welcome their new colleagues from Paya to the Nuvei family. They have been working diligently on their integration planning and are ready to begin the next step on this journey as a single, unified team.
On February 21, 2023, Paya filed, with the Securities and Exchange Commission, its annual report on form 10-K for the year ended December 31, 2022. Calculated results for the year ended 31 December 2022 have been of USD 49.5 billion in payment volume, of which USD 13 billion have been for the last three months of that year.
In January 2023, Nuvei has partnered with digital commerce platform VTEX to provide increased flexibility and customisation for retailers.
The collaboration announcement came as VTEX aims to further expand into Latin America and into new markets across Asia Pacific, North America, and Europe. As it hopes to address the changing dynamic of global retail business, VTEX is looking for ways to enable its premier client brands and retailers to sell in a more fast an effective manner.
VTEX selected Nuvei as its partner due to its depth of expertise of local payment technology in key markets of the likes of Brazil, Mexico, Colombia, Singapore, and Hong Kong, combined with the breadth of its cross-border payment capabilities that include access to over 580 alternative payment methods in more than 200 markets.
For more information about Nuvei, please check out the company profile in The Paypers Company Database.
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