Nuvei

Nuvei (formerly Pivotal Payments) is a privately owned electronic payment processing company. The Montreal-based company is Canada's largest private and non-bank payment processor.[1]

Nuvei Corporation
Privately held company
IndustryFinancial services
Founded2003 (2003)
FounderPhilip Fayer
Headquarters
Montreal, Quebec
,
Canada
Websitenuvei.com

As of a September 2017 valuation, the company is estimated to be worth US$424 million and processes over $14 billion in transactions annually.[2][3]

History

Nuvei was established in 2003 by Philip Fayer.[4] Fayer founded the company while taking some time off from attending Concordia University.[4] The company offered electronic payment processing and merchant services for point of sale and online businesses.[4] Since its founding, Nuvei has expanded significantly, acquiring clients and other similar operations through acquisitions.[4]

In 2006, the company gained an investment from Goldman Sachs totaling CA$60 million.[1] Goldman Sachs funded its acquisition strategy which helped the company execute several acquisitions by 2010.[4] By then the company had grown to about 300 employees in Canada and the United States and reported a yearly revenue of CA$150 million.[5]

In September 2017, Montreal-based private equity firm Novacap and the Canadian government-owned investment firm Caisse de dépôt et placement du Québec announced a joint investment in the company. During the funding series, the two investment firms valued the company at CA$525 million (US$424 million). [2]

In May 2019, Nuvei stated its intentions to make an offer to purchase SafeCharge.[6]

In August 2019, Nuvei completed its acquisition of SafeCharge for CA$1.1bllion (US$889 million), based on the price of  US$5.55 for each SafeCharge share, representing a 25% premium to the London-listed company's stock.[7][8]

The combined organization processes over $34 billion in annual transaction volume from clients across the globe.[9]

Management Team
  • Philip Fayer - Chairman & CEO
  • David Schwartz - Chief Financial Officer
  • Mark Pyke - President
  • Yuval Ziv - MD of SafeCharge and Head of Global Acquiring
  • Keith Birdsong - Chief Technology Officer
  • Ed Garcia - Chief Operating Officer
  • Motie Bring - Chief Commercial Officer.[10]
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References
  1. Bourdeau, Réjean (October 19, 2009). "Pivotal Payments: petite entreprise et grand marché". La Presse (in French). Retrieved January 10, 2018.
  2. Mason, Quinn (September 27, 2017). "La Caisse and Novacap make joint investment, value Pivotal Payments at $525 million". Montreal in Technology. Retrieved January 10, 2018.
  3. Nagarkatti, Karan (September 27, 2017). "Caisse, Novacap to Invest in Quebec-Based Payment Processor Pivotal". US News & World Report. Retrieved January 10, 2018.
  4. Martin, Megan (April 7, 2010). "Thinking small forges big payoff". National Post. Retrieved January 10, 2018.
  5. Marcoux, Aude Marie (August 12, 2010). "Philip Fayer, un leader fonceur". Les Affaires. Retrieved January 10, 2018.
  6. Nuvei (May 28, 2019). "Canadian payments technology firm Nuvei announces a firm intention to make an offer for AIM traded SafeCharge for US$889 million". GlobeNewswire News Room. Retrieved November 17, 2019.
  7. "Canadian payments firm Nuvei acquires SafeCharge for $889 million". mobilepaymentstoday.com. August 1, 2019. Retrieved November 17, 2019.
  8. "Nuvei completes acquisition of SafeCharge for US $889 million, strengthening its global payment technology and reach". The Canadian Business Journal. August 1, 2019. Retrieved March 20, 2020.
  9. "Canadian PayTech Nuvei names new Head of Global Acquiring". IBS Intelligence. November 1, 2019. Retrieved November 17, 2019.
  10. "Nuvei Hires Motie Bring as Chief Commercial Officer". financemagnates. June 4, 2020. Retrieved June 30, 2020.
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