Nuvei to Acquire Crypto Payments Startup Simplex

Fazzaco learned that Canadian payments processing firm Nuvei has reached a definitive agreement to acquire payment solution provider Simplex for nearly $250 million in cash. The transaction is expected to close in the second half of 2021, subject to regulator approval.

Founded in 2014, Simplex has grown into a leading fiat-cryptocurrency gateway connecting market participants including exchanges, brokers, wallet and liquidity providers. 

According to the official announcement, Nuvei will obtain an electronic money institution (EMI) license from the latest acquisition. The company will be able to offer IBAN accounts to end users and corporations, and offers future banking and card issuing capabilities.

Commenting on this acquisition, Philip Fayer, Chair and CEO at Nuvei, 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. Simplex’s infrastructure is a natural fit for Nuvei’s Native Commerce Platform, further strengthening the capabilities and overall value proposition of our single-integration approach to payments. We are excited to welcome Simplex to the Nuvei team.”

​Nimrod Lehavi, Simplex’s Co-founder and CEO, stated, “By joining Nuvei, Simplex will be able to fulfill its promise of bridging the gap between the blockchain space and the traditional finance world. We couldn’t have thought of a better partner for us, and we are excited for what the future holds.”