Nuvei Witnesses a Surge of 96% in Revenues During Q3 2021

Canadian payments processing firm Nuvei Corporation (Nuvei) has published its financial results for the third quarter of 2021 ended September 30, indicating a huge growth in total volume and revenue.

According to the press release, Nuvei’s total volume for the three months reached $21.6 billion, an increase of 88 percent compared to $11.5 billion in the previous year. In addition, revenue increased 96 percent to $183.9 million from $93.8 million.

In Q3 of 2021, the company’s net income was $28.0 million. The number posted in the same period in 2020 was a net loss of $77.9 million. The Adjusted EBITDA increased 97 percent to $80.9 million from $41.0 million, while the adjusted net income came in at $62.3 million compared to the last year's $16.5 million.

For the nine months in 2021, the total volume came in at $64.1 billion, an increase of 119 percent compared to the last year’s $29.3 billion. The revenue increased 97 percent to $512.7 million from $260.3 million and net income increased by $221.0 million to $94.7 million compared to a net loss of $126.2 million.

“We achieved a number of significant milestones in the third quarter including financial results that exceeded the outlook previously provided, releasing new innovative product solutions, growing our portfolio of alternative payment methods (“APMs”), announcing several exciting new customer wins, and completing three acquisitions that enhance and expand our addressable market, product capabilities, and geographic footprint,”said Philip Fayer, Nuvei’s Chair and CEO.

“We continue to experience significant momentum in the business and are well-positioned for sustainable and profitable growth. We are proud of our results and raising our financial outlook for the full year 2021 and reiterating our previously announced medium and long-term growth targets,”Fayer added.