Nuvei Corporation (TSX: NVEI and NVEI.U), the global payment technology partner of thriving brands, entered into a definitive agreement to acquire SimplexCC Ltd., an Israeli fintech startup which provides the fiat infrastructure to the cryptocurrency industry, for approximately $250 million to be paid in cash.
Founded in 2014, Simplex boasts that it has been changing the status quo of crypto on/off ramps.. The company says that it pioneered the first riskless global fiat onramp using a credit and debit card, which promises a zero chargeback guarantee. Simplex continues to innovate the space with Simplex Banking, which offers the Simplex fraudless payment processing, with global payment accessibility.
Simplex works with some of the biggest names in the crypto ecosystem, including Binance, Huobi, Bitpay, among hundreds of others, Simplex provides the complete fiat infrastructure for the cryptocurrency ecosystem.
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“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,” said Philip Fayer, Nuvei’s Chair and CEO. “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.”
“Today is a very special day for all of the Simplex team, as well as the entire cryptocurrency community,” said Nimrod Lehavi, Simplex’s Co-founder and CEO. “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.”
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⬇️Read his article on how fraud impacts the ecosystem here⬇️https://t.co/lrZuDKwT6k
— Simplex (@SimplexCC) May 6, 2021
Nuvei is a global payment technology partner of thriving brands. It provides the intelligence and technology businesses need to succeed locally and globally, through one integration – propelling them further, faster. Its proprietary platform connects merchants in 200 markets worldwide with local acquiring in 44 markets, supports 470 local and alternative payment methods, nearly 150 currencies and 40 cryptocurrencies.