Nuvei to acquire Israeli financial technology company Simplex for $ 250 million

Canadian payment technology company Nuvei Corporation (TSX: NVEI) announced today that it has entered into a final agreement to acquire Israeli fintech startup Simplex for $ 250 million in cash. Simplex provides a secure infrastructure for filtering cryptocurrency transactions. The completion of the acquisition is subject to the usual closing terms, including regulatory approval, and is expected to close in the second half of 2021. Simplex was founded in 2014 by CEO Nimrod Lehavi, CTO Erez Shapira and CIO Netanel Kabala. According to IVC, the company raised $ 18 million, mostly from private investors. Simplex has 150 employees at its offices in Israel in Givatayim near Tel Aviv and in Vilnius, Lithuania. Simplex was established after Lehavi discovered he was unable to purchase Bitcoin with his credit card, after the clearing system was unable to locate the small Ein Vered village where he lives. Simplex simplifies the buying and selling process of cryptocurrencies, which can take in the past three days, and requires bank and other bureaucratic approvals. With its proprietary fraud and risk management tools, Simplex provides a no-charge guarantee to its clients, resulting in higher conversion rates. The acquisition will also provide Nuvei with an Electronic Money Corporation (EMI) license to offer IBAN accounts to end users and companies, and will provide future banking and card issuance capabilities. As a major member of the Visa network, Simplex has permission to issue Visa cards, giving consumers daily access to digital currencies. Simplex processed $ 500 million in total volume in 2020 and is expected to process more than $ 2 billion in 2021. Nuvei President and CEO Philip Fayer said: “We expect Simplex to enhance and expand Nuvei’s steadily growing portfolio of alternative payment methods, adding Complete simplicity to the process of buying and selling cryptocurrency and converting it back into fiat within a user account – ultimately reducing complexity for merchants and consumers.Simplex’s infrastructure is naturally suited to Nuvei’s native commerce platform, further enhancing capabilities and overall value proposition For Our Own – An Integration Approach to Payments. ” “By joining Nuvei, Simplex will be able to fulfill its promise to bridge the gap between the blockchain space and the world of traditional finance. We couldn’t think of a better partner for us, and we are excited about what the future holds,” said Lahavi. Related materials Israeli bitcoin payment company Simplex raises $ 7 million. This is not the first Israeli purchase of Nuvei. In 2019, Nuvei acquired online payment processing company SafeCharge from Teddy Sagi for $ 889 million. Posted by Globes, Israel business news – en.globes.co.il – May 7, 2021 © Copyright Globes Publisher Itonut (1983) Ltd. 2021