5 things to know about Nuvei acquiring Paya for $1.3B
The Canadian fintech firm is acquiring US-based Paya in an all-cash transaction
Montreal-based fintech company Nuvei has agreed to acquire U.S.-based Paya for a substantial USD $1.3 billion.
Here are five things to know about the deal:
- Nuvei (formerly known as Pivotal Payments) is an OG Canadian fintech player at this point, operating since 2003. The company is mostly known for its payment processing solutions. In 2020, Nuvei raised US$700 million in one of the largest technology IPOs on the Toronto Stock Exchange. One year later, the company filed for an IPO on the Nasdaq.
- Atlanta-based Paya (also present on Nasdaq) provides integrated payment and commerce solutions that assist clients in accepting and making payments, expediting money receipt, and increasing operational efficiencies. The firm handles approximately $40 billion in yearly payment volume across credit/debit card, ACH, and check, making it a leading payment processing provider in the United States. Paya serves over 100,000 clients via over 2,000 major distribution partners in industry verticals such as healthcare, education, non-profit, government and utilities.
- Nuvei will pay USD $9.75 per share for Paya in an all-cash deal.
- Nuvei has gone through several acquisitions since 2019. This particular deal would definitely solidify the company’s presence in the U.S.
- The transaction is expected to close sometime this year.
This story was first published on The PhilaVerse (my Substack newsletter).