Nuvei Corporation (TSX: NVEI) is moving to expand its reach in Latin America. The fintech firm announced today the acquisition of Paymentez, a payment platform with considerable coverage and usage in the central region of the Americas.
“Paymentez further increases our total addressable market by significantly expanding and strengthening our presence in Latin America, along with enhancing our regional processing capabilities, enabling us to support even more local payment methods,” said Nuvei’s Chairman and CEO Philip Fayer.
The acquisition brings to the company Paymentez’s reach in eleven countries with local acquiring in nine countries (Mexico, Ecuador, Venezuela, Colombia, Brazil, Peru, Argentina, Uruguay, and Chile). The payment gateway also supports more than 80 local and alternative payment methods for more than 4,000 merchants in the region.
As a result of the acquisition, Paymentez CEO and co-founder Juan Franco will join Nuvei as its general manager for the Latin America region. The transaction also comes in days after the company completes the acquisition of fiat-cryptocurrency gateway Simplex.
The global payment firm recently reported US$178.2 million in revenue for Q2 2021.
Nuvei Corp last traded at $153.56 on the TSX.
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