Canadian Nuvei to Buy Simplex for $250M
Main page News, Fintech, Crypto Market

Canadian public fintech company Nuvei (TSX: NVEI and NVEI.U) has announced its plans to acquire Simplex, a fiat-to-cryptocurrency gateway. In an announcement, the company said it plans to acquire the Israeli-based company for $250 million in cash. Currently, the companies wait for regulator approval and plan to close the deal in the second half of 2021.

Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.

Philip Fayer, Nuvei's CEO, believes that Simplex will enhance and expand the company's growing portfolio of "alternative payment methods."

"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," Fayer added.

Nuvei says the acquisition will provide it with an electronic money institution (EMI) license to offer IBAN accounts to end users and corporations.

Simplex Adds Support for Cardano

In January last year, BitPay, a bitcoin (EXANTE: Bitcoin) payment service provider, entered into a partnership with Simplex. Thanks to the partnership, BitPay's clients can now purchase cryptocurrency directly with fiat in the BitPay App.

Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange.

Read also:
Please describe the error