Finance Breaking news Nuvei agrees $250m deal to buy crypto firm Simplex last financial news
Breaking-Finance.Com - Canadian payments firm Nuvei has agreed a $250 million cash deal to acquire Simplex, a fintech startup providing fiat infrastructure to the cryptocurrency industry.
Breaking-Finance.Com - Canadian payments firm Nuvei has agreed a $250 million cash deal to acquire Simplex, a fintech startup providing fiat infrastructure to the cryptocurrency industry. Founded in 2014, Simplex provides a fiat-cryptocurrency gateway connecting market participants including exchanges, brokers, wallet and liquidity providers. The firm's infrastructure enables users to buy and sell crypto with credit and debit cards, while the firm's proprietary fraud and risk management tools ensure a zero-chargeback guarantee to customers.
. As a principal member of the Visa network, Simplex has permission to issue cards, giving its consumers access to digital currencies daily. The firm processed approximately $500 million of total volume in 2020 and is expected to process more than $2 billion in 2021. Philip Fayer, CEO, Nuvei, says: "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."
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