Canadian publicly listed payment technology company Nuvei has announced an agreement to acquire crypto payments firm SimplexCC Ltd in an all-cash deal worth $250 million. The transaction is still subject to regulatory approval. Nuvei said the acquisition is expected to strengthen its growing portfolio of alternative payment solutions, particularly in cryptocurrency buying, selling, and fiat conversion services.
Simplex brings crypto on-ramp and off-ramp infrastructure
Simplex is known for providing infrastructure that helps users move between traditional money and digital assets. Its services include fiat-to-crypto on-ramps and off-ramps, as well as Visa card offerings for crypto users. According to the report, the company processed about $500 million in total volume last year and estimates that figure could reach $2 billion this year. Those numbers highlight Simplex’s expanding role in the crypto payments segment.
Nuvei Chair and CEO Philip Fayer said Simplex would enhance and expand the company’s steadily growing suite of alternative payment methods. He added that the acquisition would bring more turnkey simplicity to buying and selling cryptocurrency, as well as converting it back into fiat within a user account, ultimately reducing complexity for both merchants and consumers.
Nuvei deepens its alternative payments strategy
Nuvei says it operates across 200 markets globally and supports 470 local and alternative payment methods. The company also offers access to nearly 150 currencies and 40 cryptocurrencies. Formerly known as Pivotal Payments, Nuvei is the largest non-bank payment processor in Canada. It went public on the Toronto Stock Exchange in September 2020 through a $700 million IPO.
Strategically, the Simplex acquisition gives Nuvei a stronger foothold in crypto payment infrastructure and helps connect traditional payment rails with blockchain-based financial activity. Simplex cofounder and CEO Nimrod Lehavi said the deal would help the company move closer to its goal of bridging the gap between the blockchain sector and traditional finance. The transaction also reflects a broader trend of established payment companies expanding deeper into crypto-related services.