News recently broke out that the Montreal-based electronic payment processing company – Nuvei (Nuvei) is now prepping for the acquisition of the crypto card provider Simplex. From the looks of it, the former is on a mission to corner the cryptocurrency market in the event that they’ve finally grab ahold of the latter.
Simplex will be a Nuvei company soon
The Canadian payment firm is said to be in talks to obtain Simplex for $250 million. Now that’s some serious cash right there. Per the Cointelegraph, this deal between the two companies is in its final stages and it will be just a matter of days before the acquisition is completed. Both parties, however, remain mum about such development.
Simplex, is an Israel-based startup that offers “fiat-to-crypto on-ramp services” as these allow both businesses and individuals to buy digital assets. The publication also noted that the Israeli firm brought on several notable names like Opera (the web browser), Polkadot, and even Visa as its partners. It is through Simplex that Visa was able to offer its clients these so-called “crypto debit cards” as this would greatly improve the cryptocurrency adoption for retail transactions.
Nuvei, on the other hand, made an acquisition prior to this. On April 16, the company announced that “it has entered into a definitive agreement” to acquire the U.S.-focused sports and gaming wagering payment technology provider Mazooma Technical Services (Mazooma) for $56 million.
According to Intrado, Mazooma is an account-to-account payments provider in the U.S. sports betting and online gaming scenes. Nuvei Chairman and CEO Philip Fayer said that the company (Mazooma) will improve and expand its portfolio of alternative payment methods paired with a leading Automated Clearing House (ACH) platform that has both pay-in and pay-out capabilities.
Not the first time
Going back to Simplex, if they too entered into an agreement with Nuvei, it will not be the first time the Canadian firm acquired an Israeli fintech. Back in 2019, Nuvei purchased the omnichannel payment services provider SafeCharge for $889 million.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.