Nuvei has entered into a definitive agreement to acquire Simplex, a fintech startup providing the fiat infrastructure to the cryptocurrency industry, for approximately USD 250 million to be paid in cash.
The transaction is subject to customary closing conditions, including regulatory approval, and is expected to close in the second half of 2021.
Founded in 2014, Simplex in now one of the leading fiat-cryptocurrency gateway connecting market participants including exchanges, brokers, wallet, and liquidity providers. Simplex delivers the infrastructure for users to buy or sell cryptocurrencies (i.e., on-ramp/off-ramp capabilities) using credit and debit cards. Through its proprietary fraud and risk management tools, Simplex provides a zero-chargeback guarantee to its customers, resulting in higher conversion rates.
The acquisition will provide Nuvei with an electronic money institution (EMI) license to offer IBAN accounts to end users and corporations, and it also offers future banking and card issuing capabilities. As a principal member of the Visa network, Simplex has permission to issue Visa cards, giving its consumers access to digital currencies daily.
In recent news, Canada-based payments company Nuvei has announced a partnership with game developer Wargaming to support the latter with the payment methods of choice for the Asia-Pacific market.
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