Canadian FinTech Nuvei’s $1.3 billion acquisition of payment platform Paya is complete.
The all-cash deal, first announced in January, gives Nuvei ownership of a payment and frictionless commerce business that processed $50 billion in payment volume last year, the company said in a Wednesday (Feb. 22) news release.
“Nuvei and Paya are highly complementary with respect to geographies, capabilities to offer to customers and partners, and the end-markets and verticals that each currently serve,” the news release said.
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The company notes that much of Paya’s business is in “high growth” verticals like healthcare, nonprofit, government, utilities and other business-to-business (B2B) end markets.
“This is an important milestone for Nuvei as we continue to build a preeminent payment technology provider with strong positions in global eCommerce, Integrated Payments and B2B,” Nuvei CEO Philip Fayer said in the release.
