Nuvei buys US rival Paya in $1.3 billion deal

abdelaziz Fathi

Canadian fintech company Nuvei has acquired Paya, a payment technology provider that went public in 2020 through a blank-check deal, for nearly $1.3 billion including debts.

The deal comes at a time when the payments sector is consolidating as large providers have been scooping up smaller players to scale and diversify their business. Paya has enjoyed strong growth during the last year, having grown its marketcap by nearly a quarter despite the challenges of higher interest rates and inflation.

Paya offers integrated payments and commerce solutions that help insurers, utilities, nonprofits and other customers collect payments and process checks, among other services. The Georgia-based company also seeks to dig further into the B2B sector which is usually non-cyclical and less susceptible to shifts in macroeconomic conditions than retail payments as it involves dealing with several domestic and overseas merchants.

Per its websites, Paya serves more than 2,000 government agencies and municipalities in the US, processing over 8 million payments per year, and delivering over $1 billion in revenue. Paya’s software is also integrated with 300+ software vendors, which is said to position Nuvei to capitalize on the domestic and global software-led market opportunity.

“The proposed acquisition of Paya is a powerful next step in the evolution of Nuvei, creating a preeminent payment technology provider with strong positions in global eCommerce, Integrated Payments and business-to-business (“B2B”),” said Philip Fayer, Nuvei’s chair and CEO. “The proposed transaction will combine two people-first, technology-led, high-growth payment platforms. It will accelerate our integrated payment strategy, diversify our business into key high-growth non-cyclical verticals with large addressable end markets and enhance the execution of our growth plan.”

Paya CEO Jeff Hack added: “We continue to see strong momentum in our high-growth and underpenetrated middle market partners in durable end-markets, and believe that Nuvei’s resources will enable us to continue our mission of solving complex business problems with easy-to-use payment solutions.”

Nuvei plans to plug Paya’s integrated payment capabilities into its technology platform to enhance customer proposition and growth opportunities.

The collaboration will also leverage Nuvei’s infrastructure proprietary fraud and risk management tools through integration with its subsidiary, Simplex. The latter enables merchants to accept diverse payment methods, including credit card deposits and purchases, with zero exposure to chargeback risk. The service caters to different market participants including exchanges, brokers, wallet and liquidity providers.

Read this next

Inside View

Broadridge report finds 27% of firms’ overall IT budget goes to digital transformation

“A new chapter in digital transformation is emerging. In our work with clients across the financial services industry we see leading firms are already reaping the benefits from digitalization and the use of technologies such as AI and blockchain/DLT, as they adapt to economic headwinds and new competitive dynamics”

Executive Moves

Ripple announces Monica Long as President

“I’m incredibly honored to take on the role of President at Ripple as we expand deeper into crypto-enabled services like liquidity, settlement and custody.”

Executive Moves

Arabesque AI appoints Carolina Minio Paluello as CEO

“Arabesque AI is uniquely positioned to service the asset management industry’s need to meet the growing market demand for hyper customised portfolios.”

Industry News

SEC Commissioner Mark T. Uyeda says standardized ESG measures are doomed to fail

“Because ESG ratings may be divorced from matters of financial materiality, they can reflect a particular political or social agenda.”

Industry News

Worldline launches digital payments suite in India

“Our low-cost innovative offering SoftPOS will empower SMBs in a big way to accept digital payments affordably.”


cTrader Web 4.5 Presents Guest Mode, Multiple Charting and Copy Improvements

Spotware has announced the release of its cTrader Web version 4.5, which comes with a whole range of features and improvements for all cTrader users.


SteelEye suggests integrated surveillance as Morgan Stanley fines employees over WhatsApp

“The use of integrated surveillance means firms can avoid unwanted regulatory attention by enabling them to self-report and self-remedy more efficiently when malpractice is flagged.”

Industry News

ASIC bans Gregory William Finerty for unlicensed FX algo trading bot

Bradford AI leased an algorithmic trading program known as ‘Robot 1’ to trade on the FX market, using an Australia-based over the counter contracts for difference (CFD) broker.


With the recent changes to St Vincent licensing, what will the future trends be for licensing in 2023?

New St. Vincent and the Grenadines regulations came as somewhat of a shock for those brokerages that are only regulated in SVG