Nuvei Sees Strong Q3 Growth With 27% Increase In Payment Volume
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Nuvei Corporation showed strong growth in the third quarter of 2024. The company’s total payment volume grew by 27%, reaching $61.3 billion. This comes as the Canadian fintech company gets closer to completing its $6.3 billion deal with Advent International to go private.
The company, based in Montreal, made $357.6 million in revenue for the quarter ending on September 30, which is a 17% increase from last year. Nuvei also made a net income of $17.2 million, or $0.10 per share, after losing $18.1 million in the same period last year.
Nuvei Sets Focus On Global Growth With Key Investments And New Jobs
Philip Fayer, the Chief Executive Officer of Nuvei stated that the business is still very profitable, and the firm’s third-quarter numbers show it is making good investments to grow globally. Total volume grew by 27%, and revenue is up 17% compared to last year. This sets the company up well for the future.”
Nuvei’s adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) went down slightly by 2% to $108.8 million, because the company is investing in growing its business worldwide. Adjusted net income fell 8% to $52.3 million, and adjusted earnings per share dropped from $0.39 to $0.34.
The company also announced a new partnership with Mastercard to launch a service in Europe. This service lets people turn their cryptocurrencies into regular money.
Nuvei is moving forward with its $6.3 billion buyout deal by Advent International. The deal, which will pay Nuvei shareholders $34 per share in cash, is nearly done, with most approvals already received. The remaining approvals should be finished by the end of 2024.
Fayer said as the firm gets closer to closing the deal, it is already planning for future growth and adding over 300 new jobs in product, technology, and business teams.
Nuvei Advances Growth Plans With Dividend And Upcoming Merger Completion
Nuvei’s Board of Directors also declared a cash dividend of $0.10 per share, which will be paid on December 12, 2024, to shareholders who own stock as of November 26, 2024. The total amount of dividends will be about $14 million.
In June, Nuvei received approval to operate in the UAE and expand its services in the Middle East and North Africa (MENA) region.
Nuvei also said that it has received all necessary approvals for its plan to merge with Neon Maple Purchaser Inc., a company set up by Advent International, with help from other investors. The deal is expected to close around November 15, 2024.
The deal was approved by Nuvei’s shareholders in a special meeting on June 18, 2024, and was also approved by the court in June. More details about the deal were shared with shareholders in a circular sent in May.
