Nuvei to buy crypto start-up for $250m

Global payment tech company Nuvei Corporation has announced it will buy FinTech start-up SimplexCC for $250 million.

Simplex is a flat-cryptocurrency infrastructure that connects exchanges, brokers, wallet and liquidity providers. It provides a platform for users to buy or sell cryptocurrencies using credit and debit cards.

“We expect Simplex to enhance and expand Nuvei’s steadily growing portfolio of alternative payment methods, adding turnkey simplicity to the process of buying and selling cryptocurrency and converting it back to fiat within a user account – ultimately reducing complexity for merchants and consumers,” said Philip Fayer, Nuvei’s chair and chief executive. “Simplex’s infrastructure is a natural fit for Nuvei’s Native Commerce Platform, further strengthening the capabilities and overall value proposition of our single-integration approach to payments."

Nimrod Lehavi, Simplex’s co-founder and chief exec said: “By joining Nuvei, Simplex will be able to fulfill its promise of bridging the gap between the blockchain space and the traditional finance world."

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