Montréal’s Nuvei raises $358 million CAD, reaches $2.65 billion CAD valuation


Montréal-based FinTech company Nuvei has raised $358 million CAD ($270 million USD) in common equity financing. Following the raise, the company is now valued at $2.65 billion CAD ($2 billion USD).

“This new raise gives the company flexibility to continue executing on its successful growth strategy.”

The investment was raised mostly from existing shareholders, like Canadian private equity firm Novacap, some of Novacap’s limited partners, as well as Caisse de dépôt et placement du Québec (CDPQ). Nuvei said this new financing will allow the company to boost its organic and acquisition growth plans.

In August, Nuvei, with support from CDPQ, acquired UK-based SafeCharge International Group for about $1.1 billion CAD.

Founded in 2003 by Philip Fayer, Nuvei’s chairman and CEO, Nuvei provides payment solutions to merchants, technology, and distribution companies, serving companies in Canada, the United States, Europe, Latin America, and the Asia Pacific region. Formerly Pivotal Payments, the company received one of its first large investments from Goldman Sachs totalling $60 million CAD in the mid-2000s.

In September 2017, Novacap and CDPQ announced a joint investment in Nuvei, when it was called Pivotal Payments. During the funding rounds, the two firms valued the company at $525 million CAD ($424 million USD).

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“We are proud to support and accompany Nuvei through this exciting part of its history,” said David Lewin, partner at Novacap. “This new raise gives the company flexibility to continue executing on its successful growth strategy.”

“Our partnership continues ahead to support the global expansion of a leading Québec tech firm,” said Charles Émond, executive vice president of Québec in private equity and strategic planning at CDPQ. “Since this initial investment, CDPQ and its partners are proud to have sustained Nuvei’s growth … and to have supported the emergence of a world-class, global player in its field.”

This latest round joins a succession of other hefty financing rounds for Canadian tech companies in 2019. This year, Canadian startups like Element AI, Clio, Verafin ($515 million), 1Password, and Sonder, all raised hundreds of millions of dollars in a single round, signalling an emerging trend in Canada’s tech ecosystem.

Image source Nuvei

Isabelle Kirkwood

Isabelle Kirkwood

Isabelle is a Vancouver-based writer with 5+ years of experience in communications and journalism and a lifelong passion for telling stories. For over two years, she has reported on all sides of the Canadian startup ecosystem, from landmark venture deals to public policy, telling the stories of the founders putting Canadian tech on the map.

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