November 9, 2021 Technology

Nuvei reports $183.9m in profit for third quarter financial results

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The company’s total volume increased by 88% to $21.6bn.

Nuvei, the global payments technology provider, has today reported its financial results for the period ending September 30, 2021.

Q3 was a positive one for the payments company, with total payment volume up 88% to $21.6bn and revenue up 96% to $183.9m. Specifically, North American volume increased by 118%, while LatAm grew by 93%.

Meanwhile, Nuvei has seen net income increase by $105.9m year-on-year, coming in at $28m compared to a loss of $77.9m in 2020.

Speaking on the results, Philip Fayer, Nuvei’s chair and CEO, stated: “We achieved a number of significant milestones in the third quarter including financial results that exceeded the outlook previously provided, releasing new innovative product solutions, growing our portfolio of alternative payment methods (“APMs”), announcing several exciting new customer wins, and completing three acquisitions that enhance and expand our addressable market, product capabilities, and geographic footprint.

“The third quarter also marked our one year anniversary as a public company trading on the Toronto Stock Exchange, which was followed by our successful initial public offering in the United States on the Nasdaq in early October.”

The payment company’s adjusted EBITDA also increased by a considerable amount, growing by 97% to $80.9m.

Nuvei grew its presence in the US substantially during this period, enabling payouts via Visa Direct and announcing several new partnerships with BetMGM, 888’s SI Sportsbook, and Carousel group among others.

Soon after the close of Q3, Nuvei completed its initial public offering in the US on the Nasdaq Global Select Market, issuing a total of 3.45 million subordinate voting shares worth approximately $424.8m.

“I want to thank the entire Nuvei team for their tireless contributions and for making all of this possible. Looking at the business, our performance is driven by our unrelenting focus on helping our customers connect further with their customers regardless of country, currency, or payment type through our single integrated platform. We continue to experience significant momentum in the business and are well-positioned for sustainable and profitable growth. We are proud of our results and raising our financial outlook for the full year 2021 and reiterating our previously announced medium and long-term growth targets,” concluded Fayer.

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