Nuvei Corporation releases its Q2 financials; total volume increase 68%

August 9, 2023
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Nuvei chair said, 'Nuvei delivered solid second quarter results with total volume and revenue increasing 68% and 45%, respectively.'

The Canadian fintech company Nuvei has reported its financial results for the three and six months that ended June 30 2023.

For the three months that ended on June 30, 2023, Nuvei saw its total volume increase 68% from $30.1bn to $50.6bn while its total volume growth at constant currency was 67%. During that time, ecommerce represented 88% of Nuvei’s total volume.

Also during that period, Nuvei’s revenue increased 45% from $211.3m to $307m. The company's adjusted EBITDA increased by 19% from $92.9m to $110.3m.

For the six months that ended on June 30, 2023, Nuvei saw its total volume increase 57% from $59.3bn to $93bn. During that time, ecommerce represented 89% of the total volume.

Also during that time, Nuvei’s revenue increased 32% from $425.8m to $563.5m. However, net income did decrease from $39.6m to $3.3m. Adjusted EBITDA for that period increased by 12% from $184.4m to $206.6m.

Philip Fayer, Nuvei Chair and CEO, said, “Nuvei delivered solid second-quarter results with total volume and revenue increasing 68% and 45%, respectively, as we continued to advance our strategic initiatives and scale our platform.

"The quarter was notable for the number of new customer wins and growing pipeline across all regions, as well as wallet share expansion opportunities with existing customers, underscoring momentum in the business and laying the foundation for sustainable long-term growth."

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