Financial and Business News

Nuvei Reports $357.6 Million Revenue Ahead of Advent Buyout

Wednesday, 13/11/2024 | 07:32 GMT by Damian Chmiel
  • The fintech company reported a net income of $17.2 million, marking a significant turnaround from last year's loss.
  • It is also proceeding with its $6.3 billion take-private transaction with Advent International, expected to close this year.
Philip Fayer, Nuvei Chair and CEO
Philip Fayer, Nuvei Chair and CEO

Nuvei Corporation demonstrated solid growth in the third quarter of 2024, with total payment volume surging 27% to $61.3 billion, as the Canadian fintech company approaches the final stages of its pending $6.3 billion take-private transaction with Advent International.

Nuvei Posts 17% Revenue Jump as Advent Deal Nears Close

The Montreal-based payment technology provider reported revenue of $357.6 million for the quarter ended September 30, representing a 17% increase from the previous year. The company swung to a net income of $17.2 million, or $0.10 per diluted share, compared to a net loss of $18.1 million in the same period last year.

“Our business remains highly profitable, with third quarter margins reflecting opportunistic investments to expand our global footprint,” commented Philip Fayer, Nuvei Chair and CEO. “Total volume is increasing 27%, and revenue is higher by 17% year-over-year, setting us up well to achieve our targeted growth in the quarters.”

Nuvei
Source: Nuvei

The company's adjusted EBITDA showed a slight decline of 2% to $108.8 million, reflecting investments in global expansion. Adjusted net income decreased 8% to $52.3 million, while adjusted net income per diluted share fell to $0.34 from $0.39 in the previous year.

The company recently partnered with Mastercard, to launch a new off-ramping solution in Europe. It allows consumers to convert their cryptocurrencies into traditional fiats.

Take-Private Transaction Progress

The pending acquisition by Advent International, valuing Nuvei at approximately $6.3 billion, is progressing toward completion. The all-cash transaction, offering $34.00 per share, represents a 56% premium to the company's closing price before the deal announcement. Most regulatory approvals have been secured, with the remaining few expected to be obtained in the fourth quarter of 2024.

“As we look to finalize our pending take-private, we are already executing on a highly compelling value creation plan, and we have initiated the process of adding 300-plus new roles across our product, technology, and commercial teams,” added Fayer.

Nuvei's Board of Directors also declared a quarterly cash dividend of $0.10 per share, payable on December 12, 2024, to shareholders of record as of November 26, 2024. The total dividend distribution is expected to reach approximately $14 million.

Back in June, the Canadian fintech company received in-principle approval for a Retail Services Category II License from the Central Bank of the United Arab Emirates (UAE), expanding its services into the MENA region.

Nuvei Corporation demonstrated solid growth in the third quarter of 2024, with total payment volume surging 27% to $61.3 billion, as the Canadian fintech company approaches the final stages of its pending $6.3 billion take-private transaction with Advent International.

Nuvei Posts 17% Revenue Jump as Advent Deal Nears Close

The Montreal-based payment technology provider reported revenue of $357.6 million for the quarter ended September 30, representing a 17% increase from the previous year. The company swung to a net income of $17.2 million, or $0.10 per diluted share, compared to a net loss of $18.1 million in the same period last year.

“Our business remains highly profitable, with third quarter margins reflecting opportunistic investments to expand our global footprint,” commented Philip Fayer, Nuvei Chair and CEO. “Total volume is increasing 27%, and revenue is higher by 17% year-over-year, setting us up well to achieve our targeted growth in the quarters.”

Nuvei
Source: Nuvei

The company's adjusted EBITDA showed a slight decline of 2% to $108.8 million, reflecting investments in global expansion. Adjusted net income decreased 8% to $52.3 million, while adjusted net income per diluted share fell to $0.34 from $0.39 in the previous year.

The company recently partnered with Mastercard, to launch a new off-ramping solution in Europe. It allows consumers to convert their cryptocurrencies into traditional fiats.

Take-Private Transaction Progress

The pending acquisition by Advent International, valuing Nuvei at approximately $6.3 billion, is progressing toward completion. The all-cash transaction, offering $34.00 per share, represents a 56% premium to the company's closing price before the deal announcement. Most regulatory approvals have been secured, with the remaining few expected to be obtained in the fourth quarter of 2024.

“As we look to finalize our pending take-private, we are already executing on a highly compelling value creation plan, and we have initiated the process of adding 300-plus new roles across our product, technology, and commercial teams,” added Fayer.

Nuvei's Board of Directors also declared a quarterly cash dividend of $0.10 per share, payable on December 12, 2024, to shareholders of record as of November 26, 2024. The total dividend distribution is expected to reach approximately $14 million.

Back in June, the Canadian fintech company received in-principle approval for a Retail Services Category II License from the Central Bank of the United Arab Emirates (UAE), expanding its services into the MENA region.

Topics
Q3
financial-results
Nuvei Corp
About the Author: Damian Chmiel
Damian Chmiel
  • 3142 Articles
  • 98 Followers
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.

More from the Author

FinTech

Blueberry Broker Review 2026: Regulation, Platforms, Fees & Trading Conditions | Finance Magnates

Blueberry Broker Review 2026: Regulation, Platforms, Fees & Trading Conditions | Finance Magnates

In this video, we take an in-depth look at @BlueberryMarketsForex , a forex and CFD broker operating since 2016, offering access to multiple trading platforms, over 1,000 instruments, and flexible account types for different trading styles. We break down Blueberry’s regulatory structure, including its Australian Financial Services License (AFSL), as well as its authorisation and registrations in other jurisdictions. The review also covers supported platforms such as MetaTrader 4, MetaTrader 5, cTrader, TradingView, Blueberry.X, and web-based trading. You’ll learn about available instruments across forex, commodities, indices, share CFDs, and crypto CFDs, along with leverage options, minimum and maximum trade sizes, and how Blueberry structures its Standard and Raw accounts. We also explain spreads, commissions, swap rates, swap-free account availability, funding and withdrawal methods, processing times, and what traders can expect from customer support and additional services. Watch the full review to see whether Blueberry’s trading setup aligns with your experience level, strategy, and risk tolerance. 📣 Stay up to date with the latest in finance and trading. Follow Finance Magnates for industry news, insights, and global event coverage. Connect with us: 🔗 LinkedIn: /financemagnates 👍 Facebook: /financemagnates 📸 Instagram: https://www.instagram.com/financemagnates 🐦 X: https://x.com/financemagnates 🎥 TikTok: https://www.tiktok.com/tag/financemagnates ▶️ YouTube: /@financemagnates_official #Blueberry #BlueberryMarkets #BrokerReview #ForexBroker #CFDTrading #OnlineTrading #FinanceMagnates #TradingPlatforms #MarketInsights

In this video, we take an in-depth look at @BlueberryMarketsForex , a forex and CFD broker operating since 2016, offering access to multiple trading platforms, over 1,000 instruments, and flexible account types for different trading styles. We break down Blueberry’s regulatory structure, including its Australian Financial Services License (AFSL), as well as its authorisation and registrations in other jurisdictions. The review also covers supported platforms such as MetaTrader 4, MetaTrader 5, cTrader, TradingView, Blueberry.X, and web-based trading. You’ll learn about available instruments across forex, commodities, indices, share CFDs, and crypto CFDs, along with leverage options, minimum and maximum trade sizes, and how Blueberry structures its Standard and Raw accounts. We also explain spreads, commissions, swap rates, swap-free account availability, funding and withdrawal methods, processing times, and what traders can expect from customer support and additional services. Watch the full review to see whether Blueberry’s trading setup aligns with your experience level, strategy, and risk tolerance. 📣 Stay up to date with the latest in finance and trading. Follow Finance Magnates for industry news, insights, and global event coverage. Connect with us: 🔗 LinkedIn: /financemagnates 👍 Facebook: /financemagnates 📸 Instagram: https://www.instagram.com/financemagnates 🐦 X: https://x.com/financemagnates 🎥 TikTok: https://www.tiktok.com/tag/financemagnates ▶️ YouTube: /@financemagnates_official #Blueberry #BlueberryMarkets #BrokerReview #ForexBroker #CFDTrading #OnlineTrading #FinanceMagnates #TradingPlatforms #MarketInsights
More Videos

  • Exness CMO Alfonso Cardalda on Cape Town office launch, Africa growth, and marketing strategy

    Exness CMO Alfonso Cardalda on Cape Town office launch, Africa growth, and marketing strategy

    Exness is expanding its presence in Africa, and in this exclusive interview, CMO Alfonso Cardalda shares how. Filmed during the grand opening of Exness’s new Cape Town office, Alfonso sits down with Andrea Badiola Mateos from Finance Magnates to discuss: - Exness’s marketing approach in South Africa - What makes their trading product stand out - Customer retention vs. acquisition strategies - The role of local influencers - Managing growth across emerging markets 👉 Watch the full interview for fundamental insights into the future of trading in Africa. #Exness #Forex #Trading #SouthAfrica #CapeTown #Finance #FinanceMagnates

    Exness is expanding its presence in Africa, and in this exclusive interview, CMO Alfonso Cardalda shares how. Filmed during the grand opening of Exness’s new Cape Town office, Alfonso sits down with Andrea Badiola Mateos from Finance Magnates to discuss: - Exness’s marketing approach in South Africa - What makes their trading product stand out - Customer retention vs. acquisition strategies - The role of local influencers - Managing growth across emerging markets 👉 Watch the full interview for fundamental insights into the future of trading in Africa. #Exness #Forex #Trading #SouthAfrica #CapeTown #Finance #FinanceMagnates

  • How does the Finance Magnates newsroom handle sensitive updates that may affect a brand?

    How does the Finance Magnates newsroom handle sensitive updates that may affect a brand?

    Yam Yehoshua, Editor-in-Chief at Finance Magnates, explains the approach: reaching out before publication, hearing all sides, and making careful, case-by-case decisions with balance and responsibility. ⚖ Balanced reporting 📞 Right of response 📰 Responsible journalism #FinanceMagnates #FinancialJournalism #ResponsibleReporting #FinanceNews #EditorialStandards

    Yam Yehoshua, Editor-in-Chief at Finance Magnates, explains the approach: reaching out before publication, hearing all sides, and making careful, case-by-case decisions with balance and responsibility. ⚖ Balanced reporting 📞 Right of response 📰 Responsible journalism #FinanceMagnates #FinancialJournalism #ResponsibleReporting #FinanceNews #EditorialStandards

  • Executive Interview | Kieran Duff | Head of UK Growth & Business Development, Darwinex | FMLS:25

    Executive Interview | Kieran Duff | Head of UK Growth & Business Development, Darwinex | FMLS:25

    Here is our conversation with Kieran Duff, who brings a rare dual view of the market as both a broker and a trader at Darwinex. We begin with his take on the Summit and then turn to broker growth. Kieran shares one quick, practical tip brokers can use right now to improve performance. We also cover the rising spotlight on prop trading and whether it is good or bad for the trading industry. Kieran explains where Darwinex sits on the CFDs-broker-meets-funding spectrum, and how the model differs from the typical setups seen across the market. We finish with a look at how he uses AI in his daily workflow — both inside the brokerage and in his own trading.

    Here is our conversation with Kieran Duff, who brings a rare dual view of the market as both a broker and a trader at Darwinex. We begin with his take on the Summit and then turn to broker growth. Kieran shares one quick, practical tip brokers can use right now to improve performance. We also cover the rising spotlight on prop trading and whether it is good or bad for the trading industry. Kieran explains where Darwinex sits on the CFDs-broker-meets-funding spectrum, and how the model differs from the typical setups seen across the market. We finish with a look at how he uses AI in his daily workflow — both inside the brokerage and in his own trading.

  • Why does trust matter in financial news? #TrustedNews #FinanceNews #CapitalMarkets

    Why does trust matter in financial news? #TrustedNews #FinanceNews #CapitalMarkets

    According to Yam Yehoshua, Editor-in-Chief at Finance Magnates, in a world flooded with information, the difference lies in rigorous cross-checking, human scrutiny, and a commitment to publishing only factual, trustworthy reporting. 📰 Verified reporting 🔎 Human-led scrutiny ✅ Facts over noise

    According to Yam Yehoshua, Editor-in-Chief at Finance Magnates, in a world flooded with information, the difference lies in rigorous cross-checking, human scrutiny, and a commitment to publishing only factual, trustworthy reporting. 📰 Verified reporting 🔎 Human-led scrutiny ✅ Facts over noise