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.”

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.