Nuvei buys Cyprus fintech firm SafeCharge
The Canadian payments services provider Nuvei has announced its merger with Cyprus-based SafeCharge International Group Ltd. The total deal value is $889 million. SafeCharge Group provides international payment services including card acquiring, payment processing, e-checkout and other solutions.
SafeCharge is a Cyprus fintech firm listed on the London Stock Exchange. Some 50 of its 400 staff are based in Cyprus. Key areas of operation are in Europe. SafeCharge is a licensed Electronic Money Institution (EMI) authorised and regulated by the Central Bank of Cyprus.
The merger will create a company with an estimated revenue of $300 million and a transaction volume of $30 billion. The EBITDA of the combined firm is estimated at about $100 million.
SafeCharge will now expand its business in Nuvei’s geographical areas of Canada and United States, while Nuvei will benefit from SafeCharge’s operations that are focused in European markets.
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