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Nuvei

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Payments & Money Transfer | Montreal, QC | Founded: 2003 | Employees: 966 | www.nuvei.com

PHONE: (866) 693-2000 | LINKEDIN PROFILE | WIKIPEDIAFACEBOOK PROFILE

Last updated January 14, 2019 | To download a PDF version, click here

Company Overview

Nuvei is a leading provider of technology-driven, end-to-end payment processing solutions. Nuvei services the global eCommerce, SMB acquiring and integrated payments (ISV) markets, enabling a wider range of payment acceptance solutions under one innovative platform. As a full-fledged merchant processor for all major card brands, plus a principal member of Interac® and UnionPay International, Nuvei provides direct connectivity with the world's largest payment networks to power your success.

Senior Management

Philip Fayer: Chairman and CEO, Nuvei (2018-Present). Previously: President and CEO, Pivotal Payments (2003-2018). Education: Concordia University (Drop Out).

Mark Pyke: President, Nuvei (2018-Present). Previously: President, Strategic Consulting (2016-2017); President, TSYS Merchant Services (2010-2016); President, Payments Acquisitions Management (2007-2010); President of Merchant Services, Bank of America (1996-2007); Vice President & Chief Credit Officer, NaBanco (1992-1996). Education: BSBA, Finance & Accounting, Northeastern University; MBA, Finance & International Business, University of Michigan.

History

Nuvei was established in 2003 by Philip Fayer, who founded the company while taking some time off from attending Concordia University.[1] In 2006, Nuvei gained an investment from Goldman Sachs, which funded Nuvei's acquisition strategy. Since its founding, Nuvei has expanded significantly, through acquisitions of clients and other similar operations, including Cardex, Tangerine, POS Card Systems and National Credit Card Processing from Vision Bankcard, portfolio from American National Payments, and key assets from Capital Processing Network LLC.[2] Nuvei currently serves more than 50,000 merchants in North America and Europe.

[1] http://www.nationalpost.com/thinking+small+forges+payoff/2773933/story.html
[2] https://www.pivotalpayments.com/news

Funding

In 2006, the company gained an investment from Goldman Sachs totaling CA$60 million. Goldman Sachs funded Nuvei's acquisition strategy which helped the company execute several acquisitions by 2010.[3] In September 2017, Montreal-based private equity firm Novacap and the Canadian government-owned investment firm Caisse de dépôt et placement du Québec announced a joint investment in Pivotal Payments. During the funding series, the two investment firms valued the company at CA$525 million (US$424 million).[4]

[3] https://en.wikipedia.org/wiki/Pivotal_Payments
[4] https://www.usnews.com/news/technology/articles/2017-09-27/caisse-novacap-to-invest-in-quebec-based-payment-processor-pivotal

Key Corporate Developments

Press releases: https://www.pivotalpayments.com/news
Mar 6, 2018: Pivotal Payments names industry veteran Mark Pyke as President
Jan 18, 2018: ThreatMetrix and GlobalOnePay Partner to Enhance Secure Cross-Border eCommerce Payments
Aug 14, 2017: Payment processing company moving its US headquarters to SkySong

 

Business Highlights

Strategy

Nuvei provides merchant services and payment processing solutions to clients in various industries worldwide. Pivotal offers four different pricing plan options: Interchange-Plus, Tiered Pricing, Flat-Rate Fees and Enhanced Recover Reduced (ERR).

Products/Pricing

  1. Point-of-Sale Terminals: Nuvei's processing lets merchants easily accept debit, credit cards and gift card payments for only pennies per transaction.
  2. Ecommerce Payments: Nuvei helps merchants set up and run the online transaction system.
  3. Mobile & Wireless Payments: Nuvei can provide merchants with short-range wireless solutions for restaurants, bars and indoor retail environments. Nuvei also has cellular-connected payment terminals for taxi, delivery and other long-range payment needs. PivotalMOBILE is the company’s swiper and app that works with smartphones and tablets.
  4. PIN Pads: Nuvei provides credit card machines combined with state-of-the-art technology to accept and encrypt the cardholder's personal identification number (PIN).
  5. Integrated Payments: Nuvei's FlexPoint platform offers merchants integrated solutions to enhance credit and debit card acceptance, adding more features and value to their payments. FlexPoint is a proprietary hardware, middleware and software platform that provides seamless integration with electronic cash registers, POS software, kiosks and more.
  6. Other Services: Nuvei provides various services including merchant accounts, EMV solutions, Pivotal360 online reporting, business coach & social media tools, dynamic currency conversion, multi-currency pricing, gift card & loyalty programs, PivotalOne business discounts and cash advance program.


Technology

The company's robust technology-enabled payment systems, powered by GlobalOnePay, include card not present, integrated point of sale, mobile payments, terminal hardware and software and a host of value-added merchant services.

Distribution/Logistics

In order to deliver the best payment acceptance strategies to clients, Nuvei operates multiple divisions dedicated to specific industry segments. The company relies very heavily on outside independent sales agents, sub-ISOs, telemarketing, franchises, and strategic partnerships to sell its services.

Marketing

Nuvei hires independent sales representatives and has received a moderate-to-high number of complaints about its sales practices.

 

Competitors

Besides Pivotal Payments, there are many payment processing companies around the world, for example:

  1. Chase Paymentech – (Dallas, Texas) Chase Paymentech is the payment processing and merchant acquiring business of JPMorgan Chase. Paymentech payment platforms support businesses of all sizes to process payments, including credit, debit, and digital, alternative, mobile payment options. Paymentech can authorize payment transactions in more than 130 currencies. The company also provides business analytics, payment fraud detection, and data security solutions.[5]
  2. Elavon – (Atlanta, Georgia) Elavon Inc., formerly NOVA, is a processor of credit card transactions and a subsidiary of U.S. Bancorp. Elavon offers merchant processing in more than 30 countries and supports the payment needs of more than 1,000,000 merchant locations across the globe. Elavon is the 4th largest U.S. credit card processor and is a top 6 acquirer in the European marketplace.[6]

[5] https://en.wikipedia.org/wiki/Chase_Paymentech
[6] https://en.wikipedia.org/wiki/Elavon

 

Corporate Profile Created By: Hao Shen, HBA2 Ivey Exchange 2019
Hao Shen

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