Following its acquisition of Paya, a US provider of integrated payment and frictionless commerce solutions, Nuvei has released how this has affected its Q1 results.
Nuvei’s Q1 revenue rose 20% to $256.5 million, driven by 55% growth in North America and 68% growth in Latin America.
However, Europe, the Middle East and Africa fell 4% to $119.8 million due to foreign currency fluctuations and cryptocurrency volatility.
Adjusted EBITDA also rose to $96.3 million, but the company reported a net loss of $8.3 million.
In particular, Nuvei acquired Paya in a $1.3 billion deal completed on February 22 this year. This included a one-off acquisition cost of approximately $20 million (which would have affected the net loss).
Nuvei Chairman and CEO Philip Fayer said, “Nuvei started strong in 2023, delivering first-quarter results over financial forecasts as we implement strategic initiatives, grow market share, drive innovation and expand our geographic reach.
“We are confident that Nuvei’s growing leadership position and global platform benefits within the payment ecosystem will enable us to deliver sustainable and sustainable growth.
“We are raising the overall 2023 financial outlook to a level lower than Q1 results and reiterating a higher level of scope.”
Nouvei noted that e-commerce accounted for 90% of the total volume, with the overall sector growing 45% to $42.4 billion.
During the first quarter, Nuvei welcomed a total of 359 new team members to the company, including those from Paya, which it recently acquired.
Scott Calliham was introduced as the new Chief Strategy Officer following changes in the executive leadership team, and Caitlin Scheeter was also welcomed as the new Global Chief Human Resources Officer.
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