Nuvei has completed its takeover of Simplex, incorporating the firm’s AI-driven proprietary fraud and risk management tools and enhancing its own cryptocurrency transactional capabilities.
The global payment technology partner intends to offer its new acquisition’s solutions to its merchants across a range of verticals, whilst also introducing its own product solutions and capabilities to Simplex customers.
Simplex functions as a fiat-cryptocurrency gateway connecting market participants – such as exchanges, brokers, wallet and liquidity providers – whilst delivering the infrastructure for users to buy or sell digital assets.
The firm currently offers over 45 cryptocurrencies as well as Non-Fungible Tokens, and supports over 50 fiat currencies, and users can conduct transactions using both debit cards and credit cards.
Additionally, Nuvei will integrate Simplex’s ‘fraudless payment acceptance’ capabilities, which contributes to higher conversion rates and better liquidity by simplifying instant fiat purchases for cryptocurrencies, NFTs and dectranlsied finance (DeFi) providers.
The $250 million outright takeover was first announced in May of this year. Philip Fayer, Chair and CEO of Nuvei, commented at the time that he expected the acquisition to ‘enhance and expand Nuvei’s steadily growing portfolio of alternative payment methods.
He continued: “Simplex’s infrastructure is a natural fit for Nuvei’s Native Commerce Platform, further strengthening the capabilities and overall value proposition of our single-integration approach to payments. We are excited to welcome Simplex to the Nuvei team.”