Canadian fintech stalwart Nuvei Corporation recently unveiled its financial performance for the first half of 2023, showcasing a trajectory of growth and solidifying its place as a key player in the fintech industry.
The company’s headline financial results for Q2 2023 include a surge in total volume and revenue—up 68% and 45% respectively.
“Nuvei delivered solid second quarter results with total volume and revenue increasing,” stated CEO Phillip Fayer, “as we continued to advance our strategic initiatives and scale our platform.”
Revenue climbed to more than $300 million, up markedly year-over-year. The company continues to diversify its revenue streams.
“The quarter was notable for the number of new customer wins and growing pipeline across all regions, as well as wallet share expansion opportunities with existing customers, underscoring momentum in the business and laying the foundation for sustainable long-term growth,” said Fayer.
Nuvei is doing well enough, in fact, to introduce a dividend for shareholders.
“Our strong cash generation profile provides us with ample flexibility,” stated Fayer. “As a result, we intend to prioritize debt repayment and remain committed to returning excess capital to shareholders with the introduction of a quarterly cash dividend.”
Slated for payment on September 5, Nuvei’s inaugural dividend is set at $0.10 per share.
Nuvei has been making headlines this year for partnerships (such as Plaid) and high-profile investors—among them renowned actor Ryan Reynolds. In April, the Vancouver celebrity Ryan Reynolds unveiled an investment in Nuvei.
Following that, the company announced a strategic partnership with Sylogist, a global software provider for non-profit and government organizations.
In addition, the firm welcomed industry veteran Laura Miller to fill the newly formed role of Chief Revenue Officer and Global Head of eCommerce.
And all of these strategic moves come in the wake of Nuvei’s recent acquisition of US rival Paya.
Trading publicly as NVEI, shares in the Canadian fintech are down 50% over the past year, and dipped lower following the firm’s quarterly earnings report.
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