In Q1 2023, Nuvei has set a solid foundation for future growth

According to Nuvei’s Q1 report ending March 31, 2023, the firm’s total volume rose by 45% to $42.4 billion. The company’s revenue, primarily driven by eCommerce, increased by 20% to $256.5 million.

Nuvei Achieves Significant Regional Progress and Enhanced Financial Forecast

Nuvei’s Q1 report also indicated significant growth in specific regions, with a 55% increase in the North American market and a 68% boost in the Latin American market. In contrast, revenue from Europe, the Middle East, and Africa declined by 4% to $119.8 million.

The fintech company has leveraged the capabilities of payments to enhance outcomes for its iGaming and gaming partners. Nuvei helps brands with customer conversion and onboarding, which often involves a seamless registration and payment procedure.

Earlier this year, Nuvei announced its acquisition of Paya Holdings for $1.30 billion, a firm specializing in integrating payment and commerce solutions for North American merchants. The move was praised by Nuvei CEO Philip Fayer, who viewed it as a critical step in the firm’s evolution and the establishment of a leading payment technology provider.

The acquisition of Paya is projected to generate between $50 million and $100 million in new revenue synergy opportunities by 2027. Additionally, Nuvei has made substantial investments in technology, increasing its investment in this segment by 40%.

Given these developments, Nuvei has provided its financial forecast for the next quarter, ending June 30, 2023, and the fiscal year, concluding on December 31, 2023. The firm anticipates stronger organic revenue growth.

Robust Expansion and Strong Foundation for Future Achievements

Expressing his confidence in Nuvei’s current performance, Fayer characterized the first quarter as a promising start to 2023. He lauded the company’s progress in market share, innovation, and geographic reach, all of which bode well for even stronger quarters ahead.

Fayer remarked, “I am certain that Nuvei’s expanding leadership position in the payment ecosystem and global platform capabilities will enable us to sustainably achieve growth.”

Nuvei has been rapidly expanding its presence in the US gaming market by obtaining licenses in both Maryland and Kansas.