MONTREAL, Sept. 25, 2020 – Nuvei Corporation (“Nuvei” or the “Company”) (TSX: NVEI and NVEI.U) today announced the recent appointments of Daniela Mielke and Michael Hanley to its Board of Directors.

“I’m thrilled to welcome Daniela and Michael to our board of directors,” said Philip Fayer, Nuvei’s Chairman and CEO. “Daniela’s experience leading strategy for some of the most innovative organizations in the industry will be an incredible asset to Nuvei as we grow and scale our business. In addition, we will benefit greatly from Michael’s impressive background in financial management and governance, especially now that we are a public company.”

Ms. Mielke is the North American CEO of RS2 Inc., one of the leading providers of payment processing services in Europe and Asia Pacific. Ms. Mielke is also Managing Partner of Commerce Technology Advisors, LLC, a privately held consulting firm which she founded in 2016. She has nearly 30 years of experience in the financial services industry in positions including: Chief Strategy and Product Officer at Vantiv, VP, Head of Global Strategy and Market Intelligence for PayPal Inc., SVP Global Strategy for Visa International, Engagement Manager for McKinsey & Company, among others. Ms. Mielke currently serves as a member of the board of Bancorp Inc. and Finca International. Previously, she served as a member of the Board of GCPS, a multinational joint venture of commercial card issuing banks, from 2005 to 2007.

Mr. Hanley, CPA, CA is a Corporate Director with over 25 years of experience in senior management roles and corporate governance. He is the lead director and chairs the audit committee of BRP Inc., is on the board of directors and chairs the audit committee of Lyondell Basell Industries N.V. and is on the board of directors and audit committee of ShawCor Ltd. He is also a member of the board of directors of ExCellThera Inc. Previously, Mr. Hanley was on the board of directors and the audit committee of Industrial Alliance Insurance and Financial Services Inc. and of Le Groupe Jean Coutu (PJC) Inc. Prior to that, Mr. Hanley was Senior Vice-President, Operations and Strategic Initiatives at National Bank of Canada. He also held a number of positions at Alcan Inc., including Executive Vice-President and Chief Financial Officer, and President and CEO of the Global Bauxite and Alumina business group.

About Nuvei

We are Nuvei, the payment technology partner of thriving brands. We provide the intelligence and technology businesses need to succeed locally and globally, through one integration – propelling them further, faster. Uniting payment technology and consulting, we help businesses remove payment barriers, optimize operating costs and increase acceptance rates. Our proprietary platform offers direct connections to all major payment card schemes worldwide, supports 450 local and alternative payment methods (assuming the successful completion of the Company’s acquisition of Coöperatieve Vereniging Smart2Pay Global Services U.A.) and nearly 150 currencies. Our purpose is to make our world a local marketplace. For more information, visit www.nuvei.com.

MONTREAL and LONDON, June 3, 2020 – Nuvei, a global payment technology provider, today announces the appointment of Motie Bring as Chief Commercial Officer. Bring will oversee the commercial strategy and development of Nuvei’s global unified acquiring business, while evolving its digital go-to-market channels.

Bring has over 18 years of experience in payments, holding various management and leadership positions in related industries. He served the last seven years in senior management roles at WorldPay (acquired by FIS in 2019), most recently as General Manager EMEA, Global Enterprise eCommerce, while also heading up the global commercial gambling teams. Prior to this, he was responsible for leading the company’s iGaming and digital content relationship management groups.

“I’m thrilled that Motie is joining our executive leadership team in this integral role. His background in delivering unified commerce solutions for some of the largest brands in the world is an exciting value proposition,” said Philip Fayer, Nuvei’s chairman and CEO. “Motie’s deep experience in a range of verticals, including regulated industries, is essential as we rapidly accelerate our global acquiring initiatives.”

Reporting to Yuval Ziv, Managing Director of SafeCharge and Nuvei’s head of global acquiring, Bring will be responsible for leading Nuvei’s next wave of international eCommerce growth. Bring has a proven track record of guiding performance-driven teams and successfully implementing card-not-present payment strategies across multiple industries and platforms.

“Motie is a highly esteemed executive in the payments industry with an enviable portfolio of accomplishments,” said Ziv. “I look forward to working directly with him to continue our ambitious global growth plans. His diverse payments experience across geographies, products and vertical markets will be vital in driving our continued commercial success worldwide.”

Bring is a prolific speaker at payment industry events and is a regular contributor to the press on all matters related to payments and eCommerce.

“Nuvei has grown immensely since its acquisition of SafeCharge late last year, and I am excited to be coming into the fold at such a critical period,” said Bring. “I see virtually limitless commercial opportunities on the horizon, and I am looking forward to defining and executing on Nuvei’s next level of global expansion.”

MONTREAL, August 3, 2020 – Nuvei, the global payment technology partner of thriving brands, announces today the launch of its new corporate positioning, tagline and redesigned website. The new brand represents the company’s drive to unite payment technology and consulting. Its mission is to provide the payment technology and intelligence businesses need to succeed locally and globally, through one integration.

This also marks the brand merger with SafeCharge, which Nuvei acquired in August 2019. SafeCharge will now operate under the Nuvei name, representing its global brand. The integration of both organizations under one name and a full-stack, native payment technology platform is designed to further remove payment barriers worldwide, empowering merchants with unparalleled global commerce capabilities.

From online to mobile, in-app, in-store and unattended payment solutions, Nuvei delivers deep expertise across all sales channels in the world’s most exciting, complex and demanding industries. This includes regulated verticals such as gambling and sports betting, gaming, financial services, marketplaces, travel, network marketing, and more.

“Businesses are looking for partners, both strategic and technological. We’ve become the payment technology partner that our clients can count on to make our world a local marketplace,” said Phil Fayer, Nuvei’s chairman and CEO. “We aim to deliver unified commerce solutions and expertise, helping our clients capture every payment opportunity that comes their way – no matter where or how they operate.”

Through a single integration, Nuvei provides a seamless payment journey with connectivity into 200 geographic regions and local acquiring in 30 markets. Businesses can easily accept more than 450 alternative and local payment methods in 150 currencies, delivering a frictionless customer experience wherever transactions happen. Nuvei’s collective intelligence and proven technology offer merchants the ability to increase approval rates, enhance customer retention and loyalty, reduce fraud, and simplify business operations.

Nuvei’s innovative and flexible solutions leverage advanced pay-in, pay-out and reporting capabilities. Robust localization tools, transaction management, one-click checkout and customizable payment pages have proven to improve conversions. Nuvei’s gateway also supports connections to 200 third-party acquirers, allowing for an “à la carte” service offering. A consolidated back-office provides real-time access to global transaction data, producing actionable business insights that can drive more revenue and increase customer satisfaction.

Built for reliability and security, Nuvei’s platform ensures maximum uptime, high-speed processing and the ability to handle large transaction volumes, supporting any sales peak or special event. Integrated fraud and risk management tools ensure the highest levels of security and compliance. These include automated identity checks, proactive chargeback management, a Smart 3DS service, and global token capabilities that facilitate regulatory requirements and enable more sales.

For more information, visit Nuvei’s redesigned website at www.nuvei.com.

About Nuvei

We are Nuvei, the payment technology partner of thriving brands. We provide the intelligence and technology businesses need to succeed locally and globally, through one integration – propelling them further, faster. Uniting payment technology and consulting, we help businesses remove payment barriers, optimize operating costs and increase acceptance rates. Our proprietary platform offers direct connections to all major payment card schemes worldwide, supports over 450 local and alternative payment methods and 150 currencies. Our purpose is to make our world a local marketplace. Learn more at www.nuvei.com.

INDIANAPOLIS, August 05, 2020 – Nuvei, the global payment technology partner of thriving brands, announced today that it has been awarded a certificate of registration for sports wagering in the state of Indiana. The approval from the Indiana Gaming Commission authorizes the internationally based company to provide payment services supporting sports betting transactions in Indiana. Nuvei, a full-service payments provider to the iGaming and sports betting industries, will now be able to empower gaming operators and companies to accept payments from their Indiana-based clients.

In May of 2018, the U.S. Supreme Court ended the federal ban on sports betting. In the two years since, three quarters of all U.S. states have legalized sports wagering or are attempting to do so.

Sports betting was legalized in Indiana in the fall of 2019, opening the opportunity for anyone over the age of 21 in the state to place legal wagers on games in Major League Baseball, the National Football League, the National Basketball Association, the National Hockey League, and any other professional and amateur sports games in which adults compete.

Wagers can be placed from mobile apps and online betting sites within the state’s boundaries, as well as with bookmakers licensed in the state.

“Nuvei’s approval to transact in the State of Indiana is just the beginning of our efforts to expand into U.S. markets,” said Philip Fayer, Nuvei’s chairman and CEO. “We are excited to be able to bring our innovative, revenue-enhancing payment technology stack to Indiana, with an eye toward further expansion in states that have legalized online sports betting.”

Nuvei currently services many of the world’s leading iGaming brands. Through a single integration, gaming operators can optimize their payments flow through the company’s award-winning Cashier solution while being compliant with local gaming regulations. In addition to leveraging enhanced identity and risk management solutions, Nuvei’s platform allows businesses to improve their players’ journey through a quicker deposit and withdrawal process, paving the way to greater customer satisfaction and revenue opportunities.

‍About Nuvei

We are Nuvei, the payment technology partner of thriving brands. We provide the intelligence and technology businesses need to succeed locally and globally, through one integration – propelling them further, faster. Uniting payment technology and consulting, we help businesses remove payment barriers, optimize operating costs and increase acceptance rates. Our proprietary platform offers direct connections to all major payment card schemes worldwide, supports over 450 local and alternative payment methods and 150 currencies. Our purpose is to make our world a local marketplace. Learn more at www.nuvei.com.

MONTREAL and TEL AVIV, Israel, February 19, 2020 – Nuvei, a global payment technology provider, has entered into a strategic collaboration agreement with the Max Group (MAX), one of Israel’s leading financial institutions. Under the partnership, MAX’s commercial customers who wish to establish business activities outside of Israel will have access to Nuvei’s payment acquiring network in North America, Europe, Latin America, and Asia Pacific. As part of the agreement, Nuvei agreed to sell CreditGuard, a provider of payment gateway services to businesses in Israel.

Nuvei’s proprietary native platform opens up a greater global scale of business, offering MAX’s customers, through one integration, the capability of transacting in over 150 currencies and over 250 alternative payment methods. Nuvei’s merchants will, in turn, be able to connect to MAX’s acquiring services in Israel.

“We went through a rigorous process to find the ideal partner to expand our acquiring business into Israel, as well as a company that will ensure the continuity and long-term success of CreditGuard, its customers and employees,” said Philip Fayer, Nuvei’s chairman and CEO. “We’re confident in MAX’s vision and strategy in delivering exceptional products and services to CreditGuard’s customers. In turn, the partnership enables Nuvei to grow its global footprint and cements our role as a payments leader with massive scale and reach.”

“This acquisition is in line with our merchant-centric approach. Israel is on the verge of a payment revolution, which will require merchants of all sizes to overhaul their online and offline capabilities, and adapt their systems to EMV standards,” said Ohad Maimon, EVP business development and strategy at MAX. “This is important news for Israeli businesses joining the digital revolution. CreditGuard provides a range of advanced and secure digital payment services across all sales channels. The collaboration with Nuvei will help us tailor global payment solutions to our commercial customers.”

“The true value of CreditGuard is its exceptional commitment to serving its customers,” said Uriel Ben David, CreditGuard’s CEO. “We will continue to treat them as one of the company’s most cherished assets. We believe that the connection to MAX will empower us to expand the range of services and increase the value proposition we’ll be able to provide to our customers.”

Nuvei acquired CreditGuard as part of its acquisition of SafeCharge in 2019. The closing of the sale of CreditGuard is subject to customary conditions and regulatory approvals.

About Nuvei

We are Nuvei, the first-ever community of payment experts. We provide fully-supported omnichannel payments to large-scale merchants, SMBs and distribution partners, powered by our broad suite of proprietary technologies. We also equip ISOs, ISVs, payment facilitators, developers, and eCommerce platforms with the technology, expertise and customer service they need to stand out. Backed by our full-service, globally connected platform, our vision is to build a network in which our merchants and partners can truly thrive. Our goal is to create bigger and better payment opportunities for all, paving the way to great partnerships. Learn more at www.nuvei.com.

About the MAX Group

MAX, based in Israel, is a leading financial institution, which provides advanced payments and credit solutions. Acquired by Warburg Pincus in February 2019, MAX, formerly known as Leumi Card, is one of the largest issuers in Israel and provides advanced services to most of the largest financial institutions in Israel, to merchants and to consumers. MAX services around 2.5 million card holders through its partnerships with Visa and MasterCard and supports over 50,000 merchants of all sizes and sectors. The company has leveraged its core capabilities to develop a more diversified financial offering for each type of customer such as a diversified portfolio of Lending Solutions. The Group’s most recent acquisition of Capit underpins this approach, providing a fuller offering to Israeli merchants. For more information, please visit the MAX website: www.max.co.il

Montreal, December 11, 2019 — Nuvei, a leading global payment technology provider announced today it has completed a US$270 million (CA$358 million) common equity financing, valuing the company at US$2 billion (CA$2.65 billion). The investment comes primarily from Nuvei’s existing shareholders: leading Canadian private equity firm Novacap, supported by some of its key limited partners, and Caisse de dépôt et placement du Québec (CDPQ), one of the largest Canadian institutional investors. This financing allows Nuvei to further bolster both its organic and acquisition growth plans.

Headquartered in Montreal, Quebec and having offices across the globe, Nuvei delivers omnichannel, end-to-end payment acceptance solutions, streamlined payouts, foreign exchange services, local acquiring, risk management, and value-added business services in the U.S., Canada, Europe, Latin America, and Asia Pacific. Nuvei empowers businesses and organizations to grow locally and globally, delivering these capabilities through a single, unified platform.

Through one integration, Nuvei’s proprietary native platform makes it easy to connect with the global economy and begin transacting with clients in over 150 currencies worldwide. With support for over 180 alternative payment methods, this makes Nuvei one of the few established payment processors with truly global acquiring capabilities.

“I’d like to thank our partners for helping us continue to expand the breadth and reach of our fintech solutions around the world,” said Philip Fayer, Nuvei’s chairman and CEO. “It further reinforces our strategy of growing organically and through complementary M&A activities, including technology partnerships, that will make a significant impact to the markets and businesses in which we operate.”

“We are extremely thankful for our LPs’ continued trust and support,” said Pascal Tremblay, president and CEO of Novacap (TMT). “This encourages us to continue our efforts to become even more performant at creating meaningful partnerships with entrepreneurs and management to build world-class companies.”

“We are proud to support and accompany Nuvei through this exciting part of its history,” said David Lewin, partner at Novacap (TMT). “This new raise gives the company flexibility to continue executing on its successful growth strategy.”

“Our partnership continues ahead to support the global expansion of a leading Quebec tech firm,” said Charles Émond, executive vice-president, Québec, private equity and strategic planning at CDPQ. “Since this initial investment, CDPQ and its partners are proud to have sustained Nuvei’s growth, especially through the transformational acquisition of SafeCharge, and to have supported the emergence of a world-class, global player in its field.”

The equity raise concludes an active and successful year for Nuvei. It completed several acquisitions including the transformational acquisition of SafeCharge International Group Limited. Nuvei was also nominated one of Canada’s Best Managed Companies by Deloitte Canada, while Philip Fayer won the EY Entrepreneur of The Year^® 2019 Award in the Fintech category.

About Nuvei

We are Nuvei, the first-ever community of payment experts. We provide fully-supported omnichannel payments to large-scale merchants, SMBs and distribution partners, powered by our broad suite of proprietary technologies. We also equip ISOs, ISVs, payment facilitators, developers, and eCommerce platforms with the technology, expertise and customer service they need to stand out. Backed by our full-service, globally connected platform, our vision is to build a network in which our merchants and partners can truly thrive. Our goal is to create bigger and better payment opportunities for all, paving the way to great partnerships. Learn more at www.nuvei.com.

About Novacap

Founded in 1981, Novacap is a leading Canadian private equity firm with $3.6 billion of assets under management. Its distinct investment approach, based on deep operational expertise and an active partnership with entrepreneurs, has helped accelerate growth and create long-term value for its numerous portfolio companies. With an experienced management team and substantial financial resources, Novacap is well-positioned to continue building world-class businesses. Backed by leading global institutional investors, Novacap’s deals typically include leveraged buyouts, management buyouts, add-on acquisitions, IPOs, and privatizations. Over the last 38 years, Novacap has invested in more than 90 companies and completed more than 130 add-on acquisitions. The company has offices in Toronto, Ontario and Brossard, Quebec. For more information, please visit www.novacap.ca.

About Caisse de dépôt et placement du Québec

Caisse de dépôt et placement du Québec (CDPQ) is a long-term institutional investor that manages funds primarily for public and parapublic pension and insurance plans. As at June 30, 2019, it held CAD 326.7 billion in net assets. As one of Canada’s leading institutional fund managers, CDPQ invests globally in major financial markets, private equity, infrastructure, real estate and private debt. For more information, visit cdpq.com, follow us on Twitter @LaCDPQ or consult our Facebook or LinkedIn pages.

MONTREAL / SOFIA, Bulgaria, October 29, 2019 – Nuvei, a leading provider of global payment solutions and the first-ever community of payment experts, today announces the appointment of Yuval Ziv to Managing Director of SafeCharge and Head of Global Acquiring. Ziv will develop and execute on acquirer acceptance strategies, as well as oversee the combined organization’s global acquiring solutions.

Transitioning from SafeCharge’s Chief Commercial Officer, Ziv will now focus on the expansion of the company’s global acquiring relationships, building key licensing agreements, and facilitating entry into new markets and geographies. As a key member of SafeCharge’s leadership since 2008, Ziv will continue to manage its commercial activities that include client and revenue growth, sales and account management for its teams across Europe, North America, Latin America, China and Southeast Asia.

Nuvei acquired SafeCharge in August 2019 to create a large-scale global payments provider, able to deliver fully-supported solutions to merchant clients and partner distribution networks regardless of size, vertical or geography. With direct connectivity into all major card brands, the combined organization currently processes over US $34 billion in annual transaction volume from clients around the world.

“Yuval’s dual role reflects Nuvei’s primary commitment to accelerating its position as a global payments leader,” said Philip Fayer, Nuvei’s chairman and CEO. “As a seasoned fintech executive with over fifteen years of financial and IT industry experience, his vast knowledge of global payments, processing technologies, industry regulations, and payment culture make him an ideal fit for taking us forward.”

“I am very excited to be taking on this new challenge,” said Ziv. “Our performance over the years has been driven by the ability to mobilize the efforts of our top performing teams. My most important mission is to continue harnessing this magic to create lasting success.”

A high-tech industry veteran and conference speaker, Ziv’s achievements in international online payments have been instrumental to SafeCharge’s success. Under Ziv’s commercial leadership, SafeCharge achieved year-over-year growth exceeding 85% in acquiring volume, 45% in overall volume and 24% in revenues.

Ziv holds a B.A. in Economics (Business Administration) and M.A. in Law from Bar Ilan University, Israel. He will remain based in SafeCharge’s office in Sofia, Bulgaria.

About Nuvei

We are Nuvei, the first-ever community of payment experts. We provide fully-supported omnichannel payments to large-scale merchants, SMBs and distribution partners, powered by our broad suite of proprietary technologies. We also equip ISOs, ISVs, payment facilitators, developers, and eCommerce platforms with the technology, expertise and customer service they need to stand out. Backed by our full-service, globally connected platform, our vision is to build a network in which our merchants and partners can truly thrive. Our goal is to create bigger and better payment opportunities for all, paving the way to great partnerships. Learn more at www.nuvei.com.

About SafeCharge

SafeCharge, a Nuvei company, is the payment service partner for the world’s most demanding businesses. It provides global omni-channel payment services, from card acquiring to payment processing and checkout, all underpinned by advanced risk management solutions. This fully featured proprietary payment platform connects directly to all major payment card schemes including Visa, Mastercard, American Express and UnionPay, as well as over 180 local payment methods. With offices around the world, SafeCharge serves a diversified, blue chip client base and is a trusted payment partner for customers across a range of vertical markets. For more information see: www.safecharge.com.

PLANO, Texas, April 30, 2019 – Nuvei, a leading provider of global payment solutions and the first-ever community of payment experts, today announces the launch of the Nuvei Innovation Center. This new, centralized community engagement portal enables third party software developers to rapidly integrate with Nuvei’s advanced payment technology, products and services, enabling them to accelerate their growth.

Nuvei’s Innovation Center is designed as a comprehensive and centralized web-based hub for accessing all of Nuvei’s Application Programming Interfaces (APIs) and Software Development Kits (SDKs). It serves as a collaborative platform for developers and integrators to connect with Nuvei, and to seamlessly add payment processing into their eCommerce, in-store, cloud-based or mobile applications.

Nuvei provides documentation, ideas and support to efficiently guide the integration process, driving feature-rich, scalable and secure payments. A sandbox environment offers developers everything they need to accelerate software development. They can easily customize, test new functionality and obtain expert guidance to assist in the certification of their payment solution prior to launch. Also available are partner enablement tools including APIs for frictionless merchant onboarding, account management, reporting and other transactional activities.

In addition to benefiting from a seamless development and integration experience, technology partners can utilize the Innovation Center to learn more about Nuvei’s products and how these leading-edge solutions can help drive revenue, increase operational efficiencies and serve as a resource to enhance the overall customer experience. Future updates will include notifications of changes to APIs and documentation, case studies from Nuvei’s partners and clients, plus thought leadership materials showcasing success stories and highlighting the latest payment innovations.

“We’re excited to promote our best of breed technology and deliver a streamlined, more robust integration experience. Developers and integrators now have a one-stop shop where they can access our full-stack omnichannel payment solutions,” said Philip Fayer, Nuvei’s chairman and CEO. “Our Innovation Center complements our existing online communities focused on technology and sales partnerships, as well as global merchant acquiring.”

To start exploring how Nuvei’s products and technologies power integrated payments, visit https://developer.nuvei.com. 

About Nuvei

We are Nuvei, the first-ever community of payment experts. We provide fully-supported payment solutions designed to promote and advance our partners’ success. We work with ISOs, ISVs, payment facilitators, developers, and eCommerce platforms, supporting them with the technology, expertise, and customer service they need to stand out. Backed by our full-service, globally connected platform, our vision is to build a network in which our partners can truly thrive. Our goal is to create bigger and better payment opportunities for all, paving the way to great partnerships. Learn more at www.nuvei.com

MONTREAL, AUGUST 1, 2019 – Nuvei, a Montreal-based payment technology firm and leading provider of global payment solutions, today announced that it has completed its acquisition of SafeCharge International Group Limited. The acquisition creates a global, leading payment solutions provider with significant scale, able to service clients of any size across the world. Montreal, Quebec, will become the worldwide headquarters for the combined organization.

The acquisition is highly strategic and complementary to both businesses, aimed at accelerating the growth of the combined organization. It further strengthens Nuvei’s payment technology and creates a truly global presence. While Nuvei has traditionally operated in the US and Canada focusing on the SMB market, SafeCharge has established a solid foothold across European, Asian and Latin-American territories, servicing large scale merchants in both revenues and size.

By leveraging SafeCharge’s market-leading technology, Nuvei reinforces its global proposition and delivers fully-supported payment solutions to its clients and distribution networks, regardless of size, vertical or geography. Its proprietary platform offers direct connections to all major payment card schemes worldwide, supports over 150 currencies and 180 payment types.

“This marks the dawn of a new, exciting journey for Nuvei,” stated Philip Fayer, Nuvei’s Chairman and CEO. “Thanks to SafeCharge’s technology platform, we’ve enhanced our ability to deliver powerful payment solutions to our technology partners, merchants and resellers. With offices across 14 countries and unparalleled fintech expertise, we’ve transformed our combined organization into a diversified, global payments leader with massive scale and reach.”

David Avgi, CEO of SafeCharge says: “We are jointly creating an international payment giant with an unrivalled talent pool and technology stack. We are thrilled to be part of a bigger entity to further the adoption of the most innovative payments technology globally. The move will also provide our employees with more long-term career opportunities and be part of a global company, which we can all be very proud of.”

The deal has been valued at approximately US $889 million (CA $1.19 billion or £699 million at the announcement exchange rate). SafeCharge has made an application to the AIM stock exchange in London for the cancellation of the admission to trading of SafeCharge shares on AIM, expected to take effect August 2, 2019.

A copy of the formal announcement (the “Announcement”) and associated documents are available from Nuvei’s microsite at https://e.nuvei.com/disclaimer/. 

About Nuvei

We are Nuvei, the first-ever community of payment experts. We provide fully-supported payment solutions designed to promote and advance our partners’ success. We work with ISOs, ISVs, payment facilitators, developers, and eCommerce platforms, supporting them with the technology, expertise, and customer service they need to stand out. Backed by our full-service, globally connected platform, our vision is to build a network in which our partners can truly thrive. Our goal is to create bigger and better payment opportunities for all, paving the way to great partnerships. Learn more at www.nuvei.com

MONTREAL, MAY 28, 2019 – Nuvei, a Montreal-based payment technology company, has announced an all cash offer to acquire the entire issued and to be issued ordinary share capital of SafeCharge International Group Limited (“SafeCharge”) for US$5.55 per ordinary share, valuing SafeCharge’s fully diluted share capital at approximately US$ 889 million (CA$ 1.19 billion or £699 million at the announcement exchange rate) (the “Acquisition”).

SafeCharge, which is registered in Guernsey and has offices in the UK, Europe, Mexico, Israel and Asia, provides global omni-channel payments services from card acquiring and issuing to payment processing and checkout, all underpinned by advanced risk management solutions. Its fully featured proprietary payment platform connects directly to all major payment card schemes including Visa, Mastercard, American Express and UnionPay International, as well as over 150 local payment methods.

Nuvei believes that the Acquisition, if completed, will allow it to further strengthen its technology platforms by leveraging the innovative, cutting edge technology developed by SafeCharge, and will strengthen its go-to-market positioning. Following completion of the acquisition, Montreal, Canada will become the enlarged group’s global headquarters.

“We are very excited about the combination of SafeCharge and Nuvei, which will create a truly global, leading, payments technology solution provider with significant scale,” said Philip Fayer, Nuvei’s Chairman and CEO.  “We think the technology platform SafeCharge has developed is exceptional and will serve as the go-forward foundation from which we will continue to grow the combined business and provide best-in-class products and services to our customers and partners. Lastly, we look forward to welcoming SafeCharge’s highly experienced management team and employees to the Nuvei family.”

A copy of the formal announcement (the “Announcement”) and associated documents are available from Nuvei’s microsite at https://e.nuvei.com/disclaimer/. This press release should be read in conjunction with, and is subject to, the full text of the Announcement. 

About Nuvei

We are Nuvei, the first-ever community of payment experts. We provide fully-supported payment solutions designed to promote and advance our partners’ success. We work with ISOs, ISVs, payment facilitators, developers, and eCommerce platforms, supporting them with the technology, expertise, and customer service they need to stand out. Backed by our full-service, globally connected platform, our vision is to build a network in which our partners can truly thrive. Our goal is to create bigger and better payment opportunities for all, paving the way to great partnerships. Learn more at www.nuvei.com. 

Further information

This press release is for information purposes only and is not intended to and does not constitute or form part of, any offer, invitation or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of any securities, or the solicitation of any vote or approval in any jurisdiction, pursuant to the Acquisition or otherwise nor shall there be any sale, issuance or transfer of securities of SafeCharge in any jurisdiction in contravention of applicable law.

This press release, oral statements made regarding the Acquisition, and other information published by Nuvei contain statements which are, or may be deemed to be, “forward-looking statements”. Such forward-looking statements are prospective in nature and are not based on historical facts, but rather on current expectations and on numerous assumptions regarding the business strategies and the environment in which the SafeCharge group, the Nuvei group or the enlarged group will operate in the future and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by those statements. Neither Nuvei, nor any of its associates or directors, officers or advisers, provides any representation, assurance or guarantee that the occurrence of the events expressed or implied in any forward-looking statements in this press release will actually occur. Given these risks and uncertainties, potential investors should not place any reliance on forward-looking statements.

PLANO, Texas, April 10, 2019 – Nuvei, a leading provider of global payment solutions and the first-ever community of payment experts, today announces the launch of a new website dedicated to its partner programs. Located at https://www.NuveiPartner.com, prospective partners can explore the company’s wide range of payment technologies, diverse and rewarding revenue opportunities, and the entrepreneurial attitude designed to promote and advance its partners’ success.

Nuvei offers fully-supported payment solutions for technology and merchant enablement. The company’s collaborative approach and flexible partnership models set it apart from competitors and allow its partners to thrive. Its programs are tailored to integrated software vendors (ISVs), payment facilitators, SaaS platforms and developers, making payment integration simple, secure and profitable. The company also delivers unparalleled sales enablement tools to its reseller partner channels.

The new website provides in-depth information on partnership benefits, payment solutions and value adds, plus integrated support options for both partners and their merchants. In addition, it features a blog hosted by channel leaders and their teams, with engaging industry-related content specific to each team members’ specialty.

“Nuvei has built an entire network to better service its partner channels, offering customized solutions, experienced teams and strategic business support to ensure long-lasting and mutually rewarding partnerships,” said Philip Fayer, Nuvei’s chairman and CEO. “It’s the relationships that we build with each of our partners—and the commitment to their ongoing success—that make us unique. There is no better time than now to be partnering with Nuvei.”

Learn more about Nuvei’s payment technology partnerships and merchant reseller programs at: https://www.NuveiPartner.com. 

About Nuvei

We are Nuvei, the first-ever community of payment experts. We provide fully-supported payment solutions designed to promote and advance our partners’ success. We work with ISOs, ISVs, payment facilitators, developers, and eCommerce platforms, supporting them with the technology, expertise, and customer service they need to stand out. Backed by our full-service, globally connected platform, our vision is to build a network in which our partners can truly thrive. Our goal is to create bigger and better payment opportunities for all, paving the way to great partnerships. Learn more at www.nuvei.com

MONTREAL, January 22, 2019 – Nuvei, a leading provider of global fintech solutions and the first-ever community of payment experts, has announced it has completed certification to the new Telium Tetra suite of smart terminals from Ingenico Group in Canada. This milestone enables Nuvei’s partners and merchants to benefit from Ingenico’s advanced new line of payment devices on Nuvei’s powerful processing platform.

The Tetra certification rolls out on Nuvei’s proprietary front-end authorization platform and presents a state-of-the-art, PCI compliant solution for standalone or integrated merchant environments. It also marks the launch of Nuvei’s fully redesigned POS terminal interface. The combined solution is aimed at improving ease of use, dependability and flexibility across multiple business settings, while offering the highest level of security at the point-of-sale.

Nuvei’s front-end acquiring switch provides direct connectivity with major credit card brands and Interac for secure and reliable authorization, processing and bankcard settlement. The company’s in-house team also developed and maintains the next-generation terminal’s core payment application and provides direct integration support to its ISV and VAR partners.

New Features and Benefits:

• An intuitive touchscreen interface with new graphical capabilities, optimized for rich multimedia
• Accepts the widest range of payment methods, using a variety of connectivity options for in-store and mobile wireless applications
• Processes all forms of electronic payment including EMV, and NFC/contactless for Apple Pay and Google Pay
• Faster transaction processing with 4G speeds that also enhances connectivity in city centers and within buildings
• Best-in-class security with PCI-PTS 5.x certification and the latest future-proof cryptographic schemes
• Future support for 3rd party value added applications such as gift card, loyalty or survey programs

“Ingenico is pleased that Nuvei has adopted the new Telium Tetra platform for deployment in Canada,” said Richard Giannini, senior vice president of product development at Ingenico Canada. “The new platform seamlessly integrates payments with easily deployable business applications. This will allow Nuvei merchants to provide additional services to their customers in the constantly evolving retail environment.”

“It’s crucial for Nuvei’s clients to have access to the latest payment technology. The Tetra certification allows us to bring a superior transaction experience to merchants and their customers,” said Philip Fayer, Nuvei’s chairman and CEO. “In addition to offering the most advanced hardware and software solutions, we are constantly enhancing the capabilities of our front-end platform, allowing us to further add value to the payments ecosystem. This not only encourages adoption of newer payment technologies in the Canadian marketplace, it’s an important driver for our reseller and integrated partnerships.”

Initial hardware roll-out includes Ingenico’s Desk/5000 countertop model and the Move/5000 model for payments on-the-go.

About Ingenico Group

‍Ingenico Group (Euronext: FR0000125346 – ING) is the global leader in seamless payment, providing smart, trusted and secure solutions to empower commerce across all channels, in-store, online and mobile. With the world’s largest payment acceptance network, we deliver secure payment solutions with a local, national and international scope for our customers. We are the trusted world-class partner for financial institutions and retailers, from small merchants to several of the world’s best known global brands. Our solutions enable merchants to simplify payment and deliver their brand promise.

About Nuvei

We are Nuvei, the first-ever community of payment experts. We provide fully-supported payment solutions designed to promote and advance our partners’ success. We work with ISOs, ISVs, payment facilitators, developers, and eCommerce platforms, supporting them with the technology, expertise, and customer service they need to stand out. Backed by our full-service, globally connected platform, our vision is to build a network in which our partners can truly thrive. Our goal is to create bigger and better payment opportunities for all, paving the way to great partnerships. Learn more at www.nuvei.com

PLANO, Texas, March 6, 2018 – Pivotal Payments, a leading provider of technology-driven global payment processing solutions, today announced that industry veteran Mark Pyke has joined the company as President. He will be reporting to Philip Fayer, who transitions from President and Chief Executive Officer to Chairman and CEO. Pyke will be primarily responsible for company’s revenue generating activities.

Pyke has over 25 years of payments and financial industry experience. Prior to joining Pivotal, he served as President of the Merchant Services segment at TSYS, where he and his team successfully led the company’s entry into direct acquiring through five acquisitions totaling $3 billion in value. Before that, he was President of BA Merchant Services (BAMS), a $900 million revenue subsidiary of Bank of America. He has also served as a board member of several prominent industry organizations, including the Electronic Transactions Association, the MasterCard International Operating Committee and the Visa U.S.A. Acquiring Council.

“I’m excited to welcome Mark as an integral part of our executive leadership team. His experience in multiple facets of the payments business will be an invaluable asset,” said Fayer. “Mark has a proven track record of success and I look forward to working together closely in promoting our diverse solutions to our technology partners, network of resellers and merchant clients.”

“I feel honored in joining Pivotal to help it achieve its aggressive growth objectives,” said Pyke. “My goal is to provide a more focused strategy for driving important revenue opportunities across Pivotal’s core distribution channels, contributing to the company’s next stage of success. But what excites me the most is working with such an innovative and passionate team.”

Pyke holds a Bachelor of Science degree from Northeastern University and a master’s in business administration from the University of Michigan.

PLANO, Texas, February 26, 2019 – Nuvei, a leading provider of global payment solutions and the first-ever community of payment experts, today announces the launch of its payment processing solution for the traditional and online lending industry. The company will offer its services to bank and non-bank digital lenders in the rapidly growing alternative financing market.

Lenders can now leverage the power of Nuvei’s platform to consolidate their payment functions, enhance reliability and reduce costs. Nuvei integrates seamlessly with loan management software and allows for additional custom applications. Loans can be securely processed through Nuvei’s proprietary gateway or via third party by bank card, ACH, Apple Pay and Google Pay, making transactions frictionless for loan providers and their customers.

Nuvei’s fully-featured payment solutions include a global payment gateway, technical and integration specialists, end-to-end transaction security, risk mitigation and chargeback management, funding and reporting. In addition, Nuvei can help lenders achieve and maintain card network compliance. By integrating with Nuvei, lenders may also be eligible for lower interchange rates and other incentives offered by card brands.

Through its network of banks and subsidiaries, Nuvei supports most forms of lending scenarios, including:

• Online lending platforms
• Conventional secured lending
• Title and payday loans
• Retail installment financing
• Consumer installment loans
• Auto financing
• Short term loans
• Business loan sourcing

Growth of online lending market

Driven by the increase in use of mobile devices and smartphones, the global digital lending platform market is expected to grow from USD 5.1 billion in 2018 to USD 12.1 billion by 2023, according to Research and Markets, with North America accounting for the largest share. Digital, non-bank lenders provide alternate access to consumer and business loans through online channels, offering decision automation and speed, with a near-instant response to loan requests.

“Technology will continue to change how the lending industry operates. The rise in adoption of cloud-based digital lending solutions has disrupted this market,” said Philip Fayer, Nuvei’s chairman and CEO. “As partnerships evolve between banks, online lenders and fintechs, Nuvei is perfectly positioned to improve how both traditional and digital lenders process their payments. We are also enabling our reseller partners to attract these new, lucrative opportunities by leveraging our robust platform.”

About Nuvei

We are Nuvei, the first-ever community of payment experts. We provide fully-supported payment solutions designed to promote and advance our partners’ success. We work with ISOs, ISVs, payment facilitators, developers, and eCommerce platforms, supporting them with the technology, expertise, and customer service they need to stand out. Backed by our full-service, globally connected platform, our vision is to build a network in which our partners can truly thrive. Our goal is to create bigger and better payment opportunities for all, paving the way to great partnerships. Learn more at www.nuvei.com.

MONTREAL, December 11, 2018 – Nuvei, a leading provider of global fintech solutions and the first-ever community of payment experts, today announces the appointment of Scott Calliham as Senior Vice President, M&A and Strategy. Calliham will lead efforts in identifying growth opportunities through potential acquisitions, collaborate with the executive team across business units, and help drive the implementation of Nuvei’s corporate strategy.

Calliham has over 20 years of experience in the payments industry related to mergers and advisory services, product and project management, plus corporate strategy and consulting engagements. He joins Nuvei from First Annapolis Consulting, now part of Accenture, where his primary focus was on business development and consulting for domestic and international banks, payment processors, acquirers and technology providers. Before that, he served as Executive Vice President, Corporate Strategy and Business Development at Bank of America Merchant Services (BAMS).

“Scott is a seasoned leader who brings a wealth of knowledge and an impressive track record in strategic and tactical advisory services,” said Philip Fayer, Nuvei’s chairman and CEO. “We’re excited to have him on board as we pursue aggressive growth opportunities through acquisitions, new ventures and by creating mutually beneficial partnerships.”

“I’m thrilled to be joining Nuvei, a market leader in providing competitive, innovative payments across multiple industries and partner channels,” said Calliham. “I look forward to strengthening the company’s capabilities and market reach, along with being a catalyst for its long-term success.”

Calliham holds a Bachelor of Science degree from San Jose State University and a Master of Science in business administration from Carnegie Mellon University. 

About Nuvei

We are Nuvei, the first-ever community of payment experts. We provide fully-supported payment solutions designed to promote and advance our partners’ success. We work with ISOs, ISVs, payment facilitators, developers, and eCommerce platforms, supporting them with the technology, expertise, and customer service they need to stand out. Backed by our full-service, globally connected platform, our vision is to build a network in which our partners can truly thrive. Our goal is to create bigger and better payment opportunities for all, paving the way to great partnerships. Learn more at www.nuvei.com

MONTREAL, November 5, 2018 – Nuvei, a leading provider of global fintech solutions and the first-ever community of payment experts, today announces the appointment of David Schwartz as Chief Financial Officer effective immediately. Schwartz will lead the company’s Finance, Legal and Human Capital functions.

Schwartz has 25 years of experience in corporate finance, strategy, financial management, turnaround and advisory situations with both private and public companies. He most recently served as Chief Financial Officer at ALDO Group, an international fashion footwear and accessory retailer, where he held operational and financial leadership roles since 2010. Schwartz was also part of Optimal Payments’ founding group in 1999, having spent almost a decade at the global payments provider.

“David’s impressive background definitely gives us a competitive edge and is a good fit as we move forward with our next phase of growth,” said Philip Fayer, chairman and CEO of Nuvei. “His depth of knowledge in capital markets, corporate transformation, plus mergers and acquisitions will be essential to support our initiatives.”

“It’s a great time to be joining Nuvei, a company with a tremendous track record of partnerships, technology and innovation,” said David Schwartz. “I look forward to collaborating with its network of payment professionals and working with the leadership team as the company executes its ambitious growth strategies.”

Schwartz started his career at PricewaterhouseCoopers, is a graduate of McGill University and holds Chartered Professional Accountant (CPA, CA) and Chartered Financial Analyst (CFA) designations.

About Nuvei

We are Nuvei, the first-ever community of payment experts. We provide fully-supported payment solutions designed to promote and advance our partners’ success. We work with ISOs, ISVs, payment facilitators, developers, and eCommerce platforms, supporting them with the technology, expertise, and customer service they need to stand out. Backed by our full-service, globally connected platform, our vision is to build a network in which our partners can truly thrive. Our goal is to create bigger and better payment opportunities for all, paving the way to great partnerships. Learn more at www.nuvei.com

MONTREAL and PLANO, Texas, Oct. 23, 2018 — Pivotal Payments, a leading provider of technology-driven global payment processing solutions, announces that beginning today, the company will operate under the new brand name of Nuvei. The rebrand reinforces the company’s dedication to its partners, creating the first-ever community of payment experts. Nuvei’s fully-supported payment solutions, capabilities and people form the backbone of its fintech network, with the goal of promoting and advancing its partners’ success.

“Our ability to connect and collaborate with our partners makes us who we are. It’s our commitment to their success that makes us valuable,” said Philip Fayer, chairman and CEO of Nuvei. “The relationships we build and the way in which we continuously surpass ourselves to support and serve our partners are paramount. They fuel our brand.”

While other solutions providers sell function, Nuvei’s network presents better business opportunities, propelling its partners further, faster. The company offers single-platform access to omni-channel payments, integrated solutions and a robust payment facilitation platform. Partners also benefit from direct connectivity into the world’s largest and most lucrative markets, all backed by the company’s deep level of expertise.

“It starts with a vision-driven team. Thanks to our individual and collective ability to build and nurture relationships with our partners, our capacity for client care and responsiveness is second to none,” said Mark Pyke, president of Nuvei. “Attentiveness and support are what we do best, and what separates us from competitors. That’s what we’re all about; prosperity through collaboration.”

The rebrand also merges the company’s corporate arm with its GlobalOnePay division. The integration of both teams better meets the business’ strategic needs, delivering greater value, cost synergies and a powerful, combined technology stack. The business model is built on enhancing the company’s ability to provide a payment technology network where each and every employee contributes to the growth of its partners.

Nuvei counts over 400 employees, 1,500 partners and services more than 50,000 merchants. In 2017, the company entered into a strategic investment agreement with private equity firm Novacap and Canadian pension fund manager Caisse de dépôt et placement du Quebec (CDPQ). The move furthered its advancement of fintech solutions and expansion into new markets.

The company’s new website www.nuvei.com includes information on Nuvei’s partner programs, solutions and benefits of joining its network.

About Nuvei

We are Nuvei, the first-ever community of payment experts. We provide fully-supported payment solutions designed to promote and advance our partners’ success. We work with ISOs, ISVs, payment facilitators, developers, and eCommerce platforms, supporting them with the technology, expertise, and customer service they need to stand out. Backed by our full-service, globally connected platform, our vision is to build a network in which our partners can truly thrive. Our goal is to create bigger and better payment opportunities for all, paving the way to great partnerships. Learn more at www.nuvei.com

MONTREAL and BRUSSELS, May 17, 2023 – Nuvei Corporation (“Nuvei” or the “Company”) (Nasdaq: NVEI) (TSX: NVEI), the Canadian fintech company, announces today that it has been selected to provide payments services to Radisson Hotel Group, an international hospitality operator with nine distinctive hotel brands and more than 1,100 hotels in operation and under development in EMEA & APAC.

Radisson Hotel Group is leveraging Nuvei’s global reach and extensive local networks to enhance its international online payments offering. The hospitality operator is also utilizing Nuvei’s expansive connection to over 600 local and alternative payment methods, accessible through a single integration, to enable its customers across the globe to make payments seamlessly using the methods they prefer.

This announcement is the latest from Nuvei as it continues to accelerate growth for international businesses in the travel and hospitality sectors. Leading brands and operators, including Virgin Atlantic, Air Transat, WestJet, Scott Dunn, LastMinute.com, Sabre and Selina Hospitality have recently announced that they have partnered with Nuvei as a preferred payments partner.

Philippe de Roose, SVP Tax & Treasury Radisson Hotel Group commented on the announcement: “At Radisson Hotel Group, we have taken steps to upgrade our digital experience and operations, beginning with the launch of our EMMA - Integrated Hospitality Technology Platform in 2018. Evolving our online payments capabilities is the next critical step on our journey. We needed a payments partner that could share our vision for the future of digital hospitality management and were impressed by Nuvei’s innovative approach to providing payments services to meet our specific needs, as well as the human-centric support and delivery teams to drive change."

Philip Fayer, Nuvei Chair and CEO, commented: “We’re excited to be partnering with another premier global operator in the hospitality industry. Radisson Hotel Group has a strong brand reputation for excellence which we are proud to be supporting during the booking process, an incredibly important touchpoint for any business with its customers. For an international operator like Radisson Hotel Group, with properties in multiple continents and customers all over the world, our global reach and agile technology drives success both locally and globally to accelerate growth.”‍

About Nuvei

‍Nuvei (Nasdaq: NVEI) (TSX: NVEI) is the Canadian fintech company accelerating the business of clients around the world. Nuvei’s modular, flexible and scalable technology allows leading companies to accept next-gen payments, offer all payout options and benefit from card issuing, banking, risk and fraud management services. Connecting businesses to their customers in more than 200 markets, with local acquiring in 47+ markets, 150 currencies and more than 600 alternative payment methods, Nuvei provides the technology and insights for customers and partners to succeed locally and globally with one integration.

For more information, visit www.nuvei.com

‍Contact:  

Public Relations

‍alex.hammond@nuvei.com

‍Investor Relations

‍IR@nuvei.com

MONTREAL, April 26, 2023 – Nuvei Corporation (Nasdaq: NVEI) (TSX: NVEI), the Canadian fintech company, today announced it will release its first quarter 2023 financial results before market open on Wednesday, May 10, 2023. Management will host a conference call and webcast to discuss these results at 8:30 am ET that same day. Hosting the call will be Philip Fayer, Chair and CEO, and David Schwartz, CFO.

conference call will be webcast live from the Company’s investor relations website at https://investors.nuvei.com under the “Events & Presentations” section. An audio replay will be available on the investor relations website following the call.

The conference call can also be accessed live over the phone by dialing 877-425-9470 (US/Canada toll-free) or 201-389-0878 (international). An audio replay will be available approximately one hour after the call and can be accessed by dialing 844-512-2921 (US/Canada toll-free) or 412-317-6671 (international); the conference ID is 13737501. The audio replay will be available for two weeks, through Wednesday, May 24, 2023.‍

About Nuvei‍

Nuvei (Nasdaq: NVEI) (TSX: NVEI) is the Canadian fintech company accelerating the business of clients around the world. Nuvei’s modular, flexible and scalable technology allows leading companies to accept next-gen payments, offer all payout options and benefit from card issuing, banking, risk and fraud management services. Connecting businesses to their customers in more than 200 markets, with local acquiring in 45+ markets, 150 currencies and more than 600 alternative payment methods, Nuvei provides the technology and insights for customers and partners to succeed locally and globally with one integration.

For more information, visit www.nuvei.com.For investor relations - NVEI-IR - visit https://investors.nuvei.com

‍Nuvei Investor Contact:

‍Chris Mammone, Head of Investor Relations

‍IR@nuvei.com

Nuvei reports in U.S. dollars and in accordance with International Financial Reporting Standards (“IFRS”)

MONTREAL, May 10, 2023 – Nuvei Corporation (“Nuvei” or the “Company”) (Nasdaq: NVEI) (TSX: NVEI), the Canadian fintech company, today reported its financial results for the three months ended  March 31, 2023.

“Nuvei is off to a strong start in 2023, delivering first quarter results ahead of our financial outlook, as we execute on our strategic initiatives, grow our market share, drive innovation, and extend our geographic reach,“ said Philip Fayer, Nuvei Chair and CEO. “I am confident that Nuvei’s growing leadership position within the payment ecosystem and global platform advantages will allow us to continue to deliver sustainable and durable growth. We are raising the low end of our prior full year 2023 financial outlook by the amount of the first quarter’s outperformance and reiterating the high end of the range.”

Financial Highlights for the Three Months Ended March 31, 2023

• Total volume⁽¹⁾ increased 45% to $42.4 billion from $29.2 billion;
• Total volume growth at constant currency⁽¹⁾ was 48%;
• Total organic volume growth at constant currency was 29%, increasing to $37.8 billion;
• eCommerce represented 90% of Total volume;
• Revenue increased 20% to $256.5 million from $214.5 million;
• Revenue growth at constant currency⁽²⁾ was 22%;
• Organic revenue growth excluding digital assets and cryptocurrencies at constant currency⁽²⁾ was 26%, increasing to $214.0 million from $170.2 million.
• Net loss was $8.3 million compared to net income of $4.5 million;
• Results include Paya-related integration and one-time acquisition costs of approximately $20 million;
• Adjusted EBITDA⁽²⁾ increased to $96.3 million from $91.6 million;
• Adjusted net income⁽²⁾ decreased to $64.5 million from $69.1 million;
• Net loss per diluted share was $0.07 compared to net income per diluted share of $0.02;
• Results include Paya-related integration and one-time acquisition costs of approximately $0.12 per diluted share;
• Adjusted net income per diluted share⁽²⁾ decreased from $0.46 to $0.44 ;
• Adjusted EBITDA less capital expenditures⁽²⁾ increased to $83.6 million from $82.5 million; and,
• Share repurchases of 1,350,000 shares for a total cash consideration of $56.0

Operational Highlights

• Nuvei’s Organic global eCommerce revenue⁽³⁾ growth excluding digital assets and cryptocurrencies at constant currency⁽²⁾ was 37%, increasing to $156.8 million from $114.6 million On a reported basis, eCommerce resellers revenue and SMB revenue⁽³⁾, which are smaller legacy channels, increased 7% and decreased 3% respectively.
• On a pro forma basis for the first quarter, Paya’s B2B channel revenue increased 15%, Government increased 15%, and Integrated payments (ISV) increased 17%. Paya’s legacy channel of resellers and SMB decreased 1%.
• Revenue for the first quarter of 2023 increased 55% to $124.7 million in North America, decreased by 4% to $119.8 million in Europe, the Middle East and Africa (“EMEA”), increased 68% to $10.8 million in Latin America (“LATAM”), and decreased 60% to $1.1 million in Asia Pacific (“APAC”).
• North America eCommerce revenue grew by approximately 51% in this year’s first quarter to $37.9 million, as a result of the Company’s successful go-to-market strategy.
• EMEA results were impacted by fluctuations in foreign currency and the volatility in digital assets and cryptocurrencies.
• LATAM results accelerated rapidly driven by investments in the region.
• APAC revenue decreased from a small base, however processed volume increased and momentum with customers is accelerating in this emerging region
• As it relates to Paya, the Company has:
• Identified between $50 million and $100 million of new revenue synergy opportunities above Paya's standalone "base-case" by 2027; and
• Started to execute on its estimated $21 million cost synergies target, the majority of which is expected to be recognized towards the end of the 24-month period following the completion of the acquisition.
• With respect to advancements in technology and product innovation, Nuvei’s technology investments in this year’s first quarter increased by approximately 40% compared to last year’s same period, while capital expenditures as a percentage of revenue remained within the Company’s medium-term target range.
• Nuvei added multiple new alternative payment methods (APMs) increasing its portfolio to 615 at the end of the first quarter, expanding access and allowing its customers to accept more forms of regionally familiar and preferred digital payment methods.
• Nuvei expanded its executive leadership team with the promotion of Scott Calliham to the newly created position of Chief Strategy Officer, and welcomed Caitlin Shetter as its new global Chief People Officer.
• Including the addition of new team members from Paya, the Company added 359 new team members in the first quarter of 2023, ending with 2,049 employees at March 31, 2023 compared with 1,690 employees at December 31, 2022.

⁽¹⁾ Total volume, Total volume at constant currency, and total organic volume at constant currency do not represent revenue earned by the Company, but rather the total dollar value of transactions processed by merchants under contractual agreement with the Company. See “Non-IFRS and Other Financial Measures”.

⁽²⁾ Adjusted EBITDA, Revenue at constant currency, Revenue growth at constant currency, Organic revenue excluding digital assets and cryptocurrencies at constant currency, Organic revenue growth excluding digital assets and cryptocurrencies at constant currency, Organic global eCommerce revenue excluding digital assets and cryptocurrencies at constant currency and Organic global eCommerce revenue growth excluding digital assets and cryptocurrencies at constant currency, Adjusted net income, Adjusted net income per diluted share and Adjusted EBITDA less capital expenditures are non-IFRS measures and non-IFRS ratios. These measures are not recognized measures under IFRS and do not have standardized meanings prescribed by IFRS and therefore may not be comparable to similar measures presented by other companies. See “Non-IFRS and Other Financial Measures”.

⁽³⁾ Global eCommerce revenue represents revenue derived from transactions where the physical card is not presented and revenue from merchant relationships developed by the Company's sales representatives.  eCommerce reseller revenue represents revenue from merchant relationships developed by sales partners.  Small and medium-sized businesses revenue represents revenue mainly derived from transactions where the physical card is presented at the point of sale.

Financial Outlook⁽⁴⁾

For the three months ending June 30, 2023 and the fiscal year ending December 31, 2023, Nuvei anticipates Total volume⁽¹⁾, Revenue, Revenue at constant currency and Adjusted EBITDA⁽²⁾ to be in the ranges below. The Company has raised the low end of its prior financial outlook for fiscal 2023 by the amount of the first quarter’s outperformance. Nuvei continues to expect Organic revenue growth excluding digital assets and cryptocurrencies at constant currency to be between 23% and 28% for the fiscal year ending December 31, 2023.

The financial outlook, including the various underlying assumptions, constitute forward-looking information within the meaning of applicable securities laws and is fully qualified and based on a number of assumptions and subject to a number of risks described under the headings “Forward-Looking Information” and “Financial Outlook and Growth Targets Assumptions” of this press release.

‍Growth Targets

Nuvei’s medium-term⁽⁵⁾ annual growth target for revenue, as well as its medium-term⁽⁵⁾ target for capital expenditures (acquisition of intangible assets and property and equipment) as a percentage of revenue and long-term⁽⁵⁾ target for Adjusted EBITDA margin⁽³⁾, are shown in the table below.  Nuvei’s targets are intended to provide insight into the execution of our strategy as it relates to growth, profitability and cash generation. These medium⁽⁵⁾ and long-term⁽⁵⁾ targets should not be considered as projections, forecasts or expected results but rather goals that we seek to achieve from the execution of our strategy over time, and at a further stage of business maturity, through geographic expansion, product innovation, growing wallet share with existing customers and new customer wins, as more fully described under the heading “Summary of Factors Affecting our Performance” of our most recent Management’s Discussion and Analysis of Financial Condition and Results of Operations. These growth targets, including the various underlying assumptions, constitute forward-looking information within the meaning of applicable securities laws and are fully qualified and based on a number of assumptions and subject to a number of risks described under the headings “Forward-Looking Information” and “Financial Outlook and Growth Targets Assumptions” of this press release. We will review and revise these growth targets as economic, market and regulatory environments change.

⁽⁴⁾ Other than with respect to revenue and capital expenditures as a percentage of revenue, the Company only provides guidance on a non-IFRS basis. The Company does not provide a reconciliation of forward-looking revenue at constant currency (non-IFRS), Organic revenue growth excluding digital assets and cryptocurrencies at constant currency (non-IFRS) to revenue, and Adjusted EBITDA (non-IFRS) to net income (loss) due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliation such as predicting the future impact and timing of acquisitions and divestitures, foreign exchange rates and the volatility in digital assets. In periods where significant acquisitions or divestitures are not expected, the Company believes it might have a basis for forecasting the IFRS equivalent for certain costs, such as employee benefits, commissions and depreciation and amortization. However, because other deductions such as share-based payments, net finance costs, gain (loss) on financial instruments carried at fair market value and current and deferred income taxes used to calculate projected net income (loss) can vary significantly based on actual events, the Company is not able to forecast on an IFRS basis with reasonable certainty all deductions needed in order to provide an IFRS calculation of projected net income (loss). The amount of these deductions may be material and, therefore, could result in projected IFRS net income (loss) being materially less than projected Adjusted EBITDA (non-IFRS). These statements represent forward-looking information and may represent a financial outlook, and actual results may vary. See the risk and assumptions described under the headings “Forward-looking information” and “Financial Outlook and Growth Targets Assumptions” of this press release.

⁽⁵⁾ The Company defines “Medium-term” as between three and five years and “long-term” as five to seven years.

⁽⁶⁾ Capital expenditures means acquisition of property and equipment and acquisition of intangible assets.

Conference Call Information

Nuvei will host a conference call to discuss its first quarter financial results today, Wednesday, May 10, 2023 at 8:30 am ET. Hosting the call will be Philip Fayer, Chair and CEO, and David Schwartz, CFO.

The conference call will be webcast live from the Company’s investor relations website at https://investors.nuvei.com under the “Events & Presentations” section. A replay will be available on the investor relations website following the call.

The conference call can also be accessed live over the phone by dialing 877-425-9470 (US/Canada toll-free), or 201-389-0878 (international). A replay will be available approximately one hour after the conclusion of the call and can be accessed by dialing 844-512-2921 (US/Canada toll-free), or 412-317-6671 (international); the conference ID is 13737501. The audio replay will be available through Wednesday, May 24, 2023.

About Nuvei

Nuvei (Nasdaq: NVEI) (TSX: NVEI) is the Canadian fintech company accelerating the business of clients around the world. Nuvei’s modular, flexible and scalable technology allows leading companies to accept next-gen payments, offer all payout options and benefit from card issuing, banking, risk and fraud management services. Connecting businesses to their customers in more than 200 markets, with local acquiring in 47 markets, 150 currencies and more than 600 alternative payment methods, Nuvei provides the technology and insights for customers and partners to succeed locally and globally with one integration.

For more information, visit www.nuvei.com

Non-IFRS and Other Financial Measures

Nuvei’s unaudited condensed interim consolidated financial statements have been prepared in accordance with IFRS, applicable to the preparation of interim financial statements, including International Accounting Standard ("IAS") 34, Interim Financial Reporting, as issued by the International Accounting Standards Board. The information presented in this press release includes non-IFRS financial measures, non-IFRS financial ratios and supplementary financial measures, namely Adjusted EBITDA, Adjusted EBITDA margin, Revenue at constant currency, Revenue growth at constant currency, Organic Revenue at constant currency, Organic revenue growth at constant currency, Organic revenue excluding digital assets and cryptocurrencies at constant currency, Organic revenue growth excluding digital assets and cryptocurrencies at constant currency, Organic global eCommerce revenue excluding digital assets and cryptocurrencies at constant currency, Organic global eCommerce revenue growth excluding digital assets and cryptocurrencies at constant currency, Adjusted net income, Adjusted net income per basic share, Adjusted net income per diluted share, Adjusted EBITDA less capital expenditures, Total volume, Total volume at constant currency, Total organic volume at constant currency and eCommerce volume. These measures are not recognized measures under IFRS and do not have standardized meanings prescribed by IFRS and therefore may not be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement IFRS measures by providing further understanding of our results of operations from our perspective. Accordingly, these measures should not be considered in isolation nor as a substitute for analysis of the Company’s financial statements reported under IFRS. These measures are used to provide investors with additional insight of our operating performance and thus highlight trends in Nuvei’s business that may not otherwise be apparent when relying solely on IFRS measures. We also believe that securities analysts, investors and other interested parties frequently use these non-IFRS and other financial measures in the evaluation of issuers. We also use these measures in order to facilitate operating performance comparisons from period to period, to prepare annual operating budgets and forecasts and to determine components of management compensation. We believe these measures are important additional measures of our performance, primarily because they and similar measures are used widely among others in the payment technology industry as a means of evaluating a company’s underlying operating performance.

Non-IFRS Financial Measures

Revenue at constant currency: Revenue at constant currency means revenue adjusted for the impact of foreign currency exchange fluctuations. This measure helps provide insight on comparable revenue growth by removing the effect of changes in foreign currency exchange rates year-over-year. Foreign currency exchange impact in the current period is calculated using prior period quarterly average exchange rates applied to the current period foreign currency amounts.

Organic revenue at constant currency: Organic revenue at constant currency means revenue, as determined under IFRS, adjusted to exclude the revenue attributable to acquired businesses for a period of 12 months following their acquisition and excluding revenue attributable to divested businesses, adjusted for the impact of foreign currency exchange fluctuations. Foreign currency exchange impact in the current period is calculated using prior period quarterly average exchange rates applied to the current period foreign currency amounts. This measure helps provide insight on organic and acquisition-related growth and presents useful information about comparable revenue growth.

Organic revenue excluding digital assets and cryptocurrencies at constant currency: Organic revenue excluding digital assets and cryptocurrencies at constant currency means revenue excluding the revenue attributable to acquired businesses for a period of 12 months following their acquisition and excluding revenue attributable to divested businesses and digital assets and cryptocurrencies, and adjusted for the impact of foreign currency exchange fluctuations. This measure helps provide insight on comparable revenue growth by removing the effect of volatility in digital assets and cryptocurrencies and changes in foreign currency exchange rates year-over-year. Foreign currency exchange impact in the current period is calculated using prior period quarterly average exchange rates applied to the current period foreign currency amounts. The revenue attributable to digital assets and cryptocurrencies is calculated in accordance with the accounting policies used to prepare the revenue line item presented in the Company’s financial statements under IFRS.

Organic global eCommerce revenue excluding digital assets and cryptocurrencies at constant currency: Organic global eCommerce revenue excluding digital assets and cryptocurrencies at constant currency means revenue of our global eCommerce channel excluding the revenue attributable to acquired businesses for a period of 12 months following their acquisition and excluding revenue attributable to divested businesses and digital assets and cryptocurrencies, and adjusted for the impact of foreign currency exchange fluctuations. This measure helps provide insight on comparable revenue growth in our global eCommerce channel by removing the effect of volatility in digital assets and cryptocurrencies and changes in foreign currency exchange rates year-over-year. Foreign currency exchange impact in the current period is calculated using prior period quarterly average exchange rates applied to the current period foreign currency amounts. The revenue attributable to digital assets and cryptocurrencies and to our global eCommerce channel is calculated in accordance with the accounting policies used to prepare the revenue line item presented in the Company’s financial statements under IFRS.

Adjusted EBITDA: We use Adjusted EBITDA as a means to evaluate operating performance, by eliminating the impact of non-operational or non-cash items. Adjusted EBITDA is defined as net income (loss) before finance costs (recovery), finance income, depreciation and amortization, income tax expense, acquisition, integration and severance costs, share-based payments and related payroll taxes, loss (gain) on foreign currency exchange, and legal settlement and other.

Adjusted EBITDA less capital expenditures: We use Adjusted EBITDA less capital expenditures (which we define as acquisition of intangible assets and property and equipment) as a supplementary indicator of our operating performance.

Adjusted net income: We use Adjusted net income as an indicator of business performance and profitability with our current tax and capital structure. Adjusted net income is defined as net income (loss) before acquisition, integration and severance costs, share-based payments and related payroll taxes, loss (gain) on foreign currency exchange, amortization of acquisition-related intangible assets, and the related income tax expense or recovery for these items. Adjusted net income also excludes change in redemption value of liability-classified common and preferred shares, change in fair value of share repurchase liability and accelerated amortization of deferred transaction costs and legal settlement and other.

Non-IFRS Financial Ratios

Revenue growth at constant currency: Revenue growth at constant currency means the year-over-year change in Revenue at constant currency divided by reported revenue in the prior period. We use Revenue growth at constant currency to provide better comparability of revenue trends year-over-year, without the impact of fluctuations in foreign currency exchange rates.

Organic revenue growth at constant currency: Organic revenue growth at constant currency means the year-over-year change in Organic revenue at constant currency divided by comparable Organic revenue in the prior period. We use Organic revenue growth at constant currency to provide better comparability of revenue trends year-over-year, without the impact of acquisitions, divestitures and fluctuations in foreign currency exchanges rates.

Organic revenue growth excluding digital assets and cryptocurrencies at constant currency: Organic revenue growth excluding digital assets and cryptocurrencies at constant currency means the year-over-year change in Organic revenue excluding digital assets and cryptocurrencies at constant currency divided by comparable Organic revenue excluding digital assets and cryptocurrencies in the prior period. We use Organic revenue growth excluding digital assets and cryptocurrencies at constant currency to provide better comparability of revenue trends year-over-year, without the impact of acquisitions, divestitures, volatility in digital assets and cryptocurrencies and fluctuations in foreign currency exchange rates.

Organic global eCommerce revenue growth excluding digital assets and cryptocurrencies at constant currency: Organic global eCommerce revenue growth excluding digital assets and cryptocurrencies at constant currency means the year-over-year change in Organic global eCommerce revenue excluding digital assets and cryptocurrencies at constant currency divided by comparable organic global eCommerce revenue excluding digital assets and cryptocurrencies in the prior period.  We use Organic global eCommerce revenue growth excluding digital assets and cryptocurrencies at constant currency to provide better comparability of revenue trends year-over-year in our global eCommerce channel, without the impact of acquisitions, divestitures, volatility in digital assets and cryptocurrencies and fluctuations in foreign currency exchange rates.

Adjusted EBITDA margin: Adjusted EBITDA margin means Adjusted EBITDA divided by revenue.

Adjusted net income per basic share and per diluted share: We use Adjusted net income per basic share and per diluted share as an indicator of performance and profitability of our business on a per share basis. Adjusted net income per basic share and per diluted share means Adjusted net income less net income attributable to non-controlling interest divided by the basic and diluted weighted average number of common shares outstanding for the period. The number of share-based awards used in the diluted weighted average number of common shares outstanding in the Adjusted net income per diluted share calculation is determined using the treasury stock method as permitted under IFRS.

Supplementary Financial Measures

We monitor the following key performance indicators to help us evaluate our business, measure our performance, identify trends affecting our business, formulate business plans and make strategic decisions. Our key performance indicators may be calculated in a manner that differs from similar key performance indicators used by other companies.

Total volume and eCommerce volume: We believe Total volume and eCommerce volume are indicators of performance of our business. Total volume and similar measures are used widely among others in the payments industry as a means of evaluating a company’s performance. We define Total volume as the total dollar value of transactions processed in the period by customers under contractual agreement with us. eCommerce volume is the portion of Total volume for which the transaction did not occur at a physical location. Total volume and eCommerce volume do not represent revenue earned by us. Total volume includes acquiring volume, where we are in the flow of funds in the settlement transaction cycle, gateway/technology volume, where we provide our gateway/technology services but are not in the flow of funds in the settlement transaction cycle, as well as the total dollar value of transactions processed relating to APMs and payouts. Since our revenue is primarily sales volume and transaction-based, generated from merchants’ daily sales and through various fees for value-added services provided to our customers, fluctuations in Total volume will generally impact our revenue.

Total volume at constant currency: Total volume at constant currency is used as an indicator of performance of our business on a more comparable foreign currency exchange basis. Total volume at constant currency means Total volume adjusted for the impact of foreign currency exchange fluctuations. This measure helps provide better comparability of business trends year-over-year, without the impact of fluctuations in foreign currency exchange rates. Foreign currency exchange impact in the current period is calculated using prior period quarterly average exchange rates applied to the current period foreign currency amounts.

Total organic volume at constant currency: Total organic volume at constant currency is used as an indicator of performance of our business on a more comparable basis. This measure helps provide insight on organic and acquisition-related growth and presents useful information about comparable Total volume growth. Total organic volume at constant currency means Total volume excluding Total volume attributable to acquired businesses for a period of 12 months following their acquisition and excluding Total volume attributable to divested businesses, adjusted for the impact of foreign currency exchange fluctuations. Foreign currency exchange impact in the current period is calculated using prior period quarterly average exchange rates applied to the current period foreign currency amounts.

Forward-Looking Information

This press release contains “forward-looking information” and “forward-looking statements” (collectively, “Forward-looking information”) within the meaning of applicable securities laws, including Nuvei's outlook on Total volume, Revenue, Revenue at constant currency, Organic revenue excluding digital assets and cryptocurrencies at constant currency, Organic revenue growth excluding digital assets and cryptocurrencies at constant currency, and Adjusted EBITDA for the three months ending June 30, 2023 and the year ending December 31, 2023 as well as medium and long-term targets on Revenue, Capital expenditures as a percentage of revenue, and Adjusted EBITDA margin. This forward-looking information is identified by the use of terms and phrases such as “may”, “would”, “should”, “could”, “expect”, “intend”, “estimate”, “anticipate”, “plan”, “foresee”, “believe”, or “continue”, the negative of these terms and similar terminology, including references to assumptions, although not all forward-looking information contains these terms and phrases. Particularly, statements relating to the Paya acquisition, including expectations regarding anticipated cost savings and synergies and the strength, complementarity and compatibility with Nuvei's business; information regarding our expectations of future results, performance, achievements, prospects or opportunities or the markets in which we operate, expectations regarding industry trends and the size and growth rates of addressable markets, our business plans and growth strategies, addressable market opportunity for our solutions, expectations regarding growth and cross-selling opportunities and intention to capture an increasing share of addressable markets, the costs and success of our sales and marketing efforts, intentions to expand existing relationships, further penetrate verticals, enter new geographical markets, expand into and further increase penetration of international markets, intentions to selectively pursue and successfully integrate acquisitions, and expected acquisition outcomes and benefits, future investments in our business and anticipated capital expenditures, our expectation to prioritize share repurchases with excess cash, our intention to continuously innovate, differentiate and enhance our platform and solutions, expected pace of ongoing legislation of regulated activities and industries, our competitive strengths and competitive position in our industry, expectations regarding our revenue, revenue mix and the revenue generation potential of our solutions, expectations regarding our margins and future profitability, our financial outlook and guidance as well as medium and long-term targets in various financial metrics is forward-looking information. Economic and geopolitical uncertainties, including regional conflicts and wars, including potential impacts of sanctions, may also heighten the impact of certain factors described herein.

In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent management’s expectations, estimates and projections regarding future events or circumstances.

Forward-looking information is based on management's beliefs and assumptions and on information currently available to management, regarding, among other things, assumptions related to the Paya acquisition (including the Company's ability to retain and attract new business, achieve synergies and strengthen its market position arising from successful integration plans relating to the Paya acquisition); the Company's ability to otherwise complete the integration of the Paya business within anticipated time periods and at expected cost levels; the Company's ability to attract and retain key employees in connection with the Paya acquisition; management's estimates and expectations in relation to future economic and business conditions and other factors in relation to the Paya acquisition and resulting impact on growth in various financial metrics; assumptions regarding foreign exchange rate, competition, political environment and economic performance of each region where the Company operates; the realization of the expected strategic, financial and other benefits of the Paya acquisition in the timeframe anticipated; and the absence of significant undisclosed costs or liabilities associated with the Paya acquisition; and general economic conditions and the competitive environment within our industry. See also "Financial Outlook and Growth Targets Assumptions”.

Unless otherwise indicated, forward-looking information does not give effect to the potential impact of any mergers, acquisitions, divestitures or business combinations that may be announced or closed after the date hereof. Although the forward-looking information contained herein is based upon what we believe are reasonable assumptions, investors are cautioned against placing undue reliance on this information since actual results may vary from the forward-looking information. Nuvei’s financial outlook also constitutes financial outlook within the meaning of applicable securities laws and is provided for the purposes of assisting the reader in understanding management's expectations regarding our financial performance and the reader is cautioned that it may not be appropriate for other purposes. Our medium and long-term growth targets serve as guideposts as we execute on our strategic priorities in the medium to long term and are provided for the purposes of assisting the reader in measuring progress toward management’s objectives, and the reader is cautioned that they may not be appropriate for other purposes.

Forward-looking information involves known and unknown risks and uncertainties, many of which are beyond our control, that could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These risks and uncertainties include, but are not limited to, the risk factors described in greater detail under “Risk Factors” of the Company’s annual information form filed on March 8, 2023 (the “AIF”). In particular, our financial outlook and medium and long-term targets are subject to risks and uncertainties related to:

• risks relating to our business and industry, such as the Russian invasion of Ukraine, including the resulting global economic uncertainty and measures and sanctions taken in response thereto;
• a declining level of volume activity and significant volatility in certain verticals, including digital assets, and the resulting negative impact on the demand for, and prices of, our products and services and the resulting effect on consumer spending trends;
• the rapid developments and change in our industry;
• intense competition both within our industry and from other payments methods;
• changes in foreign currency exchange rates, inflation, interest rates, consumer spending trends, supply chain challenges and other macroeconomic factors affecting our customers and our results of operations;
• Nuvei’s inability to successfully integrate the Paya business;
• legal proceedings that may be instituted related to the Paya acquisition and the impact of significant demands placed on management as a result thereof;
• the potential failure to realize anticipated benefits from the Paya acquisition;
• potential undisclosed costs of liabilities associated with the Paya acquisition, which may be significant;
• the failure to retain Paya’s personnel and customers;
• the rapid developments and change in our industry;
• Intense competition both within our industry and from other payments providers;
• challenges implementing our growth strategy;
• challenges to expand our product portfolio and market reach;
• challenges in expanding into new geographic regions internationally and continuing our growth within our markets;
• challenges in retaining existing customers, increasing sales to existing customers and attracting new customers;
• managing our growth effectively;
• difficulty to maintain the same rate of revenue growth as our business matures and to evaluate our future prospects;
• history of net losses and additional significant investments in our business;
• our level of indebtedness;
• any potential acquisitions or other strategic opportunities, some of which may be material in size or result in significant integration difficulties or expenditures;
• challenges related to a significant number of our customers being small-and-medium sized businesses ("SMBs");
• concentration of our revenue from payment services;
• reliance on, and compliance with, the requirements of acquiring banks and payment networks;
• challenges related to the reimbursement of chargebacks from our customers;
• decline in the use of electronic payment methods;
• loss of key personnel or difficulties hiring qualified personnel;
• impairment of a significant portion of intangible assets and goodwill;
• increasing fees from payment networks;
• reliance on third-party partners to sell some of our products and services;
• misappropriation of end-user transaction funds by our employees;
• fraud by customers, their customers or others;
• the degree of effectiveness of our risk management policies and procedures in mitigating our risk exposure;
• the integration of a variety of operating systems, software, hardware, web browsers and networks in our services;
• the costs and effects of pending and future regulatory proceedings and litigation;
• challenges to secure financing on favorable terms or at all; and,
• measures determined in accordance with IFRS may be affected by unusual, extraordinary, or non-recurring items, or by items which do not otherwise reflect operating performance, making period-to-period comparisons less relevant.

Consequently, all of the forward-looking information contained herein is qualified by the foregoing cautionary statements, and there can be no guarantee that the results or developments that we anticipate will be realized or, even if substantially realized, that they will have the expected consequences or effects on our business, financial condition or results of operation. Unless otherwise noted or the context otherwise indicates, the forward-looking information contained herein represents our expectations as of the date hereof or as of the date it is otherwise stated to be made, as applicable, and is subject to change after such date. However, we disclaim any intention or obligation or undertaking to update or amend such forward-looking information whether as a result of new information, future events or otherwise, except as may be required by applicable law.

Financial Outlook and Growth Targets Assumptions

The financial outlook for the three months ending June 30, 2023, and the year ending December 31, 2023, and specifically the Adjusted EBITDA, as well as the Adjusted EBITDA margin long-term growth target, reflect the Company’s strategy to accelerate its investment in distribution, marketing, innovation, and technology. When measured as a percentage of revenue, these expenses are expected to decrease as our investments in distribution, marketing, innovation, and technology normalize over time.

Our financial outlook and growth targets are based on a number of additional assumptions, including the following:

• our results of operations and ability to achieve suitable margins will continue in line with management’s expectations;
• we will continue to effectively execute against our key strategic growth priorities, without any material adverse impact from macroeconomic trends on our or our customers’ business, financial condition, financial performance, liquidity nor any significant reduction in demand for our products and services;
• losses owing to business failures of merchants and customers will remain in line with anticipated levels;
• existing customers growing their business and expanding into new markets within selected high-growth eCommerce end-markets, including online retail, online marketplaces, digital goods and services, regulated online gaming, social gaming, financial services and travel;
• economic conditions in our core markets, geographies and verticals, including resulting consumer spending and employment, remaining at close to current levels;
• assumptions as to the value of digital assets, foreign exchange rates and interest rates, including inflation;
• higher volatility and lower volume in digital assets; Nuvei expects the contribution of digital assets will continue to decline and to represent no more than 5% of revenue going forward;
• Nuvei’s ability to retain and attract new business, achieve synergies and strengthen its market position arising from successful integration plans relating to the Paya acquisition;
• management’s estimates and expectations in relation to future economic and business conditions and other factors in relation to the Paya acquisition and resulting impact on growth in various financial metrics;
• assumptions regarding competition, political environment and economic performance of each region where Nuvei operates;
• the realization of the expected strategic, financial and other benefits of the Paya acquisition in the timeframe anticipated;
• the absence of significant undisclosed costs or liabilities associated with the Paya acquisition
• our ability to cross-sell and up-sell new and existing products and services to our existing customers with limited incremental sales and marketing expenses;
• our customers increasing their daily sales, and in turn their business volume of our solutions, at growth rates at or above historical levels for the past few years;
• our ability to maintain existing customer relationships and to continue to expand our customers’ use of more solutions from our Native Commerce Platform at or above historical levels for the past few years;
• our ability to leverage our sales and marketing experience in capturing and serving customers in North America and large enterprises in Europe and enable customer base expansion by targeting large enterprises in North America, with a focus in eCommerce channels;
• our sales and marketing efforts and continued investment in our direct sales team and account management driving future growth by adding new customers adopting our technology processing transactions in existing and new geographies at or above historical levels;
• our ability to further leverage our broad and diversified network of partners;
• our ability to expand and deepen our footprint and to add new customers adopting our technology processing transactions in geographies where we have an emerging presence, such as Asia Pacific and Latin America;
• our ability to expand and keep our portfolio of services technologically current through continued investment in our Native Commerce Platform and to design and deliver solutions that meet the specific and evolving needs of our customers;
• our ability to maintain and/or expand our relationships with acquiring banks and payment networks;
• our continued ability to maintain our competitiveness relative to competitors’ products or services, including as to changes in terms, conditions and pricing,
• our ability to expand profit margins by reducing variable costs as a percentage of total expenses, and leveraging fixed costs with additional scale and as our investments in, for example, direct sales and marketing normalize;
• increases in volume driving profitable revenue growth with limited additional overhead costs required, as a result of the highly scalable nature of our business model and the inherent operating leverage;
• our continued ability to manage our growth effectively;
• we will continue to attract and retain key talent and personnel required to achieve our plans and strategies, including sales, marketing, support and product and technology operations, in each case both domestically and internationally,
• our ability to successfully identify, complete, integrate and realize the expected benefits of past and future acquisitions and manage the associated risks;
• the absence of adverse changes in legislative or regulatory matters;
• our continued ability to upskill and modify our compliance capabilities as regulations change or as we enter new markets, such as our customer underwriting, risk management, know your customer and anti-money laundering capabilities, with minimal disruption to our customers’ businesses;
• our liquidity and capital resources, including our ability to secure debt or equity financing on satisfactory terms; and,
• the absence of adverse changes in current tax laws.

Moreover, and more specifically, our ability to achieve new revenue synergy opportunities from the Paya acquisition over the long term is based on a number of additional assumptions, including the following:

• the Paya standalone business achieving its projected annual revenue growth;
• our ability to leverage Nuvei’s regulatory licenses/exemptions and relationships to capture market share and win new business in Paya’s existing U.S. market;
• our ability to leverage Nuvei’s global distribution and capabilities to offer an integrated Nuvei and Paya product offering outside of the U.S.; and
• our ability to continue to invest in expanding our Nuvei and Paya integrated product offering to win new business.

...

Contact

Investors

Chris Mammone, Head of Investor Relations

Anthony Gerstein, VP of Investor Relations

IR@nuvei.com

Statements of Profit or Loss and Comprehensive Income or Loss Data

(in thousands of US dollars except for shares and per share amounts)

‍

Reconciliation of Adjusted EBITDA and Adjusted EBITDA less capital expenditures to Net Income (Loss)

(In thousands of US dollars)

(a) These expenses relate to:

(i) professional, legal, consulting, accounting and other fees and expenses related to our acquisition and financing activities. For the three months ended March 31, 2023, these expenses were$18.5 million ($2.8 million for the three months ended March 31, 2022). These costs are presented in the professional fees line item of selling, general and administrative expenses.

(ii) acquisition-related compensation was $2.1 million for the three months ended March 31, 2023 and $3.4 million for the three months ended March 31, 2022. These costs are presented in the employee compensation line item of selling, general and administrative expenses.

(iii) change in deferred purchase consideration for previously acquired businesses. No amount was recognized in the three months ended March 31, 2023, and 2022. These amounts are presented in the contingent consideration adjustment line item of selling, general and administrative expenses.

(iv) severance and integration expenses, which were $4.7 million for the three months ended March 31, 2023 ($0.4 million for the three months ended March 31, 2022). These expenses are presented in selling, general and administrative expenses.

(b) These expenses represent expenses recognized in connection with stock options and other awards issued under share-based plans as well as related payroll taxes that are directly attributable to share-based payments. For the three months ended March 31, 2023, the expenses consisted of non-cash share-based payments of $35.6 million ($37.2 million for three months ended March 31, 2022), $0.5 million for related payroll taxes ($0.1 million for the three months ended March 31, 2022).

(c) This line item primarily represents legal settlements and associated legal costs, as well as non-cash gains, losses and provisions and certain other costs. These costs are presented in selling, general and administrative expenses.

Reconciliation of Adjusted net income and Adjusted net income per basic share and per diluted share to Net Income (Loss)

(In thousands of US dollars except for share and per share amounts)

‍

(a) This line item relates to amortization expense taken on intangible assets created from the purchase price adjustment process on acquired companies and businesses and resulting from a change in control of the Company.

(b) These expenses relate to:

(i) professional, legal, consulting, accounting and other fees and expenses related to our acquisition and financing activities. For the three months ended March 31, 2023, these expenses were$18.5 million ($2.8 million for the three months ended March 31, 2022). These costs are presented in the professional fees line item of selling, general and administrative expenses.

(ii) acquisition-related compensation was $2.1 million for the three months ended March 31, 2023 and $3.4 million for the three months ended March 31, 2022. These costs are presented in the employee compensation line item of selling, general and administrative expenses.

(iii) change in deferred purchase consideration for previously acquired businesses. No amount was recognized in the three months ended March 31, 2023 , and 2022. These amounts are presented in the contingent consideration adjustment line item of selling, general and administrative expenses.

(iv) severance and integration expenses, which were $4.7 million for the three months ended March 31, 2023 ($0.4 million for the three months ended March 31, 2022). These expenses are presented in selling, general and administrative expenses.

(c) These expenses represent expenses recognized in connection with stock options and other awards issued under share-based plans as well as related payroll taxes that are directly attributable to share-based payments. For the three months ended March 31, 2023, the expenses consisted of non-cash share-based payments of $35.6 million ($37.2 million for three months ended March 31, 2022), $0.5 million for related payroll taxes ($0.1 million for the three months ended March 31, 2022).

(d) This line item primarily represents legal settlements and associated legal costs, as well as non-cash gains, losses and provisions and certain other costs. These costs are presented in selling, general and administrative expenses.

(e) This line item reflects income tax expense on taxable adjustments using the tax rate of the applicable jurisdiction.

(f) The number of share-based awards used in the diluted weighted average number of common shares outstanding in the Adjusted net income per diluted share calculation is determined using the treasury stock method as permitted under IFRS.

Revenue by geography

The following table summarizes our revenue by geography based on the billing location of the merchant:

Revenue by vertical

The following table provides a revenue breakdown by vertical based on the merchant classification:

Revenue by channel

Small and medium-sized businesses revenue represents revenue mainly derived from transactions where the physical card is presented at the point of sale. eCommerce revenue represents revenue derived from transactions where the physical card is not presented. Global eCommerce revenue represents revenue from merchant relationships developed by the Company's sales representatives. eCommerce reseller revenue represents revenue from merchant relationships developed by sales partners. Paya was acquired on February 22, 2023, and is presented separately in revenue by channel.

Reconciliation of Organic Global eCommerce revenue excluding digital assets and cryptocurrencies at constant currency and Organic Global eCommerce revenue growth excluding digital assets and cryptocurrencies at constant currency to Global eCommerce revenue

‍

Reconciliation of Revenue at constant currency and Revenue growth at constant currency to Revenue

The following table reconciles Revenue to Revenue at constant currency and Revenue growth at constant currency for the period indicated:

‍

Reconciliation of Organic revenue excluding digital assets and cryptocurrencies at constant currency and Organic revenue growth excluding digital assets and cryptocurrencies at constant currency to Revenue

The following table reconciles Revenue to Organic revenue excluding digital assets and cryptocurrencies at constant currency and Organic revenue growth excluding digital assets and cryptocurrencies at constant currency for the period indicated:

‍

⁽¹⁾ Revenue from acquisitions reflects revenue from Paya, which was acquired on February 22, 2023, as well as another immaterial acquisition completed during the period, and revenue from divestitures was nil in both periods presented.

⁽²⁾ Represent organic revenue from digital assets and cryptocurrencies.

Reconciliation of Organic revenue at constant currency and Organic revenue growth at constant currency to Revenue

The following table reconciles Revenue to Organic revenue at constant currency and Organic revenue growth at constant currency for the period indicated:

(In thousands of US dollars except for percentages)

‍

MONTREAL, April 20, 2023 – Nuvei Corporation (“Nuvei” or the “Company”) (Nasdaq: NVEI) (TSX: NVEI), the Canadian fintech company, announces today that it has been selected as the exclusive payments partner of Cart.com, a leading eCommerce software and service provider that enables retail brands to easily sell and fulfill across every channel globally.

Cart.com customers will be able to enhance their payments through Nuvei for Platforms, Nuvei’s fully customizable solution that enables companies of any size to embed enterprise-level payments technology into their online operations. Nuvei for Platforms packages the complete functionality of Nuvei’s core modular platform, including merchant onboarding, pay-ins and payouts, optimization, payment orchestration, fraud prevention, risk management, and much more, all in a single seamless integration.

Cart.com is a provider of integrated eCommerce solutions that enable direct-to-consumer and business-to-business merchants from Fortune 500s to up-and-coming brands to quickly scale their businesses and easily sell across multiple markets. Commercial services available through the Cart.com platform include online store software, commerce analytics software, multichannel product listing and order management software, digital marketing and creative services, and fulfillment and storage solutions.

Cart.com Co-founder and CEO Omair Tariq commented on the announcement: “As a leading eCommerce solutions provider, we are focused on enabling our customers to compete and win across every channel through digital tools and digitally powered logistics capabilities. Providing access to the most advanced payments technology in the market through a simple and cost-effective integration is critical to fueling our customers’ growth. We know that payments are a critical part of supporting our customers’ financial performance and shopper experience, so we’re thrilled to be partnering with Nuvei to empower our customers to maximize their payment possibilities.

”Nuvei Chair and CEO Philip Fayer commented: “We’re excited to be partnering with Cart.com, one of the premier platforms driving the evolution of eCommerce. We have a shared belief that businesses of any size should be able to compete with the global eCommerce giants on a level playing field when it comes to the quality of their technology and payments solutions.

”Fayer added: “Nuvei for Platforms accelerates revenue for our customers by connecting their platforms' online retailers with consumers through payments, wherever they are and however they want to pay. Enabling eCommerce platforms to integrate an enterprise grade payments solution optimizes the revenue generation potential of payments.

”The Nuvei for Platforms solution continues to accelerate Nuvei’s new business wins among marketplaces and platforms. Le Panier Bleu, Redeban, and VTEX are just some of the platforms that have embedded Nuvei for Platforms since the start of the year.‍

About Nuvei

Nuvei (Nasdaq: NVEI) (TSX: NVEI) is the Canadian fintech company accelerating the business of clients around the world. Nuvei’s modular, flexible and scalable technology allows leading companies to accept next-gen payments, offer all payout options and benefit from card issuing, banking, risk and fraud management services. Connecting businesses to their customers in more than 200 markets, with local acquiring in 47+ markets, 150 currencies and more than 600 alternative payment methods, Nuvei provides the technology and insights for customers and partners to succeed locally and globally with one integration.

For more information, visit www.nuvei.com

‍Contact:  

Public Relations

‍alex.hammond@nuvei.com

‍Investor Relations

‍IR@nuvei.com

‍About Cart.com

‍Cart.com is the leading provider of comprehensive ecommerce solutions that enable merchants of any size to sell and fulfill everywhere. Cart.com customers have access to enterprise-grade software, expert services, and logistics infrastructure to accelerate their growth Thousands of leading companies, from Fortune 500s to up-and-coming brands partner with Cart.com to access multichannel management software, software and data-enabled fulfillment services, commerce analytics, and marketing services and other ecommerce capabilities previously only available to the world’s largest companies. For more information, please visit Cart.com and LinkedIn.

MONTREAL and SOUTHLAKE, Texas April 25, 2023 – Nuvei Corporation (“Nuvei” or the “Company”) (Nasdaq: NVEI) (TSX: NVEI), the Canadian fintech company, announces today that its market-leading payment platform is fully available on Sabre Corporation’s (“Sabre”) multiple reservation platforms for the travel and hospitality industries.

Sabre is offering Nuvei’s global reach and customizable, modular technology to provide its partners with a superior customer payments experience, wherever they operate. Nuvei’s unrivaled global acquiring reach maximizes card payment approval rates, accelerates revenue growth, and minimizes customers lost due to false declines. Nuvei is also enabling Sabre to offer over 600 alternative payment methods for its partners to integrate into their online checkouts, through a single integration.

Nuvei’s agnostic technology platform gives Sabre and its partners access to the leading payments solutions in every market through a single integration, with unified reporting and data visibility to maximize operational efficiency and enhance control.

Sabre is a leading platform technology provider supplying the travel sector with robust retailing solutions that help its partners operate more efficiently, drive revenue, and offer personalized traveler experiences. Sabre customers include many of the leading brands in the travel and hospitality industries including airlines, hotel chains, and travel agencies.

Sabre Senior Vice President – Product Management Corrie DeCamp commented on the announcement: “As a global technology company, the ability to partner with a premier payments provider that has the broadest possible reach as well as the flexibility and expertise to support our partners in regional markets is critical. Nuvei enables us to provide our partners with an industry-leading checkout experience regardless of their customers’ location, preferred payment method or currency.

”Philip Fayer, Nuvei Chair and CEO, added: “By offering the most agile payments platform in the market, including an unmatched number of alternative payment methods through a single integration, we’re enabling our customers to connect to their customers no matter how they want to pay. We continue to expand our use cases and penetrate markets with large TAMs, and further demonstrate how we accelerate our customers’ growth.”This announcement is the latest from Nuvei as it continues to increase its influence revolutionizing payments in the travel sector. Many of the world’s predominant brands in travel, including Virgin Atlantic and Air Transat, have recently announced Nuvei as their preferred payments partner.

‍About Nuvei  

‍Nuvei (Nasdaq: NVEI) (TSX: NVEI) is the Canadian fintech company accelerating the business of clients around the world. Nuvei’s modular, flexible and scalable technology allows leading companies to accept next-gen payments, offer all payout options and benefit from card issuing, banking, risk and fraud management services. Connecting businesses to their customers in more than 200 markets, with local acquiring in 45+ markets, 150 currencies and more than 600 alternative payment methods, Nuvei provides the technology and insights for customers and partners to succeed locally and globally with one integration.For more information, visit www.nuvei.com

‍Contact:  

Public Relations

‍alex.hammond@nuvei.com

‍Investor Relations

‍IR@nuvei.com

‍About Sabre Corporation

‍Sabre Corporation is a leading software and technology company that powers the global travel industry, serving a wide range of travel companies including airlines, hoteliers, travel agencies and other suppliers. The company provides retailing, distribution and fulfilment solutions that help its customers operate more efficiently, drive revenue and offer personalized traveler experiences. Through its leading travel marketplace, Sabre connects travel suppliers with buyers from around the globe. Sabre’s technology platform manages more than $260B worth of global travel spend annually. Headquartered in Southlake, Texas, USA, Sabre serves customers in more than 160 countries around the world. For more information visit www.sabre.com.Contact:Heidi.castle@sabre.com

MONTREAL, February 2, 2023 – Nuvei Corporation (“Nuvei”) (Nasdaq: NVEI) (TSX: NVEI), the Canadian fintech company, announces today it has been selected as the exclusive payment technology provider for Le Panier Bleu, an online marketplace platform supporting businesses in the Canadian province of Quebec.

Le Panier Bleu is utilizing Nuvei’s market-leading integrated payments technology, Nuvei for Platforms, to provide access to enterprise-level payments solutions to small and medium-sized businesses through its eCommerce platform.To compete with global eCommerce giants it is essential Le Panier Bleu merchants are able to benefit from turnkey, efficient, customizable and accessible payment services where the online shopping customer experience can be personally tailored.

Nuvei for Platforms is packaged with the complete functionality of Nuvei’s core modular platform, including merchant onboarding, pay-ins and payouts, optimization, orchestration, fraud prevention, risk management, and much more, all in a single seamless integration.

‍Digital marketplaces and the future of eCommerce

‍Digital marketplaces are dominating the eCommerce landscape and the opportunities for businesses are growing. Within retail eCommerce sales marketplaces now have a leading position over traditional direct web sales, accounting for more than half of global sales currently, and are predicted to grow to 59% of all eCommerce by 2027. Multi-vendor marketplace platforms enable merchants to set up portals featuring their unique inventories and services in a trusted location that can draw together thousands of merchants. However, their continued success increasingly relies on democratizing payments that accelerate growth and win customers to enable small businesses to thrive in a highly competitive environment.

‍Getting the Quebec economy rolling

‍Initially a non-profit organization supported by the provincial government, and now a private company backed by institutional investors, Le Panier Bleu is an eCommerce portal based in Quebec that promotes and sells goods from the region’s merchants. It has been designed, as its own tagline indicates, to ‘get our economy rolling’.

‍The marketplace already includes more than 200 Quebec merchants, selling 40,000 products, and is working to triple the number of businesses using the eCommerce hub before the end of the year.

“Le Panier Bleu is dedicated to driving the Quebec economy by helping smaller merchants compete more effectively with bigger companies. We want to be the marketplace platform of choice for our online shoppers while supporting our region’s businesses with their current and future eCommerce needs,” commented Le Panier Bleu General Manager Alain Dumas.

“Smooth, safe and hassle-free payments are integral to that and Nuvei helps us provide seamless transactions between our merchants and their customers,” Dumas said.

“As a disruptive and growing business with our own Canadian heritage, we are proud to support Le Panier Bleu’s new community-centric marketplace and to help businesses in North America and beyond accelerate their growth with our customizable and comprehensive approach to integrated payments,” added Nuvei Chair and CEO Philip Fayer.‍

About Nuvei

Nuvei (Nasdaq: NVEI) (TSX: NVEI) is the Canadian fintech company accelerating the business of clients around the world. Nuvei’s modular, flexible and scalable technology allows leading companies to accept next-gen payments, offer all payout options and benefit from card issuing, banking, risk and fraud management services. Connecting businesses to their customers in more than 200 markets, with local acquiring in 45+ markets, 150 currencies and more than 580 alternative payment methods, Nuvei provides the technology and insights for customers and partners to succeed locally and globally with one integration.For more information, visit www.nuvei.com

‍Contact:  

Public Relations

‍alex.hammond@nuvei.com

MONTREAL, April 17, 2023 – Hollywood actor, producer and entrepreneur Ryan Reynolds has today announced that he has invested in Canadian fintech company Nuvei Corporation (“Nuvei” or the “Company”) (Nasdaq: NVEI) (TSX: NVEI).Reynolds, who is globally recognized as a serial entrepreneur with an exceptional track record of investing in successful high-growth businesses, commented on the announcement: “I know about as much about fintech as I did about gin or mobile a few years ago. But Nuvei is impressive. The leadership team is exceedingly intelligent and hard-working and it’s about time a Canadian company got the type of attention American tech companies do.

”Reynolds’ latest investment comes less than a month after it was announced that Mint Mobile, the budget wireless provider partly owned by Reynolds, had been acquired by telecoms giant T-Mobile US Inc. for USD $1.35bn. Reynolds’ other high-profile investments include American Aviation Gin and Wrexham Football Club.

Nuvei is a global payments technology company that is dedicated to accelerating its customers’ revenue growth through payments. With card acquiring services in more than 200 markets, including direct local acquiring in over 47 countries, as well as access to more than 600 alternative payment methods, Nuvei connects eCommerce businesses with their customers wherever they are in the world and however they want to pay.

Nuvei entered 2023 with strong momentum, announcing its acquisition of leading B2B and Integrated Payments Technology provider Paya in the first weeks of the year and closing the transaction in February. Incorporating Paya technology and experts into Nuvei is creating a preeminent payment technology provider in Global eCommerce, Integrated Payments and B2B.In addition to developing new use cases for its technology, Nuvei continues to expand geographically. The company has made significant strides to grow market share in both LATAM and APAC, including recently launching local acquiring capabilities in Hong Kong, Singapore, and Australia.

Nuvei Chair and CEO Phil Fayer shared his thoughts on the announcement: “We’re thrilled to welcome Ryan to the Nuvei family. We’re a global company but extremely proud of our Canadian roots and values, so to have one of the most internationally recognizable Canadians, as well as an entrepreneur with such renowned business acumen, join our investors is a privilege.”‍

About Nuvei  

‍Nuvei (Nasdaq: NVEI) (TSX: NVEI) is the Canadian fintech company accelerating the business of clients around the world. Nuvei’s modular, flexible and scalable technology allows leading companies to accept next-gen payments, offer all payout options and benefit from card issuing, banking, risk and fraud management services. Connecting businesses to their customers in more than 200 markets, with local acquiring in 45+ markets, 150 currencies and more than 600 alternative payment methods, Nuvei provides the technology and insights for customers and partners to succeed locally and globally with one integration.

more information, visit www.nuvei.com

‍Contact:  

Public Relations

‍alex.hammond@nuvei.com

‍Investor Relations

‍IR@nuvei.com

MONTREAL, March 20, 2023 – Nuvei Corporation (“Nuvei” or the “Company”) (Nasdaq: NVEI) (TSX: NVEI), the Canadian fintech company, announces today that the board of directors of the Company has authorized, and the Toronto Stock Exchange (the “TSX”) has approved, the renewal of its normal course issuer bid (the “NCIB”) for the twelve-month period commencing on March 22, 2023 and ending no later than March 21, 2024.

Pursuant to the NCIB, Nuvei may purchase for cancellation up to 5,556,604 subordinate voting shares of Nuvei, representing approximately 10% of its “public float” (as defined in the TSX Company Manual) as at March 8, 2023, or an aggregate fair market value of approximately U.S.$ 228.3 million based on the closing trading price of the subordinate voting shares on the NASDAQ Global Select Market (the “Nasdaq”) on March 17, 2023. As at March 8, 2023, Nuvei had 63,595,611 issued and outstanding subordinate voting shares, including a public float of 55,566,045 subordinate voting shares.

Subject to any required regulatory approvals, the NCIB will be conducted through the facilities of the TSX and the Nasdaq or alternative trading systems in Canada and the United States, if eligible, and will conform to their regulations. Subordinate voting shares will be acquired under the NCIB at the market price at the time of purchase.

Purchases under the NCIB may be made by means of open market transactions, including through an automatic share purchase plan, privately negotiated transactions or such other means as a securities regulatory authority may permit. In the event that the Company acquires subordinate voting shares other than through open market purchases, the purchase price of the subordinate voting shares may be different than the market price of the subordinate voting shares at the time of the acquisition. Purchases made under an issuer bid exemption order will be at a discount to the prevailing market price as per the terms of the order.

Under the NCIB, Nuvei may make, once per week, a block purchase (as such term is defined in the TSX Company Manual) at market price, in accordance with TSX rules and applicable securities laws. Under TSX rules, block purchases may not be made, directly or indirectly, from any insider of the Company. Nuvei will otherwise be allowed, subject to applicable securities laws, to purchase daily, through the facilities of the TSX, a maximum of 75,606 subordinate voting shares representing 25% of the average daily trading volume, as calculated per the TSX rules for the prior six months (being 302,426 subordinate voting shares on the TSX).In connection with the NCIB, Nuvei also entered into an automatic share purchase plan (the “ASPP”) with the designated broker responsible for the NCIB, allowing for the purchase of subordinate voting shares under the NCIB at times when Nuvei would ordinarily not be permitted to purchase its securities due to regulatory restrictions and customary self-imposed blackout periods. Pursuant to the ASPP, before entering into a blackout period, Nuvei may, but is not required to, instruct the designated broker to make purchases under the NCIB in accordance with certain purchasing parameters. Such purchases will be made by the designated broker based on such parameters, without further instructions by Nuvei, in compliance with the rules of the TSX, applicable securities laws and the terms of the ASPP. The ASPP has been pre-cleared by the TSX and is being implemented concurrently with the initiation of the NCIB.

Nuvei believes that the purchase of its subordinate voting shares under the NCIB is a desirable use of available excess cash as well as an appropriate investment by it since, in its view, market prices from time to time may not reflect the underlying value of Nuvei’s business. Actions in connection with the NCIB will be subject to various factors, including Nuvei’s capital and liquidity positions, accounting and regulatory considerations, Nuvei’s financial and operational performance, alternative uses of capital, the trading price of Nuvei’s subordinate voting shares and general market conditions. The NCIB does not obligate Nuvei to acquire a specific dollar amount or number of shares and may be extended, modified, or discontinued at any time.

Nuvei previously maintained a NCIB for the 12-month period beginning on March 10, 2022 and ended March 9, 2023, under which Nuvei was authorized to purchase up to 6,617,416 subordinate voting shares, or 10% of its public float as at February 28, 2022. During the term of such NCIB, Nuvei repurchased 3,660,743 of its subordinate voting shares at a weighted average purchase price per subordinate voting share of U.S.$45.51 through the facilities of the TSX and the Nasdaq.

‍About Nuvei  

‍Nuvei (Nasdaq: NVEI) (TSX: NVEI) is the Canadian fintech company accelerating the business of clients around the world. Nuvei’s modular, flexible and scalable technology allows leading companies to accept next-gen payments, offer all payout options and benefit from card issuing, banking, risk and fraud management services. Connecting businesses to their customers in more than 200 markets, with local acquiring in 45+ markets, 150 currencies and more than 600 alternative payment methods, Nuvei provides the technology and insights for customers and partners to succeed locally and globally with one integration

.For more information, visit www.nuvei.com

‍Cautionary Note regarding Forward-Looking Statements

‍This press release contains “forward-looking information” and “forward-looking statements” (collectively, “Forward-looking information”) within the meaning of applicable securities laws, including statements regarding the NCIB and the ASPP, and the intended purchase for cancellation of subordinate voting shares of the Company thereunder. This forward-looking information is identified by the use of terms and phrases such as “may”, “would”, “should”, “could”, “expect”, “intend”, “estimate”, “anticipate”, “plan”, “foresee”, “believe”, or “continue”, the negative of these terms and similar terminology, including references to assumptions, although not all forward-looking information contains these terms and phrases. Economic and geopolitical uncertainties, including regional conflicts and wars, including potential impacts of sanctions, may also heighten the impact of certain factors described herein. In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent management’s expectations, estimates and projections regarding future events or circumstances. Forward-looking information is based on management's beliefs and assumptions and on information currently available to management. Although the forward-looking information contained herein is based upon what we believe are reasonable assumptions, investors are cautioned against placing undue reliance on this information since actual results may vary from the forward-looking information. Forward-looking information involves known and unknown risks and uncertainties, many of which are beyond our control, that could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These risks and uncertainties include, but are not limited to, the risk factors described in greater detail under “Risk Factors” of the Company’s annual information form filed on March 8, 2023. Consequently, all of the forward-looking information contained herein is qualified by the foregoing cautionary statements, and there can be no guarantee that the results or developments that we anticipate will be realized or, even if substantially realized, that they will have the expected consequences or effects on our business, financial condition or results of operation. Unless otherwise noted or the context otherwise indicates, the forward-looking information contained herein represents our expectations as of the date hereof or as of the date it is otherwise stated to be made, as applicable, and is subject to change after such date. However, we disclaim any intention or obligation or undertaking to update or amend such forward-looking information whether as a result of new information, future events or otherwise, except as may be required by applicable law.

‍Contact:  

Public Relations

‍alex.hammond@nuvei.com

‍Investor Relations

‍IR@nuvei.com

‍* Based on the closing trading price of the subordinate voting shares on the Nasdaq on March 17, 2023.

Nuvei reports in U.S. dollars and in accordance with International Financial Reporting Standards (“IFRS”)

MONTREAL, March 8, 2023 – Nuvei Corporation (“Nuvei” or the “Company”) (Nasdaq: NVEI) (TSX: NVEI), the Canadian fintech company, today reported its financial results for the three months and year ended  December 31, 2022.

“2022 was another strong year for Nuvei highlighted by Total volume growth of 39% on a constant currency basis, reflecting continued progress and execution of our strategic initiatives. We’ve worked diligently to further scale our platform organically and inorganically, diversify the business across high-growth discretionary and non-discretionary verticals, increase our use cases, target more end markets, and increase our distribution; all of which combined substantially expands our TAM to now include global e-commerce, integrated payments and B2B,” said Philip Fayer, Nuvei Chair and CEO. “I am very pleased with our results and we’re off to a great start with the momentum exiting last year carrying over into 2023. From our position of strength, we will continue our disciplined approach to investing in the business as appropriate and expect to prioritize share repurchases with our free cash flow.”

Financial Highlights for the Three Months Ended December 31, 2022

• Total volume⁽¹⁾ increased 28% to $40.3 billion from $31.5 billion;
• eCommerce represented 91% of Total volume;
• Total volume growth at constant currency⁽¹⁾ was 33% with Total volume at constant currency⁽¹⁾ increasing to $41.8 billion from $31.5 billion;
• Revenue increased 4% to $220.3 million from $211.9 million;
• Revenue was impacted unfavorably by changes in foreign currency exchange rates year-over-year and volatility from digital assets and cryptocurrencies. Organic revenue growth excluding digital assets and cryptocurrencies at constant currency⁽²⁾ was 26%, with Organic revenue excluding digital assets and cryptocurrencies at constant currency⁽²⁾ increasing to $209.6 million from $165.7 million;
• Revenue growth at constant currency⁽²⁾ was 10% with Revenue at constant currency⁽²⁾ increasing to $232.5 million from $211.9 million;
• Net income decreased by 24% to $9.4 million from $12.3 million;
• Adjusted EBITDA⁽²⁾ decreased by 6% to $85.7 million from $91.5 million;
• Adjusted net income⁽²⁾ decreased by 4% to $68.0 million from $70.6 million;
• Net income per diluted share decreased by 14% to $0.06 compared to $0.07;
• Adjusted net income per diluted share⁽²⁾ was unchanged at $0.47;
• Adjusted EBITDA less capital expenditures⁽²⁾ decreased by 13% to $71.2 million from $81.8 million; and
• Share repurchases totaled 1,892,075 shares for total cash consideration of $57.5 million.

Financial Highlights for the Year Ended December 31, 2022

• Total volume⁽¹⁾ increased 34% to $127.7 billion from $95.6 billion;
• eCommerce represented 89% of Total volume;
• Total volume growth at constant currency⁽¹⁾ was 39% with Total volume at constant currency⁽¹⁾ increasing to $132.7 billion from $95.6 billion;
• Revenue increased 16% to $843.3 million from $724.5 million;
• Revenue was impacted unfavorably by changes in foreign currency exchange rates year-over-year by $40.5 million;
• Revenue growth at constant currency⁽²⁾ was 22% with Revenue at constant currency⁽²⁾ increasing to $883.9 million from $724.5 million;
• Net income decreased by 42% to $62.0 million from net income of $107.0 million, primarily due to a $85.9 million increase in share-based payments;
• Adjusted EBITDA⁽²⁾ increased by 11% to $351.3 million from $317.2 million;
• Adjusted net income⁽²⁾ increased by 10% to $274.2 million from $248.6 million;
• Net income per diluted share decreased by 45% to $0.39 from $0.71;
• Adjusted net income per diluted share⁽²⁾ increased by 10% to $1.86 from $1.69;
• Adjusted EBITDA less capital expenditures⁽²⁾ increased by 4% to $303.0 million from $290.1 million; and
• Cash balance of $752 million at December 31, 2022 compared to $749 million at December 31, 2021. Share repurchases totaled 3,660,743 shares for total cash consideration of $167 million during the year and represented approximately 5% of the public float. Nuvei used $616 million of its cash and cash equivalents subsequent to year-end to fund the Paya acquisition.

⁽¹⁾ Total volume and Total volume at constant currency do not represent revenue earned by the Company, but rather the total dollar value of transactions processed by merchants under contractual agreement with the Company. See “Non-IFRS and Other Financial Measures”.

⁽²⁾ Adjusted EBITDA, Revenue at constant currency, Revenue growth at constant currency, Organic revenue excluding digital assets and cryptocurrencies at constant currency, Organic revenue growth excluding digital assets and cryptocurrencies at constant currency, Adjusted net income, Adjusted net income per diluted share and Adjusted EBITDA less capital expenditures are non-IFRS measures and non-IFRS ratios. These measures are not recognized measures under IFRS and do not have standardized meanings prescribed by IFRS and therefore may not be comparable to similar measures presented by other companies. See “Non-IFRS and Other Financial Measures”.

Operational Highlights

• Revenue for the fourth quarter of 2022 increased 17% to $89.4 million in North America, decreased by 9% to $115.9 million in Europe, the Middle East and Africa, increased 90% to $12.2 million in Latin America and increased 107% to $2.9 million in Asia Pacific.
• North America eCommerce direct revenue increased 65% to $34 million in this year’s fourth quarter and represented approximately 38% of total North America revenue, as a result of strategic investments in senior talent and distribution.
• Europe, the Middle East and Africa results were impacted by fluctuations in foreign currency and the volatility in digital assets and cryptocurrencies.
• Latin America results accelerated rapidly, driven by significant new business and wallet share expansion from current customers expanding into those countries.
• Asia Pacific growth reflects recent successes with scaling acquiring capabilities in Singapore and Hong Kong, with Australia recently added as the third market in the region.
• With respect to advancements in technology and product innovation, during the full year Nuvei launched 96 new product releases. Recent highlights include:
• Conducting a successful pilot in North America to begin insourcing back-end processing, with full migration onto the Nuvei platform planned over the next 18 months;
• Launching direct acquiring capabilities in Australia;
• Becoming a licensed in-country direct acquirer in Belgium for local card network Bancontact;
• Facilitating American Express’s entrance into the Canadian gaming market;
• Nuvei also added multiple new alternative payment methods (“APMs”) increasing its portfolio to 603 at the end of the fourth quarter, expanding access and allowing its customers to accept more forms of regionally familiar and preferred digital payment method
• New business revenue outside of digital assets and cryptocurrencies[1] increased 23% during the fourth quarter, including several enterprise level customer wins. Highlighting some of the new and expanded customer relationships in which Nuvei is deploying its proprietary modular platform to provide a more frictionless payment experience:
• OnBuy; Virgin Atlantic; DraftKings; VTEX; Redeban; Holland Casino; Le Panier Bleu; and Unibet Italy, among others.
• The Company added 54 new team members in the fourth quarter of 2022, ending with 1,690 employees at December 31, 2022 compared with 1,368 employees at December 31, 2021. Subsequent to the end of the year, Nuvei added 321 new team members in association with the close of the Paya acquisition

Financial Outlook⁽³⁾

For the three months ending March 31, 2023 and the  fiscal year ending December 31, 2023, Nuvei anticipates Total volume⁽¹⁾, Revenue, Revenue at constant currency and Adjusted EBITDA⁽²⁾ to be in the ranges below.  The financial outlook reflects the closing of the acquisition of Paya on February 22, 2023. Nuvei expects Organic revenue growth excluding digital assets and cryptocurrencies at constant currency to be between 23% and 28% for the fiscal year ending December 31, 2023.

The financial outlook, including the various underlying assumptions, constitute forward-looking information within the meaning of applicable securities laws and is fully qualified and based on a number of assumptions and subject to a number of risks described under the headings “Forward-Looking Information” and “Financial Outlook and Growth Targets Assumptions” of this press release.

Growth Targets

Nuvei’s medium-term⁽⁴⁾ annual growth target for revenue, as well as its medium-term⁽⁴⁾ target for capital expenditures (acquisition of intangible assets and property and equipment) as a percentage of revenue and long-term target for Adjusted EBITDA margin⁽²⁾, are shown in the table below.  Nuvei’s targets are intended to provide insight into the execution of our strategy as it relates to growth, profitability and cash generation. As a result, Nuvei is updating its medium-term growth targets by removing Total volume and adding capital expenditures as a percentage of revenue.  In addition, as a result of the Paya acquisition, Nuvei is updating the medium-term revenue target from 30%+ to 20%+ annual year-over-year growth. These medium⁽⁴⁾ and long-term⁽⁴⁾ targets should not be considered as projections, forecasts or expected results but rather goals that we seek to achieve from the execution of our strategy over time, and at a further stage of business maturity, through geographic expansion, product innovation, growing wallet share with existing customers and new customer wins, as more fully described under the heading “Summary of Factors Affecting our Performance” of our most recent Management’s Discussion and Analysis of Financial Condition and Results of Operations. These growth targets, including the various underlying assumptions, constitute forward-looking information within the meaning of applicable securities laws and are fully qualified and based on a number of assumptions and subject to a number of risks described under the headings “Forward-Looking Information” and “Financial Outlook and Growth Targets Assumptions” of this press release. We will review and revise these growth targets as economic, market and regulatory environments change.

This is the performance of the Company with respect to these metrics over the last three years:

⁽¹⁾ Total volume does not represent revenue earned by the Company, but rather the total dollar value of transactions processed by merchants under contractual agreement with the Company. See “Non-IFRS and Other Financial Measures” below.

⁽²⁾ Revenue at constant currency, Revenue growth at constant currency, Organic revenue excluding digital assets and cryptocurrencies at constant currency, , Organic revenue growth excluding digital assets and cryptocurrencies at constant currency, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted net income, Adjusted net income per diluted share and Adjusted EBITDA less capital expenditures are non-IFRS measures and non-IFRS ratios. See “Non-IFRS and Other Financial Measures”.

⁽³⁾ Other than with respect to revenue and capital expenditures as a percentage of revenue, the Company only provides guidance on a non-IFRS basis. The Company does not provide a reconciliation of forward-looking revenue at constant currency (non-IFRS), Organic revenue growth excluding digital assets and cryptocurrencies at constant currency (non-IFRS) to revenue, and Adjusted EBITDA (non-IFRS) to net income (loss) due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliation such as predicting the future impact and timing of acquisitions and divestitures, foreign exchange rates and the volatility in digital assets. In periods where significant acquisitions or divestitures are not expected, the Company believes it might have a basis for forecasting the IFRS equivalent for certain costs, such as employee benefits, commissions and depreciation and amortization. However, because other deductions such as share-based payments, net finance costs, gain (loss) on financial instruments carried at fair market value and current and deferred income taxes used to calculate projected net income (loss) can vary significantly based on actual events, the Company is not able to forecast on an IFRS basis with reasonable certainty all deductions needed in order to provide an IFRS calculation of projected net income (loss). The amount of these deductions may be material and, therefore, could result in projected IFRS net income (loss) being materially less than projected Adjusted EBITDA (non-IFRS). These statements represent forward-looking information and may represent a financial outlook, and actual results may vary. See the risk and assumptions described under the headings “Forward-looking information” and “Financial Outlook and Growth Targets Assumptions” of this press release.

⁽⁴⁾ The Company defines “Medium-term” as between three and five years and “long-term” as five to seven years.

⁽⁵⁾ Capital expenditures means acquisition of Property and equipment and acquisition of intangible assets.

Conference Call Information

Nuvei will host a conference call to discuss its fourth quarter and fiscal year end 2022 financial results today, Wednesday, March 8, 2023 at 8:30 am ET. Hosting the call will be Philip Fayer, Chair and CEO, and David Schwartz, CFO.

The conference call will be webcast live from the Company’s investor relations website at https://investors.nuvei.com under the “Events & Presentations” section. A replay will be available on the investor relations website following the call.

The conference call can also be accessed live over the phone by dialing 877-425-9470 (US/Canada toll-free), or 201-389-0878 (international). A replay will be available approximately one hour after the conclusion of the call and can be accessed by dialing 844-512-2921 (US/Canada toll-free), or 412-317-6671 (international); the conference ID is 13735177. The audio replay will be available through Wednesday, March 22, 2023.

About Nuvei

Nuvei (Nasdaq: NVEI) (TSX: NVEI) is the Canadian fintech company accelerating the business of clients around the world. Nuvei’s modular, flexible and scalable technology allows leading companies to accept next-gen payments, offer all payout options and benefit from card issuing, banking, risk and fraud management services. Connecting businesses to their customers in more than 200 markets, with local acquiring in 47 markets, 150 currencies and more than 600 alternative payment methods, Nuvei provides the technology and insights for customers and partners to succeed locally and globally with one integration.

For more information, visit www.nuvei.com

Non-IFRS and Other Financial Measures

Nuvei’s audited consolidated financial statements have been prepared in accordance with IFRS as issued by the International Accounting Standards Board. The information presented in this press release includes non-IFRS financial measures, non-IFRS financial ratios and supplementary financial measures, namely Adjusted EBITDA, Adjusted EBITDA margin, Revenue at constant currency, Revenue growth at constant currency, Organic Revenue at constant currency, Organic revenue growth at constant currency, Organic revenue excluding digital assets and cryptocurrencies at constant currency, Organic revenue growth excluding digital assets and cryptocurrencies at constant currency, Adjusted net income, Adjusted net income per basic share, Adjusted net income per diluted share, Adjusted EBITDA less capital expenditures, Total volume, Total volume at constant currency, Total organic volume at constant currency and eCommerce volume. These measures are not recognized measures under IFRS and do not have standardized meanings prescribed by IFRS and therefore may not be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement IFRS measures by providing further understanding of our results of operations from our perspective. Accordingly, these measures should not be considered in isolation nor as a substitute for analysis of the Company’s financial statements reported under IFRS. These measures are used to provide investors with additional insight of our operating performance and thus highlight trends in Nuvei’s business that may not otherwise be apparent when relying solely on IFRS measures. We also believe that securities analysts, investors and other interested parties frequently use these non-IFRS and other financial measures in the evaluation of issuers. We also use these measures in order to facilitate operating performance comparisons from period to period, to prepare annual operating budgets and forecasts and to determine components of management compensation. We believe these measures are important additional measures of our performance, primarily because they and similar measures are used widely among others in the payment technology industry as a means of evaluating a company’s underlying operating performance.

Non-IFRS Financial Measures

Revenue at constant currency: Revenue at constant currency means revenue adjusted for the impact of foreign currency exchange fluctuations. This measure helps provide insight on comparable revenue growth by removing the effect of changes in foreign currency exchange rates year-over-year. Foreign currency exchange impact in the current period is calculated using prior period quarterly average exchange rates applied to the current period foreign currency amounts.

Organic revenue at constant currency: Organic revenue at constant currency means revenue excluding the revenue attributable to acquired businesses for a period of 12 months following their acquisition and excluding revenue attributable to divested businesses, adjusted for the impact of foreign currency exchange fluctuations. Foreign currency exchange impact in the current period is calculated using prior period quarterly average exchange rates applied to the current period foreign currency amounts. This measure helps provide insight on organic and acquisition-related growth and presents useful information about comparable revenue growth.

Organic revenue excluding digital assets and cryptocurrencies at constant currency: Organic revenue excluding digital assets and cryptocurrencies at constant currency means revenue excluding the revenue attributable to acquired businesses for a period of 12 months following their acquisition and excluding revenue attributable to divested businesses and digital assets and cryptocurrencies, and adjusted for the impact of foreign currency exchange fluctuations. This measure helps provide insight on comparable revenue growth by removing the effect of volatility in digital assets and cryptocurrencies and changes in foreign currency exchange rates year-over-year. Foreign currency exchange impact in the current period is calculated using prior period quarterly average exchange rates applied to the current period foreign currency amounts. The Revenue attributable to digital assets and cryptocurrencies is calculated in accordance with the accounting policies used to prepare the revenue line item presented in the Company’s financial statements under IFRS.

Adjusted EBITDA: We use Adjusted EBITDA as a means to evaluate operating performance, by eliminating the impact of non-operational or non-cash items. Adjusted EBITDA is defined as net income (loss) before finance costs (recovery), finance income, depreciation and amortization, income tax expense, acquisition, integration and severance costs, share-based payments and related payroll taxes, loss (gain) on foreign currency exchange, and legal settlement and other.

Adjusted EBITDA less capital expenditures: We use Adjusted EBITDA less capital expenditures (acquisition of intangible assets and property and equipment) as a supplementary indicator of our operating performance. In the third quarter of 2022, we retrospectively modified the label of this measure from "Free cash flow" in order to more clearly reflect its composition.

Adjusted net income: We use Adjusted net income as an indicator of business performance and profitability with our current tax and capital structure. Adjusted net income is defined as net income (loss) before acquisition, integration and severance costs, share-based payments and related payroll taxes, loss (gain) on foreign currency exchange, amortization of acquisition-related intangible assets, and the related income tax expense or recovery for these items. Adjusted net income also excludes change in redemption value of liability-classified common and preferred shares, change in fair value of share repurchase liability and accelerated amortization of deferred transaction costs and legal settlement and other.

Non-IFRS Financial Ratios

Revenue growth at constant currency: Revenue growth at constant currency means the year-over-year change in Revenue at constant currency divided by reported revenue in the prior period. We use Revenue growth at constant currency to provide better comparability of revenue trends year-over-year, without the impact of fluctuations in foreign currency exchange rates.

Organic revenue growth at constant currency: Organic revenue growth at constant currency means the year-over-year change in Organic revenue at constant currency divided by comparable Organic revenue in the prior period. We use Organic revenue growth at constant currency to provide better comparability of revenue trends year-over-year, without the impact of acquisitions, divestitures and fluctuations in foreign currency exchanges rates.

Organic revenue growth excluding digital assets and cryptocurrencies at constant currency: Organic revenue growth excluding digital assets and cryptocurrencies at constant currency means the year-over-year change in Organic revenue excluding digital assets and cryptocurrencies at constant currency divided by comparable Organic revenue excluding digital assets and cryptocurrencies in the prior period. We use Organic revenue growth excluding digital assets and cryptocurrencies at constant currency to provide better comparability of revenue trends year-over-year, without the impact of volatility in digital assets and cryptocurrencies and fluctuations in foreign currency exchange rates.

Adjusted EBITDA margin: Adjusted EBITDA margin means Adjusted EBITDA divided by revenue.

Adjusted net income per basic share and per diluted share: We use Adjusted net income per basic share and per diluted share as an indicator of performance and profitability of our business on a per share basis. Adjusted net income per basic share and per diluted share means Adjusted net income less net income attributable to non-controlling interest divided by the basic and diluted weighted average number of common shares outstanding for the period. The number of share-based awards used in the diluted weighted average number of common shares outstanding in the Adjusted net income per diluted share calculation is determined using the treasury stock method as permitted under IFRS.

Supplementary Financial Measures

We monitor the following key performance indicators to help us evaluate our business, measure our performance, identify trends affecting our business, formulate business plans and make strategic decisions. Our key performance indicators may be calculated in a manner that differs from similar key performance indicators used by other companies.

Total volume and eCommerce volume: We believe Total volume and eCommerce volume are indicators of performance of our business. Total volume and similar measures are used widely among others in the payments industry as a means of evaluating a company’s performance. We define Total volume as the total dollar value of transactions processed in the period by customers under contractual agreement with us. eCommerce volume is the portion of Total volume for which the transaction did not occur at a physical location. Total volume and eCommerce volume do not represent revenue earned by us. Total volume includes acquiring volume, where we are in the flow of funds in the settlement transaction cycle, gateway/technology volume, where we provide our gateway/technology services but are not in the flow of funds in the settlement transaction cycle, as well as the total dollar value of transactions processed relating to APMs and payouts. Since our revenue is primarily sales volume and transaction-based, generated from merchants’ daily sales and through various fees for value-added services provided to our customers, fluctuations in Total volume will generally impact our revenue.

Total volume at constant currency: Total volume at constant currency is used as an indicator of performance of our business on a more comparable foreign currency exchange basis. Total volume at constant currency means Total volume adjusted for the impact of foreign currency exchange fluctuations. This measure helps provide better comparability of business trends year-over-year, without the impact of fluctuations in foreign currency exchange rates. Foreign currency exchange impact in the current period is calculated using prior period quarterly average exchange rates applied to the current period foreign currency amounts.

Forward-Looking Information

This press release contains “forward-looking information” and “forward-looking statements” (collectively, “Forward-looking information”) within the meaning of applicable securities laws, including Nuvei's outlook on Total volume, Revenue, Revenue at constant currency, Organic revenue excluding digital assets and cryptocurrencies at constant currency, Organic revenue growth excluding digital assets and cryptocurrencies at constant currency, and Adjusted EBITDA for the three months ending March 31, 2023 and the year ending December 31, 2023 as well as medium and long-term targets on Revenue, Capital expenditures as a percentage of revenue, and Adjusted EBITDA margin. This forward-looking information is identified by the use of terms and phrases such as “may”, “would”, “should”, “could”, “expect”, “intend”, “estimate”, “anticipate”, “plan”, “foresee”, “believe”, or “continue”, the negative of these terms and similar terminology, including references to assumptions, although not all forward-looking information contains these terms and phrases. Particularly, statements relating to the Paya acquisition, including expectations regarding anticipated cost savings and synergies and the strength, complementarity and compatibility with Nuvei's business; of future results, performance, achievements, prospects or opportunities or the markets in which we operate, expectations regarding industry trends and the size and growth rates of addressable markets, our business plans and growth strategies, addressable market opportunity for our solutions, expectations regarding growth and cross-selling opportunities and intention to capture an increasing share of addressable markets, the costs and success of our sales and marketing efforts, intentions to expand existing relationships, further penetrate verticals, enter new geographical markets, expand into and further increase penetration of international markets, intentions to selectively pursue and successfully integrate acquisitions, and expected acquisition outcomes and benefits, future investments in our business and anticipated capital expenditures, our expectation to prioritize share repurchases with excess cash, our intention to continuously innovate, differentiate and enhance our platform and solutions, expected pace of ongoing legislation of regulated activities and industries, our competitive strengths and competitive position in our industry, expectations regarding our revenue, revenue mix and the revenue generation potential of our solutions, expectations regarding our margins and future profitability, our financial outlook and guidance as well as medium and long-term targets in various financial metrics, and the future impact of the COVID-19 pandemic is forward-looking information. Economic and geopolitical uncertainties, including regional conflicts and wars, including potential impacts of sanctions, may also heighten the impact of certain factors described herein.

In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent management’s expectations, estimates and projections regarding future events or circumstances.

Forward-looking information is based on management's beliefs and assumptions and on information currently available to management, regarding, among other things, assumptions related to the Paya acquisition (including the Company's ability to retain and attract new business, achieve synergies and strengthen its market position arising from successful integration plans relating to the Paya acquisition); the Company's ability to otherwise complete the integration of the Paya business within anticipated time periods and at expected cost levels; the Company's ability to attract and retain key employees in connection with the Paya acquisition; management's estimates and expectations in relation to future economic and business conditions and other factors in relation to the Paya acquisition and resulting impact on growth in various financial metrics; assumptions regarding foreign exchange rate, competition, political environment and economic performance of each region where the Company operates; the realization of the expected strategic, financial and other benefits of the Paya acquisition in the timeframe anticipated; and the absence of significant undisclosed costs or liabilities associated with the Paya acquisition; and general economic conditions and the competitive environment within our industry. See also "Financial Outlook and Growth Targets Assumptions”.

Unless otherwise indicated, forward-looking information does not give effect to the potential impact of any mergers, acquisitions, divestitures or business combinations that may be announced or closed after the date hereof. Although the forward-looking information contained herein is based upon what we believe are reasonable assumptions, investors are cautioned against placing undue reliance on this information since actual results may vary from the forward-looking information. Nuvei’s financial outlook also constitutes financial outlook within the meaning of applicable securities laws and is provided for the purposes of assisting the reader in understanding management's expectations regarding our financial performance and the reader is cautioned that it may not be appropriate for other purposes. Our medium and long-term growth targets serve as guideposts as we execute on our strategic priorities in the medium to long term and are provided for the purposes of assisting the reader in measuring progress toward management’s objectives, and the reader is cautioned that they may not be appropriate for other purposes.

Forward-looking information involves known and unknown risks and uncertainties, many of which are beyond our control, that could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These risks and uncertainties include, but are not limited to, the risk factors described in greater detail under “Risk Factors” of the Company’s annual information form filed on March 8, 2023 (the “AIF”). In particular, our financial outlook and medium and long-term targets are subject to risks and uncertainties related to:

• risks relating to our business and industry, such as the ongoing COVID-19 pandemic and the Russian invasion of Ukraine, including the resulting global economic uncertainty and measures and sanctions taken in response thereto;
• a declining level of volume activity and significant volatility in certain verticals, including digital assets, and the resulting negative impact on the demand for, and prices of, our products and services and the resulting effect on consumer spending trends;
• the rapid developments and change in our industry;
• intense competition both within our industry and from other payments methods;
• changes in foreign currency exchange rates, inflation, interest rates, consumer spending trends, supply chain challenges and other macroeconomic factors affecting our customers and our results of operations;
• Nuvei’s inability to successfully integrate the Paya business;
• legal proceedings that may be instituted related to the Paya acquisition and the impact of significant demands placed on management as a result thereof;
• the potential failure to realize anticipated benefits from the Paya acquisition;
• potential undisclosed costs of liabilities associated with the Paya acquisition, which may be significant;
• the failure to retain Paya’s personnel and customers;
• the rapid developments and change in our industry;
• Intense competition both within our industry and from other payments providers;
• challenges implementing our growth strategy;
• challenges to expand our product portfolio and market reach;
• challenges in expanding into new geographic regions internationally and continuing our growth within our markets;
• challenges in retaining existing customers, increasing sales to existing customers and attracting new customers;
• managing our growth effectively;
• difficulty to maintain the same rate of revenue growth as our business matures and to evaluate our future prospects;
• history of net losses and additional significant investments in our business;
• our level of indebtedness;
• any potential acquisitions or other strategic opportunities, some of which may be material in size or result in significant integration difficulties or expenditures;
• challenges related to a significant number of our customers being small-and-medium sized businesses ("SMBs");
• concentration of our revenue from payment services;
• reliance on, and compliance with, the requirements of acquiring banks and payment networks;
• challenges related to the reimbursement of chargebacks from our customers;
• decline in the use of electronic payment methods;
• loss of key personnel or difficulties hiring qualified personnel;
• impairment of a significant portion of intangible assets and goodwill;
• increasing fees from payment networks;
• reliance on third-party partners to sell some of our products and services;
• misappropriation of end-user transaction funds by our employees;
• fraud by customers, their customers or others;
• the degree of effectiveness of our risk management policies and procedures in mitigating our risk exposure;
• the integration of a variety of operating systems, software, hardware, web browsers and networks in our services;
• the costs and effects of pending and future regulatory proceedings and litigation;
• challenges to secure financing on favorable terms or at all; and,
• measures determined in accordance with IFRS may be affected by unusual, extraordinary, or non-recurring items, or by items which do not otherwise reflect operating performance, making period-to-period comparisons less relevant.

Consequently, all of the forward-looking information contained herein is qualified by the foregoing cautionary statements, and there can be no guarantee that the results or developments that we anticipate will be realized or, even if substantially realized, that they will have the expected consequences or effects on our business, financial condition or results of operation. Unless otherwise noted or the context otherwise indicates, the forward-looking information contained herein represents our expectations as of the date hereof or as of the date it is otherwise stated to be made, as applicable, and is subject to change after such date. However, we disclaim any intention or obligation or undertaking to update or amend such forward-looking information whether as a result of new information, future events or otherwise, except as may be required by applicable law.

Financial Outlook and Growth Targets Assumptions

The financial outlook for the three months ending March 31, 2023, and the year ending December 31, 2023, and specifically the Adjusted EBITDA, as well as the Adjusted EBITDA margin long-term growth target, reflect the Company’s strategy to accelerate its investment in distribution, marketing, innovation, and technology. When measured as a percentage of revenue, these expenses are expected to decrease as our investments in distribution, marketing, innovation, and technology normalize over time.

Our financial outlook and growth targets are based on a number of additional assumptions, including the following:

• our results of operations and ability to achieve suitable margins will continue in line with management’s expectations;
• we will continue to effectively execute against our key strategic growth priorities, without any material adverse impact from macroeconomic trends on our or our customers’ business, financial condition, financial performance, liquidity nor any significant reduction in demand for our products and services;
• losses owing to business failures of merchants and customers will remain in line with anticipated levels;
• existing customers growing their business and expanding into new markets within selected high-growth eCommerce end-markets, including online retail, online marketplaces, digital goods and services, regulated online gaming, social gaming, financial services and travel;
• economic conditions in our core markets, geographies and verticals, including resulting consumer spending and employment, remaining at close to current levels;
• assumptions as to the value of digital assets, foreign exchange rates and interest rates, including inflation;
• higher volatility and lower volume in digital assets; Nuvei expects the contribution of digital assets will continue to decline and to represent no more than 5% of revenue going forward;
• Nuvei’s ability to retain and attract new business, achieve synergies and strengthen its market position arising from successful integration plans relating to the Paya acquisition;
• management’s estimates and expectations in relation to future economic and business conditions and other factors in relation to the Paya acquisition and resulting impact on growth in various financial metrics;
• assumptions regarding competition, political environment and economic performance of each region where Nuvei operates;
• the realization of the expected strategic, financial and other benefits of the Paya acquisition in the timeframe anticipated;
• the absence of significant undisclosed costs or liabilities associated with the Paya acquisition
• our ability to cross-sell and up-sell new and existing products and services to our existing customers with limited incremental sales and marketing expenses;
• our customers increasing their daily sales, and in turn their business volume of our solutions, at growth rates at or above historical levels for the past few years;
• our ability to maintain existing customer relationships and to continue to expand our customers’ use of more solutions from our Native Commerce Platform at or above historical levels for the past few years;
• our ability to leverage our sales and marketing experience in capturing and serving customers in North America and large enterprises in Europe and enable customer base expansion by targeting large enterprises in North America, with a focus in eCommerce channels;
• our sales and marketing efforts and continued investment in our direct sales team and account management driving future growth by adding new customers adopting our technology processing transactions in existing and new geographies at or above historical levels;
• our ability to further leverage our broad and diversified network of partners;
• our ability to expand and deepen our footprint and to add new customers adopting our technology processing transactions in geographies where we have an emerging presence, such as Asia Pacific and Latin America;
• our ability to expand and keep our portfolio of services technologically current through continued investment in our Native Commerce Platform and to design and deliver solutions that meet the specific and evolving needs of our customers;
• our ability to maintain and/or expand our relationships with acquiring banks and payment networks;
• our continued ability to maintain our competitiveness relative to competitors’ products or services, including as to changes in terms, conditions and pricing,
• our ability to expand profit margins by reducing variable costs as a percentage of total expenses, and leveraging fixed costs with additional scale and as our investments in, for example, direct sales and marketing normalize;
• increases in volume driving profitable revenue growth with limited additional overhead costs required, as a result of the highly scalable nature of our business model and the inherent operating leverage;
• our continued ability to manage our growth effectively;
• we will continue to attract and retain key talent and personnel required to achieve our plans and strategies, including sales, marketing, support and product and technology operations, in each case both domestically and internationally,
• our ability to successfully identify, complete, integrate and realize the expected benefits of past and future acquisitions and manage the associated risks;
• the absence of adverse changes in legislative or regulatory matters;
• our continued ability to upskill and modify our compliance capabilities as regulations change or as we enter new markets, such as our customer underwriting, risk management, know your customer and anti-money laundering capabilities, with minimal disruption to our customers’ businesses;
• our liquidity and capital resources, including our ability to secure debt or equity financing on satisfactory terms; and,
• the absence of adverse changes in current tax laws.

Contact:

Investors

Chris Mammone, Head of Investor Relations

IR@nuvei.com

Statements of Profit or Loss and Comprehensive Income or Loss Data

(in thousands of U.S. dollars except for shares and per share amounts)