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Simplex, an Israeli payments startup that offers fiat payment infrastructure to crypto firms, is negotiating to be acquired by Nuvei, the Canadian payment processor. As reported by the local media on Thursday the two firms are already believed to be in advanced discussion regarding the deal that could be closed for a sum between $200 million and $250 million.
Nuvei in Talks to Acquire Simplex
The Israeli payments firm Simplex was founded in the year 2014 by Nimrod Lehavi, the CEO of the company, and two other former employees of PayPal named Netanel Kabala and Erez Shapira. They are holding the position of Chief Analytics Officer and Chief Technology Officer respectively.
In addition to this, it should be known that the company offers fiat onramp and offramp services to the crypto platforms, and some of its clients include names of giants such as Bitpay, Binance, Poloniex, Paxos, and many more.
The firm has stretched its services aggressively and is assisting firms in issuing cryptocurrency credit and debit cards as well along with becoming a principal member of Visa.
Simplex Banking, the startup was launched last December, a crypto banking solution that can be easily integrated into exchanges and wallet applications and is licensed as a financial institution under the European Union.
Electronic Payment Processing Service Provider Enters Crypto Industry
Nuvei, an electronic payment processing service provider based in Montreal is a public firm that launched its IPO in September 2020 to get listed on the Toronto Stock Exchange.
The company currently has a market capitalization of approximately $10 billion and the recent acquisition of Simplex will be opening the gates of the crypto industry for the company.
Nuvei completed the acquisition procedure of SafeCharge in an all-cash deal in the year 2019, the firm did so by paying $899 million. This deal positioned the firm as a global payments processor.