Nuvei Establishes Good Baseline for Future Growth in Q1 2023

Nuvei reported that its total volume increased to $42.4 billion, or a 45% gain for the period ended March 31, 2023. The company saw revenue increase by 20% to $256.5 million, which was mostly based on eCommerce.

Nuvei Marks Big Regional Gains, Improved Financial Outlook

The results also saw big regional gains, with the North American market growing by 55% and the Latin American market adding another 68% in regional gains there. Europe, the Middle East, and Africa, however, saw a decrease in overall revenue by 4% to $119.8 million.

Nuvei has utilized the power of payments to offer better results for its partners in iGaming and gaming, assisting brands convert and onboard their customers – something that is often achieved through a smoother registration and payment process.

At the beginning of the year, Nuvei also agreed to acquire Paya Holdings for $1.30 billion, which is a company focusing on integrating payment and commerce solutions for North American merchants. The acquisition was hailed at the time by Nuvei CEO Philip Fayer who said that the move was a step in the evolution of the company and the creation of a preeminent payment technology provider.

Paya is also going to help the company achieve between $50 million and $100 million in new revenue synergy opportunities by 2027. Nuvei has also been spending heavily on technological investment, with the company’s investment in the segment going up by 40%.

In light of these results, Nuvei has also provided its financial outlook for the next quarter which will be ending up on June 30, 2023, and the fiscal year which will end on December 31, 2023. Mostly, the company expects stronger organic revenue growth.

Strong Growth and Good Baseline for Future Success

Fayer felt confident about his company’s present results, and he hailed the first quarter as a good start to 2023. He commended the gains in market share, innovation, and geographic reach and said that all of this was a precursor of even stronger quarters to come.

“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,” Fayer noted.

The company has been rapidly building its gaming footprint in the United States with license approvals in both Maryland and Kansas.