Nuvei Reports 30% Growth in Payments Processing Volume
Canadian payments platform Nuvei reported better-than-expected third-quarter results Thursday (Nov. 3), with the company seeing a 30% increase in processing volume.
“Results were driven by higher volumes and wallet share expansion as reflected in our constant currency volume growth of 38%, new client wins, our continued investment in technology and product offerings, and our geographic expansion,” Philip Fayer, Nuvei’s CEO and chairman, said in a news release.
According to the release, Nuvei’s total volume rose from $21.6 billion to $28 billion, with eCommerce transactions accounting for 87% of that volume. The Montreal company’s revenues increased by 7%, from $183.9 million to $191.7 million.
The report follows a busy month for Nuvei, which recently unveiled a payments interface for small to medium-sized businesses (SMBs) which includes enterprise-grade capabilities.
Dubbed Nuvei Simply Connect, the tool is a software development kit (SDK) solution that is simple to implement and features “very low code” tools that let businesses pick fonts, colors, payment methods, currencies and languages.
October also saw Nuvei team up with Visa to offer cardholders the chance to make installment payments through the Nuvei network in Canada.
Read more: ‘Partial’ Approval Helps Merchants Close Sales, Drive Loyalty, New Revenues
Earlier this year, PYMNTS’ Karen Webster spoke with Nuvei President Yuval Ziv about some of the must-haves in the world of payments.
No matter the vertical, he said, merchants must ensure the customer experience is a smooth one so that shoppers can come back to that business’ site and feel at home.
But consumers want more than just a frictionless experience, they also want their merchants to offer a range of options like subscriptions, discounts, and even complementary goods and services as they make their buying journey.
“If the merchant has the capability to receive data properly analyzed by the merchant team or by the payment provider — or by both — then you are really pushing forward towards a streamlined checkout process,” Ziv said.