Payment technology provider Nuvei Corporation agreed yesterday to buy Simplex, an Israel-headquartered cryptocurrency infrastructure provider backed by corporate investors Bitmain and Cumberland Mining, for approximately $250m in an all-cash transaction.
Founded in 2014, Simplex provides software that allows digital currency exchanges, brokers, wallet and liquidity providers to buy or sell cryptocurrencies through credit and debit cards.
Nuvei chairman and CEO Philip Fayer said: “We expect Simplex to enhance and expand Nuvei’s steadily growing portfolio of alternative payment methods, adding turnkey simplicity to the process of buying and selling cryptocurrency and converting it back to fiat within a user account – ultimately reducing complexity for merchants and consumers.
“Simplex’s infrastructure is a natural fit for Nuvei’s Native Commerce Platform, further strengthening the capabilities and overall value proposition of our single-integration approach to payments. We are excited to welcome Simplex to the Nuvei team.”
The company had reportedly raised a total of $8.4m as of a $7m series A round in 2016 featuring bitcoin mining technology provider Bitmain and Cumberland Mining, a subsidiary of trading firm DRW, as well as FundersClub and undisclosed individuals.
