MEXICO CITY, Oct. 19, 2020 – Nuvei Corporation (“Nuvei”) (TSX: NVEI and NVEI.U), the global payment technology partner of thriving brands, announced today the expansion of its local Mexican acquiring platform.
SafeCharge Payments Mexico, S.A. de C.V. (the “Company”), an indirect subsidiary operating under the brand name Nuvei, is now licensed with the Comisión Nacional Bancaria y de Valores (CNBV), Mexico’s banking and securities regulator, and Banco de México, Mexico’s central bank.
The CNBV is an independent agency of Mexico’s Secretariat of Finance and Public Credit body. The autonomous agency supervises and regulates the Mexican financial system. The license is the latest addition to Nuvei’s ongoing global expansion initiatives, furthering its local payment capabilities, technologies and business relationships throughout Latin America and other regions of the world.
The CNBV license was granted due to the Company’s solid standing as a local payment provider in Mexico, along with Nuvei’s international size and scale. Licensing will enhance the ability to perform local acquiring in the Mexican market. The Company is currently the only non-bank affiliated online processor to receive the license, underscoring its commitment to identify and serve the unique needs of local and regional merchants throughout the country, while adhering to industry best-practices and regulations to protect fair trade and commerce.
Licensing and endorsement have now been granted by the main financial governing bodies in Mexico. In addition to the CNBV and Banco de México, the Company has a direct relationship with PROSA, the main payment processor in Mexico. The additional licenses will provide value to both local and global merchants seeking to increase authorization rates, reduce potential fraud and benefit from fully-supported local acquiring in Mexico and across Latin America, all through Nuvei’s single integrated platform.
Nuvei’s chairman and CEO Philip Fayer stated that the license is anticipated to have a positive effect, both for its clients and stakeholders.
“We expect the CNBV license to further improve our position when pursuing new financial and business relationships within the Mexican regulated market,” he said. “It also allows us to open new channels of communication with the Mexican government and local financial institutions, expanding and strengthening our trusted network as we work to securely and reliably process local and cross-border payment transactions.”
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.
This press release contains “forward-looking information” within the meaning of applicable securities laws, including statements with regards to the potential opportunities arising from the CNBV and Banco de México licensing. Forward-looking information involves known and unknown risks and uncertainties, many of which are beyond the Company’s 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 those described under “Risk Factors” in Nuvei’s final base PREP prospectus. Forward-looking information is based on management’s beliefs and assumptions and on information currently available to management. Although the forward-looking information contained in this press release is based upon what management believes are reasonable assumptions, you are cautioned against placing undue reliance on this information since actual results may vary from the forward-looking information. Unless otherwise noted or the context otherwise indicates, the forward-looking information contained in this press release is provided as of the date of this press release, and the Company does not undertake 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.