MONTREAL and LONDON, May 31, 2023 – Nuvei Corporation (“Nuvei” or the “Company”) (Nasdaq: NVEI) (TSX: NVEI), the Canadian fintech company, announces today that it has extended its partnership with leading UK online marketplace, OnBuy, to support the innovative eCommerce platform’s ambitious plans for 2023.
OnBuy launched its integration of Nuvei for Platforms, Nuvei’s industry-redefining integrated payments solution for marketplaces, in 2022. Nuvei for Platforms provides access to enterprise-level payments solutions to small and medium-sized businesses by packaging the complete functionality of Nuvei’s core modular platform into a single seamless integration. This includes merchant onboarding, pay-ins and payouts, optimization, orchestration, fraud prevention, risk management, and more.
To further its impressive growth trajectory, OnBuy set out to deliver a series of major updates this year, powered by Nuvei’s next-generation technology and a promise that customers could now enjoy the payment solutions they want, wherever they are.
Commenting on the partnership, OnBuy’s Founder and CEO, Cas Paton, said: “With our rapid growth at significant pace, we needed a partner that understood both our challenges today and could see our vision for tomorrow – and after meeting with most major players in payments, we knew that partner was Nuvei.
Paton continued: “Nuvei’s extensive connectivity and our passion to be the best for customers mean our objectives and values are aligned. We have a huge array of synergies, and have been able to launch the first phase of updates unbelievably quickly. Nuvei’s customer support team is exceptional, helping us to achieve in months what could have otherwise taken years.”
Accelerating growth through the checkout
OnBuy was recently named as Europe’s number one fastest-growing eCommerce company by the Financial Times, just months after placing 11th overall at the Deloitte Fast 50 awards. It attributes much of this recognition to prioritizing its customers and sellers, which has been further demonstrated through recent enhancements to its payments capabilities and customer experience.Since deploying with Nuvei, the once PayPal-only marketplace has already launched Visa, Mastercard, PayPal, Klarna, Clearpay, Google Pay and Apple Pay. This has allowed OnBuy to offer its customers more payment options than its competitors in a climate of growing consumer demand for choice and convenience.Paton added: “Nuvei has not just delivered a fantastic gateway, but unparalleled experience with risk mitigation, acceptance rate optimization, and conversion rate optimization. Even in the first month after launching, we saw over 35% revenue growth from a 13% increase in conversion rate - and we're only just getting started!”
As part of the transition to Nuvei, OnBuy has also introduced direct payments for sellers, meaning they can now withdraw directly into their WorldFirst, Payoneer, or UK bank account, on a day that suits them.
Helping to remove third-party costs, high international payment fees and complex policies, this move has also opened the marketplace’s doors to more international sellers and made onboarding even easier.
Next stop: Global expansion
OnBuy and Nuvei have confirmed the partnership upgrades will continue throughout the remainder of 2023, with focus switching to OnBuy’s global expansion plans.Yuval Ziv, President of Nuvei, commented: "OnBuy is an exciting marketplace, and being recognized as Europe's fastest-growing eCommerce business is a major feat for any scale-up business - especially considering that they only operate in the UK currently. Nuvei’s broad local acquiring network, connectivity to over 200 local markets, access to over 600 local alternative payment methods, and vast experience supporting global expansion positions us perfectly to meet OnBuy’s international growth agenda. We look forward to seeing our partnership develop and to take advantage of the exciting opportunities that are available to us in the near future."Paton concluded: “We set out to do something massive for both our sellers and customers this year, and we’ve only just begun.“Nuvei has unlocked a future eCommerce leader in OnBuy, and OnBuy has evidenced how execution can be simplified with a leading global payment partner – and I can’t wait to see what else we can achieve together as we go on the next wave of our journey.“
Together, OnBuy and Nuvei have many more opportunities to harness and a lot to play for, with internationalisation at the heart of what’s next for OnBuy.”
About OnBuy
Founded in the UK in 2016 by Cas Paton, OnBuy has a simple vision: to be the best choice for every customer, everywhere. The brand has established itself in the eCommerce sector as a pure online marketplace that doesn’t compete with retailers. This fair and transparent approach provides an exceptional experience for buyers by levelling the playing field for sellers.Offering 35 million products, OnBuy gives thousands of verified online retailers the platform to provide competitive prices and exceptional value to customers. From household names to independent sellers, buyers can shop securely for products from a wide range of categories, such as electricals, beauty, home and garden, toys, and baby supplies.Trusted by millions of consumers and world leading brands, OnBuy’s mission is clear; it doesn’t compete, it partners with retailers. By understanding customers, OnBuy continues to deliver the shopping experience that they want again and again. www.onbuy.com
Media Enquiries: Rosie Fitzgerald | Head of Brand | rosie.fitzgerald@onbuy.com
About Nuvei
Nuvei (Nasdaq: NVEI) (TSX: NVEI) is the Canadian fintech company accelerating the business of clients around the world. Nuvei’s modular, flexible and scalable technology allows leading companies to accept next-gen payments, offer all payout options and benefit from card issuing, banking, risk and fraud management services. Connecting businesses to their customers in more than 200 markets, with local acquiring in 47+ markets, 150 currencies and more than 600 alternative payment methods, Nuvei provides the technology and insights for customers and partners to succeed locally and globally with one integration.
For more information, visit www.nuvei.com
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