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Nuvei releases financial results for 2021; revenue up 93%

Nuvei Corporation’s revenue almost doubled in the 12 months ending 31 December 2021, with the payments company’s share price rising 11% after releasing its financial results. 

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With a set of positive results across the board, the company attributed a strong 2021 to a combination of “product innovation, growth with existing customers, attracting new customers and acquisitions.” 

The total value of payments processed by Nuvei, which partners with 50,000 businesses worldwide, reached $95.6bn. This in itself represented a $52bn, or 121%, increase compared with the previous year. 

Nuvei also announced revenue of $725m, which represented an increase of $348m, or 93% year-on-year; adjusted EBITDA was reported at $317m, representing an increase of $154m, or 95% compared with 2020, and adjusted net income of $249m, an increase of $160m or 179% year-on-year. 

The company also saw its cash reserves increase during the period, doubling to $290m from $145m. 

Philip Fayer, CEO & Chairman, Nuvei, commented: “Our team delivered an excellent quarter in which we exceeded our financial outlook, capping off an exceptional year. We have made tremendous progress while investing in our flexible, scalable, modular technology platform to address the rapidly evolving global and local needs of our customers.  

“As our addressable market increases, four pillars underpin our trajectory and remain central to our strategic priorities in driving the future of commerce: product innovation, growth with existing customers, attracting new customers, and acquisitions. These lay the foundation for us to build on our momentum which is reflected in the financial outlook.” 

Nuvei also released its financial results for Q4 2021, which followed a similar pattern to those of its full year. 

Total volume of payments amounted to $31.5bn, increasing by 127%; revenue reached $212m, up by 83%; adjusted EBITDA increased to $92m, up by 78% and adjusted net income stood at $71m, an increase of 52%. 

Included among its operational highlights was the addition of 75 employees, expanding capabilities in the LatAm and UAE regions and securing licences in Hong Kong and Singapore.

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