Nuvei announces 39% increase in total volume growth for 2022

The Canadian fintech company, Nuvei, has reported its financial results for the year ended 31 December 2022.

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The company released a total of 96 new products, including a new back-end processing platform and new payment methods.

After this year, Nuvei has increased its portfolio of payment methods to a total of 603, including different cryptocurrencies.

The report found that the total volume increased in Q4 by 28%, to $40.3bn. It also found that eCommerce made up 91% of this.

Revenue also increased in Q4 to $220.3m from $211.9m, although foreign currency exchange rates and volatility in the cryptocurrency market negatively impacted this.

Organic revenue growth was 26% when digital assets and cryptocurrencies were excluded, reflected in growth to $209.6m from $165.7m.

However, for the entire fiscal year, total volume increased to $127.7bn from $95.6bn when compared to 2021. The total volume growth at a constant currency was 39%, increasing to $132.7bn.

Revenue increased by 16%, to $843.3m. The report found that across the year, foreign currency exchange rates impacted this by $40.5m.

Philip Fayer, Nuvei Chair and CEO, said: “2022 was another strong year for Nuvei highlighted by total volume growth of 39% on a constant currency basis, reflecting continued progress and execution of our strategic initiatives.”

The foreign currency rates and cryptocurrency assets were found to fluctuate most in the European, Middle Eastern and African markets.

This is reflected in Europe holding the only decrease for the company in Q4, with a revenue drop of 9% to $115.9m.

Due to Australia being added to the Asia Pacific region, along with scaling acquiring capabilities in Singapore and Hong Kong, revenue for Q4 increased by 107% to $2.9m for this region alone.

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