Nuvei announces Q1 2023 results, revenue up 20%
Following its acquisition of Paya, a US provider of integrated payment and frictionless commerce solutions, Nuvei has released how this has affected its Q1 results.
Nuvei’s Q1 revenue increased by 20% to $256.5m, which was fuelled by a 55% growth in North America and 68% in Latin America.
However, Europe, the Middle East and Africa decreased by 4% to $119.8m due to fluctuations in foreign currency and cryptocurrency volatility.
Adjusted EBITDA also saw an increase to $96.3m, but the company reported a net loss of $8.3m.
Notably, Nuvei acquired Paya in a $1.3bn deal that was completed on 22 February this year. This included a one-time acquisition cost of approximately $20m (which would have affected net loss).
Philip Fayer, Nuvei Chair and CEO, said: “Nuvei is off to a strong start in 2023, delivering first quarter results ahead of our financial outlook, as we execute on our strategic initiatives, grow our market share, drive innovation, and extend our geographic reach.
“I am confident that Nuvei’s growing leadership position within the payment ecosystem and global platform advantages will allow us to continue to deliver sustainable and durable growth.
“We are raising the low end of our prior full year 2023 financial outlook by the amount of the first quarter’s outperformance and reiterating the high end of the range.”
Nuvei noted that e-commerce accounted for 90% of total volume, with the overall segment growing 45% to $42.4bn.
During Q1, Nuvei welcomed a total of 359 new team members into the company, including those who came from the recently acquired Paya.
Scott Calliham was also introduced as the new Chief Strategy Officer in changes made to the executive leadership team, with Caitlin Shetter also welcomed as the new global Chief People Officer.
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