PAYMENTS, FINTECH
Nuvei and Paya | January 16, 2023
Nuvei Corporation, a Canadian fintech company, and Paya Holdings Inc., a leading U.S. provider of integrated payment and commerce solutions, have entered into a definitive agreement to acquire Paya at USD 9.75 per share for approximately $1.3 billion in cash.
Philip Fayer, Nuvei's Chair and Chief Executive Officer, said, "The proposed acquisition of Paya is a powerful next step in the evolution of Nuvei, creating a preeminent payment technology provider with strong positions in global eCommerce, Integrated Payments and business-to-business (B2B)." He further stated, "The proposed transaction will combine two people-first, technology-led, high-growth payment platforms. It will accelerate our integrated payment strategy, diversify our business into key high-growth, non-cyclical verticals with large addressable end markets and enhance the execution of our growth plan."
(Source- Globe Newswire)
The strategic rationale and benefits of the transaction are as follows:
It improves Nuvei's capability to capitalize on high-growth integrated payment opportunities
Expands Nuvei's business over non-cyclical, high-growth, underpenetrated end markets with substantial estimated TAMs.
Increases Nuvei's reach into the booming B2B market
Develops Nuvei's growth plan
Strengthens Nuvei's strong financial profile
Nuvei's purchase of Paya is expected to close by the end of the first quarter of 2023. The purchase price is 25% above the closing price on January 6, 2023. The company will finance the transaction using cash, existing credit facilities along with a $600 million first-lien-secured credit facility.
The list of advisors includes Barclays Capital Inc., BMO Capital Markets, RBC Capital Markets, and Evercore Group LLC.
About Nuvei
Nuvei, a Canadian fintech company, accelerates global clients' businesses. It is the payment technology partner that delivers unified commerce solutions and expertise to its clients and helps them capture every payment opportunity that comes their way. Leading organizations can take next-gen payments, offer all payout choices, and use card issuing, banking, risk, and fraud management services with Nuvei's modular, adaptable, and scalable platform. The company connects businesses to customers in over 200 markets through local acquisition in 47 markets, 150 currencies, and 586 payment methods.
About Paya
Paya is a primary provider of integrated payment and frictionless commerce solutions that help clients accept and process payments, receive money faster, and improve operations. The company is the top U.S. payment processor that processes about $40 billion in credit/debit card, ACH, and checks payments annually. It serves over 100,000 customers through 2,000 major distribution partners in high-growth verticals like healthcare, education, non-profit, government, utilities, and other B2B end markets.
Read More
CORE BANKING, FINTECH
Pacific Service Credit Union and Lumin Digital | January 20, 2023
On January 19, 2023, Lumin Digital announced that it established a multi-year agreement with Pacific Service Credit Union (Pacific Service CU) in California to promote an improved online banking experience for the latter's almost 70,000 members and assets worth over $1 billion.
Lumin's cloud-based online and mobile digital banking platform, set to launch in October, will provide better safety, security features, and seamless digital integration. This would help Pacific Service CU develop tailored experiences by providing personalized suggestions such as spending insights, financial guidance, savings goals, and fraud warnings.
Michelle Shelor, Chief Operating Officer of Pacific Service Credit Union, stated, "At Pacific Service CU, we've built a strong reputation for providing world-class products and services for our members." Michelle continued, "Our partnership with Lumin Digital will greatly improve the user experience and back-end processes. We are excited to bring this new technology to our members."
(Source – Cision PR Newswire)
Lisa Daniels, Lumin Digital's Chief Delivery Officer, indicated that Pacific Service CU's members would benefit from the cooperation. In a recent digital-banking analysis from The Financial Brand, U.S. financial leaders foresee four themes for 2023, all of which are Lumin's focus - digital transformation, boosting data and analytics, streamlining the customer journey, and extending digital product and payment capabilities.
"Addressing these critical areas hasn't always led to predictable outcomes for financial institutions in the past," Lisa Daniels said. "Lumin's thoughtful approach, experienced implementation teams, and innovative technology stack simplify this process greatly - providing Pacific Service CU with the confidence, security, and engagement they deserve from their digital partner," she concluded.
(Source – Cision PR Newswire)
About Lumin Digital
Lumin Digital, a majority-owned subsidiary of a PSCU, provides a cloud-native platform that redefines digital banking for financial institutions. The platform offers a complete and modern integrated suite of capabilities based on the industry's most sophisticated technology and best practices. In addition, through a patented engagement model that enables highly focused, actionable, and distinctive digital interactions, organizations will be able to create excellent user experiences across platforms, enabling more personalized journeys and connected relationships.
About Pacific Service Credit Union
Pacific Service Credit Union, headquartered in Concord (California), is a full-service financial institution. The company, recognized as a Bay Area Top Workplace from 2019 to 2022, has a talented, cohesive leadership team with an average of over 11 years of service. Meanwhile, San Francisco Business Times has also recognized its corporate generosity over the years, placing it in an elite group of businesses that give away more than 2% of its annual profits.
Read More
PAYMENTS, FINTECH
SUNRATE | January 17, 2023
SUNRATE, a leading global fintech firm, announced today that it has successfully integrated Mastercard Cross-Border Services into its intelligent global payment and treasury management platform thereby, enhancing its customers' worldwide cross-border payment capabilities.
Mastercard Cross-Border Services integration is the latest expansion of the two firms' ongoing global partnership. In 2020, SUNRATE secured the Mastercard principal membership, providing the company with direct access to Mastercard's leading global payments network and resources.
Mastercard Cross-Border Services facilitates businesses to send and receive money safely and confidently through a single, secure point of access. SUNRATE's successful integration implies that its clients can send money to five designated Asian nations, including the Philippines, Thailand, Malaysia, Vietnam, and China.
SUNRATE Head of Product, Qincheng Wang, stated, "We have a vision for SUNRATE to be the go-to B2B payment and treasury management platform, especially for emerging markets. As such, the flexibility brought about by Mastercard Cross-Border Services, such as the capability to make cross-border payments to the most popular and emerging markets worldwide is something that our customers are very excited about. Our collaboration with Mastercard will allow our customers to focus on what is more important in their scaling journey, such as localization efforts and potentially establishing new revenue streams for their businesses."
(Source – PR Newswire)
"Mastercard is pleased to further its collaboration with SUNRATE via its Cross Border Services solution, enriching SUNRATE's remittance service in a faster, safer, more transparent and cost-effective way. Mastercard Cross Border Services reaches over 100 markets and 90% of the world's population and this partnership will continue to expand in hopes of enhancing the cross-border service for businesses," said Helena Chen, Managing Director, Hong Kong and Macau, Mastercard.
(Source – PR Newswire)
About SUNRATE
Founded in 2016, SUNRATE is a global payment and treasury management platform for enterprises worldwide. It has been recognized as a leading solutions provider, enabling companies in over 130 countries to accelerate local as well as global growth through its cutting-edge proprietary platform, broad global network, and robust APIs. Headquartered in Singapore and offices in Indonesia, the United Kingdom, Japan, and China, SUNRATE collaborates with the world's leading financial institutions, including Standard Chartered, Citibank, and Barclays, and is a Mastercard and Visa principal member.
Read More