Fintech
Nuvei and Mastercard Partner to Bridge the Gap Between Digital and Traditional Finance
Nuvei Corporation has announced a foreign partnership with global payments giant Mastercard.
The Montreal-based financial technology company is partnering with Mastercard on an innovative solution that allows consumers in Europe to convert their digital assets, such as cryptocurrencies, into traditional fiat currency via debit and credit cards.
According to Nuvei, this new feature bridges the gap between digital and traditional finance, thanks to a direct integration with the fintech’s modular payment platform, as stated in a statement from the company.
“Our mission is to enable businesses and their customers to connect through payments,” said Philip Fayer, CEO of Nuvei, “wherever consumers are and however they want to pay.”
Offering on-ramps to cryptocurrencies “aligns perfectly with this mission to facilitate frictionless transactions in the digital economy,” he said.
Consumers can convert a variety of supported assets into fiat currency, Fayer says, and can then transfer the funds to an eligible Mastercard almost instantly, without having to go through third-party exchanges or financial services firms.
“We are excited to partner with Mastercard to facilitate access to liquidity and payments for digital asset holders,” he said.
“Enabling consumers to choose how they interact with digital assets in a safe, simple and secure way, in line with all relevant regulations, is at the heart of our strategy in this space,” added Christian Rau, Senior Vice President of Fintech and Crypto Enablement for Mastercard Europe.
“Combining our global network of partners and digital solutions with Nuvei’s advanced integration opens up new opportunities and choices for digital asset companies and consumers alike,” said the SVP.
Earlier this year, private equity firm Advent International has agreed to acquire the Canadian fintech in an all-cash deal valuing the company at more than $6 billion.
Fayer, founder and CEO of Nuvei, will continue to lead his company, which he said will be headquartered in Montreal.
“This transaction marks the beginning of an exciting new chapter for Nuvei,” the chief said in April.
Founded in 2003, Nuvei’s fintech platform covers 150 currencies and 700 alternative payment methods in over 200 markets worldwide.