Canada
Nuvei Reports Third Quarter 2020 Financial Results

Nuvei Corporation, the global payment technology partner of thriving brands, today reported financial results for its third quarter of 2020.
“I am incredibly proud of all that we accomplished in the third quarter, as we embarked on our journey as a publicly-traded company. We believe our performance, which included total volume* of $11.5 billion along with strong revenue growth, is a testament to the strength of our technology, business model and focus on high growth verticals,” said Philip Fayer, Nuvei’s chairman and CEO. “Furthermore, we made significant progress executing our growth strategy, broadening our capabilities and footprint, as well as winning many notable clients. We earned regulatory approval in the states of Indiana and Colorado for sports betting, and launched local acquiring in Hong Kong, Singapore, Russia, Brazil, and Columbia, meaningfully expanding our total addressable market. Lastly, we were thrilled last week to announce the closing of the Smart2Pay acquisition, which not only strengthens our global presence in high-growth markets including digital gaming, but allows us to offer a more complete, robust alternative payment solution. Looking ahead, we are well positioned to continue to scale the business and drive shareholder value.”
Financial Highlights for the Three Months Ended September 30, 2020
- Total volume was $11.5 billion, an increase of 62% as compared to $7.1 billion in the third quarter of 2019
- Revenue was $93.6 million, an increase of 32% as compared to $70.8 million in the third quarter of 2019
- Net loss in the quarter was $77.9 million, as compared to $65.7 million in the third quarter of 2019
- Net loss included $83.4 million in non-cash finance costs resulting from the Company’s initial public offering (“IPO”) and associated valuation
- Adjusted EBITDA** was $41.0 million, an increase of 59% as compared to $25.8 million in the third quarter of 2019
- Adjusted net income** was $16.5 million, as compared to $2.2 million in the third quarter of 2019
- Following Nuvei’s successful IPO in September, the Company used the net proceeds for the repayment of debt. The Company ended the quarter with $99.4 million in usage of its credit facilities (net of unamortized transaction costs), down from $717.8 million (net of unamortized transaction costs) as at December 31, 2019. In addition, unsecured convertible debentures and liability classified common and preferred shares were fully converted or repaid as a result of the IPO.
Recent Operational Highlights
- The Company made significant progress on its strategic plan to support the fast-growing U.S. sports betting industry launching its first pilot merchant, Carousel, in Colorado. In August, Nuvei was awarded a certificate of registration for sports wagering from the Indiana Gaming Commission, and in September, the Company received its sports betting vendor license from Colorado’s Division of Gaming. In addition, the Company is in the process of applying for approval in all other states that permit online sports betting and gaming.
- Nuvei has accelerated its new client wins by signing many notable merchants in the quarter including Kwiff, Maxbet, Superbet, Wargaming, Oanda, Pepperstone, and Rinascente, across the gaming, financial services, and marketplace verticals. This provides strong momentum into the fourth quarter and 2021.
- Nuvei continued to execute on its strategic plan by expanding its footprint geographically, launching local processing solutions in Hong Kong, Singapore, Russia, Brazil, and Colombia. These new markets enlarge the Company’s total addressable market, providing extended reach for existing merchants and enabling Nuvei to win new merchants in those countries.
- The Company expanded its support for cryptocurrency exchanges, onboarding two exchanges during the quarter.
- The Company continues to enhance its offering including foreign exchange services, PSD2 mandate support, early warning dispute management solutions and payout capabilities that includes the launch of Mastercard MoneySend.
Initial Public Offering
On September 22, 2020, Nuvei announced the successful closing of its IPO. The IPO, along with a concurrent private placement, raised $833 million in aggregate proceeds resulting in $758 million of proceeds to the Company.
Subsequent Event
On November 2, 2020, the Company announced the completion of its previously disclosed acquisition of Smart2Pay Global Services B.V. (“Smart2Pay”), demonstrating the Company’s commitment to growth through strategic acquisitions. The total consideration was settled with $82.9 million in cash, and the balance with 6,711,923 shares issued by the Company. The Smart2Pay acquisition strengthens Nuvei’s presence in the high-growth digital gaming space and further expands the Company’s geographic footprint in additional regions including Russia, Brazil, as well as adding UnionPay processing. Furthermore, the transaction creates one of the largest and most complete alternative payment method (“APM”) solution providers in the world, with 450 APMs supporting global commerce, all through a single integration.
Outlook
Total volume in the fourth quarter of 2020 to date continues to be strong with year-over-year growth in line with the third quarter of 2020. The following should also be considered for the fourth quarter of 2020:
- The results of Smart2Pay will be included in the Company’s results as of the date of closing, November 2, 2020.
- The fourth quarter of 2020 will represent the Company’s first full quarter as a public company. As a result, incremental costs pertaining to being a public company will be incurred in the quarter.
- The Company continues to invest in its direct sales force.
*Total volume does not represent revenue earned by the Company, but rather the total dollar value of transactions processed by merchants under contractual agreement with the Company. Total volume is explained in further detail in the Company’s MD&A.
**Adjusted EBITDA and Adjusted net income are non-IFRS measures. Reconciliations of these non-IFRS measures to the most directly comparable IFRS financial measures are included in the tables at the end of this press release. An explanation of these measures and how they are calculated are also included under the heading “Non-IFRS Financial Measures”.
The conference call will be webcast live from the Company’s investor relations website at https://investors.nuvei.com/ under the “Events & Presentations” section. The conference call can also be accessed live over the phone by dialing 877-425-9470 (US/Canada Toll-Free), or 201-389-0878 (International). A replay will be available approximately two hours after the call, and can be accessed by dialing 844-512-2921 (US/Canada Toll-Free), or 412-317-6671 (International); the conference ID is 13711347. The replay will be available until Wednesday, November 25, 2020. An archive of the webcast will be available at the same location on the website shortly after the call has concluded.
The complete financial results are available at Sedar (www.sedar.com), as well as at Nuvei’s investor relations website.
About Nuvei:
We are Nuvei, the payment technology partner of thriving brands. We provide the intelligence and technology businesses need to succeed locally and globally, through one integration – propelling them further, faster. Uniting payment technology and consulting, we help businesses remove payment barriers, optimize operating costs and increase acceptance rates. Our proprietary platform offers direct connections to all major payment card schemes worldwide, supports 450 local and alternative payment methods and nearly 150 currencies. Our purpose is to make our world a local marketplace. For more information, visit www.nuvei.com.
Canada
High Roller and Playtech Announce Strategic Partnership

High Roller Technologies and Playtech announced a strategic partnership for Ontario, Canada, that will see Playtech provide its industry-leading technology to power High Roller’s platform and premium brand, ensuring a seamless, high-quality experience for players in the region.
Ben Clemes, Chief Executive Officer at High Roller, said: “Collaborating with Playtech in Ontario is an exciting step for High Roller as we continue to grow and evolve. Playtech’s well-established technology will be instrumental to our mission of providing a world-class entertainment experience for our players.”
Sergey Harutyunyan, Chief Revenue Officer at Playtech, said: “We are delighted to partner with High Roller as they expand into Ontario. Playtech’s technology is designed to support operators in regulated markets, and we look forward to working together to provide High Roller’s players with safe, innovative, and engaging gaming experiences.”
Ontario represents a key market for both companies, featuring a robust regulatory framework and fast-growing player base. Recently, High Roller announced the submission of its Internet Gaming Operator license application for Ontario, and subject to licensing and regulatory approval, High Roller anticipates launching live operations in H2 2025.
Canada
OLG Advances Inclusion with First-of-its-kind Accessible iCasino Game

Ontario Lottery and Gaming Corporation (OLG) is supporting accessibility in the iGaming industry with the launch of Red Panda Tails of Wealth – the first digital slot game designed with built-in accessible features to support players with disabilities.
In the popular digital casino landscape, people with disabilities often face barriers to participation. Instead of waiting for change, OLG is driving it by introducing the industry’s first inclusive gaming experience that provides the same fun and excitement to all players.
“We are excited to launch Red Panda Tails of Wealth on olg.ca, which is the result of a focused effort to put accessibility at the forefront of game design. The game is a proof of concept that shows how removing barriers to play can move us towards a more inclusive future in the gaming industry,” said Dave Pridmore, OLG’s Chief Gaming Officer.
With nearly one-third (28%; StatCan 2022) of Ontarians reporting a disability, the launch of Red Panda Tails of Wealth breaks barriers and provides more equitable access to play for an often-overlooked audience.
While Red Panda Tails of Wealth mirrors the appearance and gameplay of other iCasino slot games in market, it is built with universal design principles to deliver a fun, inclusive and user-friendly experience for all players.
Key accessibility features include:
• Compatibility with assistive technologies like screen readers and keyboard navigation
• A high-contrast colour palette for enhanced visibility
• An accessible heads-up display engineered to integrate seamlessly into future games.
To develop this first-of-its-kind game, OLG collaborated with Pixiu Gaming and Light & Wonder Spark. To ensure the game was accessible and inclusive OLG partnered with Fable – a Toronto-based company that connects organizations with people with disabilities for digital accessibility insights.
The insights from people with disabilities collected via remote user testing sessions played a key role in helping OLG create a game that meets real-world accessibility needs.
“Our mission at Fable is to empower people with disabilities to participate, contribute, and shape society – and this is how true accessibility is achieved. We’re thrilled to partner with OLG, who recognize the importance of embedding the voices and experiences of people with disabilities throughout the development of their new game,” said Kate Kalcevich, Head of Innovation at Fable.
Canada
High Roller Submits Gaming License Application in Ontario

High Roller Technologies, operator of the premium online casino brands High Roller and Fruta, announced the submission of its Internet Gaming Operator license application in Ontario, Canada, targeting the launch of its flagship brand HighRoller.com in the second half of 2025.
“The submission of our licensing application to access Ontario’s regulated online gambling market is an important milestone in our Company’s journey. Once our application is approved, we anticipate that we will have the opportunity to launch our online casino product into the market later this year,” said Ben Clemes, Chief Executive Officer at High Roller.
Ontario is one of the largest regulated online gambling markets in the world as measured by gross gaming revenue. In 2024, regulated online gambling operators within the province generated approximately $2.3B in gross gaming revenue, and growth continues to be recorded in the first half of 2025. Recently, the province of Alberta passed enabling legislation to establish a regulatory framework for online gambling. Once available, the Company also intends to pursue licensure in Alberta to expand its regulated market footprint in Canada.
“Ontario is missing an elegant brand like High Roller. We’re excited to roll out the red carpet for our new customers, and we’re looking forward to showcasing our tremendous product,” said Clemes.
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