Crypto Card Provider Simplex Being Acquired by Canadian Firm for $250M

Crypto payments startup Simplex is being acquired by Canadian payments processor Nuvei.

• The deal, which is subject to regulatory approval, will be worth $250 million to be paid in cash, according to an announcement Thursday.
• An Israeli firm founded in 2014, Simplex provides users with on-ramp/off-ramp capabilities using debit and credit cards.
• In December 2020, Simplex gained membership of Visa’s network, allowing it to issue Visa cards.
• The acquisition would also give Nuvei future banking capabilities because Simplex has an electronic money institution (EMI) license in the European Union.
• The news comes soon after Nuvei’s March announcement that it was adding payment support for nearly 40 cryptocurrencies for e-commerce merchants on its network.
• Simplex CEO Nimrod Lehavi said joining Nuvei would enable Simplex to “fulfill its promise of bridging the gap between the blockchain space and the traditional finance world.”

Also read: Opera Adds In-Browser Crypto Options With Simplex Integration