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Nuvei Become Mercedes Formula 1 Team's Official Sponsor

Started by forex4you, Feb 15, 2023, 11:43 am

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Nuvei Become Mercedes Formula 1 Team's Official Sponsor

<p>Nuvei, a <a href="" class="terms__main-term" id="891edcf3-475e-45f3-a8b8-3ba2e7d37339" target="_blank">fintech</a>
    company from Canada, has announced its newest multi-year sponsorship deal with
    the Mercedes-AMG PETRONAS Formula One Team, which will take effect from the
    start of this year's F1 racing season.</p><p>Mercedes and Nuvei Join Forces</p><p>According
    to the press release published this week, the Nuvei logo will appear on the overalls
    and helmets of the Mercedes-AMG PETRONAS Formula One Team drivers and
    pit crew clothing. The company will be able to simultaneously use the popularity
    of drivers Goerge Russel, Lewis Hamilton and the CEO Toto Wolff in its
    marketing activities. The new branding will be unveiled later in the week
    during the presentation of the team's car for the 2023 season.</p><p>"Being
    a people-first, technology-led business ourselves we identify strongly with the
    ethos of the team, which is just one of the reasons that we are incredibly
    excited to be joining the Mercedes-AMG PETRONAS Formula One Team family," Philip
    Fayer, the Chair and CEO at Nuvei, commented.</p><p>Montreal-headquartered
    Nuvei is a dual-listed company on the Toronto Stock Exchange and Nasdaq. It provides
    global payments technology services in 200 markets and is locally acquired in over
    45 countries. Additionally, Nuvei offers fraud prevention, risk management,
    orchestration, optimization and all the tools necessary for the e-commerce era.
    thrilled to welcome Nuvei as a long-term partner in time for the start of the
    2023 Formula Oneā„¢ season," Toto Wolff, the Team Principal and CEO of the
    Mercedes-AMG PETRONAS Formula One Team, commented.</p><p>AvaTrade, a
    retail trading brokerage, announced a similar partnership agreement with another
    F1 team, Aston Martin. According to the press release shared with Finance
        Magnates, the company has become a trading partner of Aston Martin Aramco
    Cognizant Formula One.</p><p>Watch the recent FMLS22 panel on back-office technology as a core of every fintech business.</p><p>Nuvei Eyes Paya in $1.3
    Billion Deal</p><p>In January,
    the publicly-listed fintech company <a href="" target="_blank" rel="follow">announced its plan to purchase the US-integrated
        payments provider Paya</a> in a deal worth $1.3 billion. According to the press
    release, Nuvei will pay $9.75 per Paya share.</p><p> "Nuvei expects to finance the acquisition
    with a combination of cash on hand, an existing credit facility and a newly
    committed $600 million first lien secured credit facility," the Canadian
    firm noted.</p><p>The acquisition's
    primary purpose is to expand the B2B business and develop the current strategy.
    In addition, it will allow the company to generate around half its revenues in
    the US alone. To date, the North American market (together with Canada) has
    accounted for approximately 40% of revenues.</p><p>Nuvei Bets on Crypto
    Industry</p><p>The <a href="" class="terms__secondary-term" id="f1d2a713-da14-4a6b-8fcd-e8f360d07f45" target="_blank">payments</a>
    company has entered into partnerships with cryptocurrency companies on at least
    a couple of occasions over the past two years. Last year, it<a href="" target="_blank" rel="follow"> signed an
        agreement with Ledger</a>, a manufacturer of hardware crypto wallets, providing
    direct on-ramps for over 125 cryptocurrencies as part of its Simplex solution.</p><p>Simplex was
    an Israeli startup that offered cryptocurrency companies a fiat payment
    infrastructure. Nuvei <a href="" target="_blank" rel="follow">acquired the company in mid-2021 </a>in a deal
    valued at $250 million. Even before the acquisition, Simplex offered its
    solutions to big cryptocurrency brands, such as Paxos, Bitpay and Binance.</p><p>Meanwhile,
    in 2021, Nuvei began working with the now-defunct FTX exchange, <a href="" target="_blank" rel="follow">providing it
        with access to new instant deposit and payment methods.</a> The cryptocurrency exchange, FTX <a href="" target="_blank" rel="follow">filed for bankruptcy in November</a>, and its collapse dragged many other
    digital asset businesses down with it.</p>

This article was written by Damian Chmiel at

Source: Nuvei Become Mercedes Formula 1 Team's Official Sponsor
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