Payment technology provider Nuvei Corp (TSE:NVEI) today reported its financial results for the third quarter of 2020.

• Total volume for the third quarter of 2020 was $11.5 billion, an increase of 62% as compared to $7.1 billion registered in the third quarter of 2019.
• Revenue for the third quarter of 2020 was $93.6 million, an increase of 32% as compared to $70.8 million in the third quarter of 2019.
• The company incurred a net loss of $77.9 million in the quarter, as compared to $65.7 million in the third quarter of 2019. The 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.

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

Nuvei has accelerated its new client wins by signing many notable merchants in the quarter including Forex brokers Oanda and Pepperstone. The list of client wins also includes Kwiff, Maxbet, Superbet, Wargaming, and Rinascente. 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.

Nuvei has also 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.

Philip Fayer, Nuvei’s chairman and CEO, commented:

“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.”