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

The Visa network member provides users with crypto on-ramp/off-ramp capabilities using debit and credit cards.

May 7, 2021 at 8:19 a.m. UTC
Updated Sep 14, 2021 at 12:52 p.m. UTC

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.”

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