Nuvei sells CreditGaurd to Max Group
Nuvei, a Canada-based payment technology provider, has entered into a strategic collaboration agreement with the Max Group (MAX), an Israeli financial institution. Under the partnership, MAX’s commercial customers that wish to establish business activities outside of Israel will have access to Nuvei’s payment acquiring network in North America, Europe, Latin America, and Asia Pacific. As part of the agreement, Nuvei agreed to sell CreditGuard, a provider of payment gateway services to businesses in Israel.
Nuvei’s proprietary native platform offers MAX’s customers one integration through which to transact in over 150 currencies and over 250 alternative payment methods. Nuvei’s merchants will, in turn, be able to connect to MAX’s acquiring services in Israel.
“We went through a rigorous process to find the ideal partner to expand our acquiring business into Israel, as well as a company that will ensure the continuity and long-term success of CreditGuard, its customers and employees” said Philip Fayer, Nuvei’s chairman and CEO. “We’re confident in MAX’s vision and strategy in delivering exceptional products and services to CreditGuard’s customers. In turn, the partnership enables Nuvei to grow its global footprint and cements our role as a payments leader with massive scale and reach.”
“This acquisition is in line with our merchant-centric approach” said Ohad Maimon, EVP business development and strategy at MAX. “Israel is on the verge of a payment revolution, which will require merchants of all sizes to overhaul their online and offline capabilities, and adapt their systems to EMV standards. This is important news for Israeli businesses joining the digital revolution”.
Nuvei acquired CreditGuard as part of its acquisition of SafeCharge in 2019. The closing of the sale of CreditGuard is subject to customary conditions and regulatory approvals.