Nuvei reported a year-over-year total volume increase of 72% during the three months ended Sept. 30.
The Canadian FinTech company also reported a year-over-year revenue increase of 55% during the same third-quarter period, according to a Tuesday (Nov. 7) press release.
Nuvei attributed these gains to winning and activating new customers, expanding wallet share with current customers, adding new product features and capabilities and growing across geographies, founder, Chair and CEO Philip Fayer and Chief Financial Officer David Schwartz said in a quarterly shareholder letter released Tuesday.
They added that Nuvei works to differentiate itself from competitors in the payments ecosystem by partnering and growing with its customers, innovating and developing its people. By doing so, the company meets customer demands for services that go beyond commoditized processing and acquiring, helping customers grow their revenue and their business.
“And this is exactly what we deliver, by providing differentiated technology solutions tailored to our customers’ specific needs,” Fayer and Schwartz said in the letter. “We help them navigate their own growth journeys across all payment mediums, spanning card present, card-not-present, mobile and beyond.”
Nuvei saw year-over-year revenue growth in two of its three distinct sales channels on a pro forma basis, according to the release. Global commerce revenue was up 25% and B2B, government and independent software vendor (ISV) revenue was up 16%, while small and medium-sized business (SMB) revenue declined 4%.
During a Wednesday (Nov. 8) earnings call, Fayer said Nuvei is seeing results from teams it created to look at how the company engages with current customers and executes on new customers.
“We have been able to bridge the gap to help them go from signing to live faster, by embedding sales enablement and executive leadership into every single factor from client onboarding,” Fayer said. “That has been seeing some great results.”
Looking ahead, Nuvei raised its outlook for the full year. The company now expects total volume of $198 billion to $200 billion, compared with the previous $193 billion to $197 billion, and revenue of $1.175 billion to $1.195 billion, compared with the previous $1.170 billion to $1.195 billion, the release said.
“We’re happy with what we saw in Q3,” Schwartz said during the call. “We’re also pleased with what we’re seeing in Q4. … Our October and November trends are good.”