Nuvei, Mastercard Collab to Close Gap Between Digital and Traditional Finance

Nuvei Corporation has announced an overseas partnership with global payments titan Mastercard.

The Montreal-born financial technology firm is collaborating with Mastercard on an off-ramping solution enabling consumers in Europe to convert their digital assets, such as cryptocurrencies, into traditional fiat currency via debit and credit cards.

This new functionality bridges the gap between digital and traditional finance, according to Nuvei, powered by a direction integration with the fintech’s modular payment platform, according to a statement from the company.

“Our mission is to enable businesses and their customers to connect through payments,” stated Philip Fayer, CEO of Nuvei, “wherever consumers are and however they want to pay.”

Offering crypto off-ramps “aligns perfectly with this mission to facilitate frictionless transactions across the digital economy,” he said.

Consumers can convert a range of supported assets into fiat currency, Fayer says, and can then transfer the funds to a eligible Mastercard almost instantly—without requiring third-party exchanges or money service businesses.

“We’re excited to collaborate with Mastercard to accommodate access liquidity and payments for digital asset holders,” he stated.

“Enabling choice how consumers can engage in digital assets in a safe, simple, and secure manner in line with all relevant regulation is at the heart of our strategy in this space,” added Christian Rau, Senior Vice President of Fintech and Crypto Enablement for Mastercard Europe.

“Combining our global network of partners and digital solutions with Nuvei’s advanced integration opens new opportunities and choice for businesses engaging in digital assets and consumers alike,” the SVP stated.

Earlier this year, private equity firm Advent International agreed to acquire the Canadian fintech in an all-cash deal valuing the firm at more than $6 billion.

Fayer, founder and CEO of Nuvei, will continue to lead his company, which he says will remain based in Montreal.

“This transaction marks the beginning of an exciting new chapter for Nuvei,” stated the chief in April.

Founded in 2003, Nuvei’s fintech platform spans 150 currencies and 700 alternative payment methods across more than 200 markets worldwide.