Actor Ryan Reynolds backs Canadian payments fintech Nuvei Corp
The Deadpool 3 star sold his mobile startup to T-Mobile in March.
Image source: Ryan Reynolds/Nuvei.
Hollywood actor and entrepreneur Ryan Reynolds has announced an investment in Canadian fintech play Nuvei Corp. The company, which has a dual listing on Nasdaq and the Toronto Stock Exchange, specializes in global technology payments. At first the share jumped almost 2 percent on the development, but has since retreated.
Nuvei has been around for two decades, with a footprint in over 200 markets, and counts crypto exchange Binance among its high-profile partners. The company is reportedly worth CAD 8 billion, down from CAD 25 billion at the height of the health crisis when tech stocks were all the rage. The valuation took a hit after a critical report was published by short-seller Spruce Point Capital Management.
In early 2023, Nuvei acquired Paya Holdings in a $1.3 billion deal, a payment solutions company that operates in multiple verticals, including healthcare, nonprofits, government, utilities, and more.
Reynolds, who hails from Vancouver, British Columbia, is discussed in a Nuvei sketch on social media, which has received close to 50,000 views. In it, he points to the Canadian connection as the catalyst for his investment, revealing that he used Canadian dollars and noting that they are a real thing.
Reynolds, no stranger to comedy, opined that American tech companies get all the attention, while Canadians lack the self-promotion gene. Nuvei is among the exceptions, serving Fortune 500 companies from its Canadian headquarters.
Reynolds stated: “I know about as much about fintech as I did about gin or mobile a few years ago. But Nuvei is impressive. The management team is extremely intelligent and hard-working, and it’s time for a Canadian company to get the kind of attention American tech companies do.”
But that has never stopped him before.
Canadians are terrible at self-promotion. But not all Canadians.
https://t.co/6sK5t1QoYA
#Nowadays #RyanReynolds #Payments pic.twitter.com/ZUyVWYzG33— Nuvei (@Nuvei) 17 April 2023
The Deadpool 3 star’s capital injection into Nuvei comes on the heels of yet another tech deal involving him. After taking a 25 percent stake in budget mobile service Mint Mobile, Reynolds sold it to T-Mobile last month for $1.35 billion. Known for offering a cheaper alternative to more expensive plans, Mint Mobile offers two-tier pricing of $15 and $30 per month.
In addition to fintech, he has also dabbled in distilleries and was among the backers of Portland, Ore.-based Aviation American Gin. In 2020, spirits giant Diageo took a majority position in Aviation Gin, although Reynolds reportedly still holds his stake. He is also an investor in Wrexham Football Club.
Nuvei CEO Phil Fayer, whose beeps went off during the skit, said: “We’re thrilled to welcome Ryan to the Nuvei family. We’re a global company, but extremely proud of our Canadian roots and values, so it’s a privilege to have one of the most internationally recognized Canadians, as well as an entrepreneur with such renowned business acumen, join our investors.”
