Canadian fintech Nuvei has released its financial results for the year ended December 31, 2022.
The company launched a total of 96 new products, including a new back-end processing platform and new payment methods.
After this year, Nuvei increased its portfolio of payment methods to a total of 603, including different cryptocurrencies.
The report found that total volume grew in the fourth quarter by 28% to $40.3 billion. The survey also pointed out that e-commerce accounted for 91% of that.
Revenue also increased in the fourth quarter to $220.3 million from $211.9 million. Although exchange rates and volatility in the cryptocurrency market have negatively impacted.
Organic revenue growth was 26% when digital assets and cryptocurrencies are excluded, reflecting an increase from $165.7 million to $209.6 million.
However, for the full fiscal year, total volume jumped to $127.7 billion from $95.6 billion compared to 2021. Total volume growth at constant currency was 39% to $95.6 billion 132.7 billion.
Revenue was up 16% to $843.3 million. The report found that over the course of the year, foreign currency exchange rates impacted US$40.5 million.
Nuvei CEO reviewed last year’s performance
Philip Fayer, President and CEO of Nuvei, said: “2022 was another strong year for Nuvei, highlighted by total volume growth of 39% at constant currency, reflecting continued progress and execution of our strategic initiatives.”
Cryptocurrency exchange rates and assets have been found to fluctuate the most in European, Middle Eastern and African markets. This is reflected in Europe, with the company’s only drop in the fourth quarter, with revenue down 9% to $115.9 million.
Due to the addition of Australia to the Asia Pacific region, along with expanding acquisition capabilities in Singapore and Hong Kong, Nuvei‘s fourth quarter revenue increased 107% to $2.9 million in this region alone.
