Canadian payments technology firm Nuvei Corp. has bounced back after allegations from Spruce Point Capital Management caused a dip in its share price. Spruce Point claimed that Nuvei faced a long-term downside risk of between 35% and 50%, causing shares to fall by roughly 2%. However, the firm has since announced that Hollywood actor Ryan Reynolds is an active investor in Nuvei. Reynolds said he was impressed with the company. Nuvei’s shares rose by almost 1% after the announcement.
Nuvei’s official page was updated with the news of Reynolds’ investment, stating: “Hollywood actor, producer, and entrepreneur Ryan Reynolds has today announced that he has invested in Canadian fintech company Nuvei Corporation”. Nuvei CEO Phil Fayer welcomed Reynolds to the company. This is the second time Spruce Point has caused Nuvei to suffer losses.
Nuvei provides payment technology solutions to businesses around the world, including payment processing, fraud management, and payment security. The company operates in 200 markets globally and has more than 50 payment methods available. Nuvei was founded in 2003 and is headquartered in Montreal, Canada.
Ryan Reynolds is a well-known actor, producer, and entrepreneur. He is best known for his roles in films such as Deadpool, Green Lantern, and The Proposal. In addition to his acting career, Reynolds has also invested in several businesses, including Aviation Gin, Mint Mobile, and Maximum Effort Marketing.
Nuvei’s shares have been volatile in recent months, with the company’s stock price rising sharply in November 2020 before falling back in December. However, the company has seen steady growth over the past year, with revenue increasing by 53% in the third quarter of 2020 compared to the same period in 2019.
Nuvei’s recovery from the allegations made by Spruce Point Capital Management is a positive sign for the company, which has faced criticism in recent months. The announcement of Ryan Reynolds’ investment in the firm is likely to boost investor confidence and could help Nuvei to continue its growth trajectory in the coming months.
Overall, Nuvei’s recovery is a positive development for the payments technology industry, which has been growing rapidly in recent years. As more businesses move online and consumers increasingly use digital payment methods, companies like Nuvei are likely to play an increasingly important role in the global economy.