By Gerelyn Terzo on Friday 21 April 2023
The Deadpool 3 star sold his mobile startup to T-Mobile in March.
Hollywood actor and entrepreneur Ryan Reynolds has announced an investment in Canadian fintech play Nuvei Corp. The company, which has a dual listing on the Nasdaq and Toronto Stock Exchange, specializes in global technology payments. At first the stock jumped nearly 2 per cent 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 $8bn, down from CAD $25bn at the height of the health crisis when technology stocks were in vogue. Its 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 $1.3bn deal, a payment solutions company that operates in multiple verticals including healthcare, non-profit, government, utilities and more.
Reynolds, who hails from Vancouver, British Columbia, is featured in a Nuvei skit running on social media, which has racked up close to 50,000 views. In it, he points to the Canadian connection as the catalyst for his investment, revealing he used Canadian dollars and noting that they’re a real thing.
Reynolds, who is no stranger to comedy, opined that American tech companies get all the attention, while Canadians are missing the self-promotion gene. Nuvei is among the exceptions, serving Fortune 500 companies out of 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 leadership team is exceedingly intelligent and hard-working and it’s about time a Canadian company got the type of attention American tech companies do.”
But that has never stopped him before.
Canadians are terrible at self-promotion. But not all Canadians.— Nuvei (@Nuvei) April 17, 2023
#Nuvei #RyanReynolds #Payments pic.twitter.com/ZUyVWYzG33
The Deadpool 3 star’s capital injection into Nuvei comes on the heels of yet another technology deal involving him. After taking a 25 per cent ownership stake in budget mobile service Mint Mobile, Reynolds last month sold it to T-Mobile for a cool $1.35bn. Mint Mobile is known for offering a cheaper option vs. pricier plans, offering 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, though Reynolds reportedly still holds his stake. He is also an investor in the Wrexham Football Club.
Nuvei CEO Phil Fayer, whose beeper 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 to have one of the most internationally recognizable Canadians, as well as an entrepreneur with such renowned business acumen, join our investors is a privilege.”
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