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Ryan Reynolds Backs Canadian Fintech Firm Nuvei (and Tells a Story)

Yahoo Finance | | Apr 17, 2023

Ryan Reynolds - Ryan Reynolds Backs Canadian Fintech Firm Nuvei (and Tells a Story)

Image: Twitter

"I know as much about fintech as I did about gin or mobile a few years ago."

  • Canadian payment technology company Nuvei Corp. (NVEI.TO) has a new celebrity investor.  Actor and investor Ryan Reynolds has invested in payments firm Nuvei, although details about the size and scope of the investment have not been disclosed.
  • Nuvei also launched an advertising campaign featuring Reynolds promoting the company alongside CEO and chairman Phil Fayer. This investment follows Reynolds' recent sale of Mint Mobile, a budget wireless service provider he partly owned, to T-Mobile for US$1.35 billion. Reynolds also has investments in Welsh soccer club Wrexham AFC and American Aviation Gin, which was purchased by Diageo in 2020 for US$610 million.

See:  Nuvei closes $833-million IPO, making history as TSX’s largest tech sector IPO

Ryan Reynolds said in an interview on CNBC’s Squawk Box:

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.  The investment has been two years in the making and that “my job is storytelling.  America gets a lot of credit for innovation and I think there’s something quite funny and interesting and a fun story to tell about Canada flexing a little bit.  This is already a multi-billion dollar global company with an amazing story to tell.

https://twitter.com/VancityReynolds/status/1647933296024723456?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1647933296024723456%7Ctwgr%5E04fc15f51e805bb72eab0cb3fc5fcc1de9944eae%7Ctwcon%5Es1_c10&ref_url=https%3A%2F%2Fca.finance.yahoo.com%2Fnews%2Fryan-reynolds-investment-canadian-fintech-firm-nuvei-153745573.html

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Yahoo Finance via Fortune | | Apr 18, 2023

Short-seller Accuses Nuvei of Lack of Transparency—and it’s not the first time

  • Just a day after fintech firm Nuvei announced that actor Ryan Reynolds had taken a stake in its business, a short-seller hit the company with a report urging investors to sell their shares.

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  • The report by hedge fund and short-seller Spruce Point Capital Management accused Nuvei of a lack of transparency, acquiring a U.S. company that had exaggerated its growth, and being linked to failed crypto exchange FTX. Spruce Point said in its report that it would short Nuvei’s stock.
    • Spruce Point's founder and chief investment officer, Ben Axler, suggested that Reynolds may have been given his stake in exchange for promotional duties.
    • The report also raised concerns about Nuvei's $1.3 billion acquisition of Paya, alleging that Paya's growth faced many hurdles and that Nuvei's leadership was undisciplined with spending.
    • Investment bank Keefe, Bruyette & Woods said that the report left unanswered questions and was grasping for irregularities without citing material and provable issues.

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NCFA Jan 2018 resize - Ryan Reynolds Backs Canadian Fintech Firm Nuvei (and Tells a Story)The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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