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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.

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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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