Nuvei to acquire igaming & sports wagering payment provider Mazooma for $315 mn
By Pavithra R
Nuvei, the global payment technology partner of thriving brands, has announced entering into a definitive agreement to acquire Mazooma Technical Services, a U.S. focused gaming and sports wagering payment technology provider for approximately $315 mn.
Mazooma is a payments technology company on a mission to simplify payments. It is registered with FinCEN and regulated as a money transmitter by various U.S. state banking departments. The firm is a leading account-to-account payments provider in U.S. online gaming and sports betting and is a registered vendor in 9 states, with permission in 12 states. Its Instant Bank Transfer payment solution features same-day Automated Clearing House (ACH) for pay-ins and payouts; and through a collaboration with Plaid, is connected to 11,000 FIs in the U.S.
Mazooma is integrated with the majority of U.S. gaming platforms and online gaming and sports betting operators and is expected to process more than $2 bn of ACH total volume in 2021.
“Mazooma will enhance and expand Nuvei’s portfolio of alternative payment methods with a leading ACH platform with both pay-in and pay-out functionality, developed and used exclusively for online gaming in the U.S. Because of low credit card acceptance rates, ACH is a must-have capability and solution in payments for online gaming and sports betting operators today. Additionally, this acquisition will not only give Nuvei the necessary product functionality, but also the vendor registration, compliance, and operational infrastructure to address merchant’s requirements in any regulated U.S. state. This acquisition will truly solidify our commitment to and presence in the U.S. online gaming and sports betting industry,” said Philip Fayer, Nuvei’s chair and CEO.
Established in 2003, Nuvei is an electronic payment processing company. Its proprietary platform offers direct connections to all major payment card schemes worldwide, supports over 450 local and alternative payment methods and 150 currencies.
IBSi Daily News Analysis
December 01, 2023
UAE consumers turn to banks for advice on sustainable financeRead More
IBSi FinTech Journal
- Most trusted FinTech journal since 1991
- Digital monthly issue
- 60+ pages of research, analysis, interviews, opinions, and rankings
- Global coverage
Other Related News
December 01, 2023