Mazooma, a payment solutions provider for the iGaming and sports betting industries, has officially settled upon an agreement with Nuvei, a global payment technology partner for leading brands.
This agreement will see Mazooma’s FinTech solution added to Nuvei’s existing portfolio of alternative payment methods. The acquisition cost around $56 million but, subject to achievement of performance criteria, could climb to a total of $315 million.
A promising collaboration between leading brands
Mazooma is currently a prominent account-to-account payment solutions provider in the United States for sports betting and online gambling. The company has money transmitter licences and exemptions in 47 different states.
Moozoma’s instant bank transfer solution is integrated with ACH (Automated Clearing House), allowing for pay-ins and pay outs on the same day. The vast majority of iGaming and sports betting operators use the solution.
FinTech developed exclusively for iGaming
“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.,” said the CEO of Nuvei, Philip Fayer. “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.”
Fayer continued: “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.”