Nuvei, a fintech company from Canada, has announced its newest multi-year sponsorship deal with the Mercedes-AMG PETRONAS Formula One Team, which will take effect from the start of this year's F1 racing season.

Mercedes and Nuvei Join Forces

According to the press release published this week, the Nuvei logo will appear on the overalls and helmets of the Mercedes-AMG PETRONAS Formula One Team drivers and pit crew clothing. The company will be able to simultaneously use the popularity of drivers Goerge Russel, Lewis Hamilton and the CEO Toto Wolff in its marketing activities. The new branding will be unveiled later in the week during the presentation of the team's car for the 2023 season.

"Being a people-first, technology-led business ourselves we identify strongly with the ethos of the team, which is just one of the reasons that we are incredibly excited to be joining the Mercedes-AMG PETRONAS Formula One Team family," Philip Fayer, the Chair and CEO at Nuvei, commented.

Montreal-headquartered Nuvei is a dual-listed company on the Toronto Stock Exchange and Nasdaq. It provides global payments technology services in 200 markets and is locally acquired in over 45 countries. Additionally, Nuvei offers fraud prevention, risk management, orchestration, optimization and all the tools necessary for the e-commerce era.

"We're thrilled to welcome Nuvei as a long-term partner in time for the start of the 2023 Formula One™ season," Toto Wolff, the Team Principal and CEO of the Mercedes-AMG PETRONAS Formula One Team, commented.

AvaTrade, a retail trading brokerage, announced a similar partnership agreement with another F1 team, Aston Martin. According to the press release shared with Finance Magnates, the company has become a trading partner of Aston Martin Aramco Cognizant Formula One.

Watch the recent FMLS22 panel on back-office technology as a core of every fintech business.

Nuvei Eyes Paya in $1.3 Billion Deal

In January, the publicly-listed fintech company announced its plan to purchase the US-integrated payments provider Paya in a deal worth $1.3 billion. According to the press release, Nuvei will pay $9.75 per Paya share.

"Nuvei expects to finance the acquisition with a combination of cash on hand, an existing credit facility and a newly committed $600 million first lien secured credit facility," the Canadian firm noted.

The acquisition's primary purpose is to expand the B2B business and develop the current strategy. In addition, it will allow the company to generate around half its revenues in the US alone. To date, the North American market (together with Canada) has accounted for approximately 40% of revenues.

Nuvei Bets on Crypto Industry

The payments company has entered into partnerships with cryptocurrency companies on at least a couple of occasions over the past two years. Last year, it signed an agreement with Ledger, a manufacturer of hardware crypto wallets, providing direct on-ramps for over 125 cryptocurrencies as part of its Simplex solution.

Simplex was an Israeli startup that offered cryptocurrency companies a fiat payment infrastructure. Nuvei acquired the company in mid-2021 in a deal valued at $250 million. Even before the acquisition, Simplex offered its solutions to big cryptocurrency brands, such as Paxos, Bitpay and Binance.

Meanwhile, in 2021, Nuvei began working with the now-defunct FTX exchange, providing it with access to new instant deposit and payment methods. The cryptocurrency exchange, FTX filed for bankruptcy in November, and its collapse dragged many other digital asset businesses down with it.