Canadian fintech firm Nuvei has finalized its $1.3bn acquisition of US payment and commerce solutions company Paya Holdings.

The two entered into a definitive agreement last month, with Nuvei disclosing that it would pay through a mixture of cash on hand and via a new credit revolving facility worth $600m.

Nuvei announced completion of the deal yesterday, Feb. 22, as the firm seeks to further bolster its diversified platform.

According to the buyer, Paya will amplify its existing growth strategy and expand its reach ‘into new underpenetrated and non-cyclical verticals’ where Nuvei’s proprietary technology is ‘well positioned to accelerate customer growth’.

Philip Fayer, Nuvei Chair and CEO, commented: “This is an important milestone for Nuvei as we continue to build a preeminent payment technology provider with strong positions in global ecommerce, integrated payments and B2B.

“I’m thrilled to officially welcome our new colleagues from Paya to the Nuvei family. We have been working diligently on our integration planning, and we are ready to begin the next step on this exciting journey as a single, unified team.”

The acquisition follows publication of Paya’s Annual Report on Form 10-K for FY2022, filed on Tuesday, Feb. 21, which revealed net income of $11.2m.

Revenue for the 12-month period came in at $381.2m, adjusted EBITDA at $100.2m, and payment volume at $66.9bn.

Meanwhile, Nuvei expects to release its Annual Report on Mar. 8.