Nuvei teams up with Max Group and agrees to sell CreditGuard

Nuvei, electronic payment processing company, announced yesterday its strategic partnership with the Max Group (MAX), Israel-based financial institution. The collaboration will allow MAX’s commercial customers who wish to set up business activities outside of Israel access to Nuvei’s payment acquiring network in Europe, North America, Latin America, and Asia Pacific. Nuvei also agreed to sell its payment gateway services provider, CreditGuard, to businesses in Israel as part of the partnership agreement.

Nuvei’s native platform will provide MAX’s customers with the ability to do business on a greater scale in over 150 currencies and over 250 alternative payment methods. In return, Nuvei’s merchants will get connection to MAX’s acquiring services in Israel.

Philip Fayer, Nuvei’s chairman and CEO, cmmented:

Philip Fayer

We went through a rigorous process to find the ideal partner to expand our acquiring business into Israel, as well as a company that will ensure the continuity and long-term success of CreditGuard, its customers and employees. We’re confident in MAX’s vision and strategy in delivering exceptional products and services to CreditGuard’s customers. In turn, the partnership enables Nuvei to grow its global footprint and cements our role as a payments leader with massive scale and reach.

Ohad Maimon, EVP business development and strategy at MAX, stated:

This acquisition is in line with our merchant-centric approach. Israel is on the verge of a payment revolution, which will require merchants of all sizes to overhaul their online and offline capabilities, and adapt their systems to EMV standards. This is important news for Israeli businesses joining the digital revolution. CreditGuard provides a range of advanced and secure digital payment services across all sales channels. The collaboration with Nuvei will help us tailor global payment solutions to our commercial customers.

Uriel Ben David, CreditGuard’s CEO, said:

The true value of CreditGuard is its exceptional commitment to serving its customers. We will continue to treat them as one of the company’s most cherished assets. We believe that the connection to MAX will empower us to expand the range of services and increase the value proposition we’ll be able to provide to our customers.

CreditGuard became part of Nuvei with the acquisition SafeCharge in 2019.

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