# Simplex Payment Services, UAB

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/simplex-payment-services-uab

- Industry: Software
- Headquarters: Giv`atayim, Israel
- Website: www.simplex.com
- Total disclosed funding: $8M
- Latest round: Series A (Feb 4, 2016)
- Investors on record: 4

## About

Based in Israel, and founded in 2014 by Nimrod Lehavi, Erez Shapira, and Netanel Kabala, Simplex Payment Services, UAB, is a licensed financial institution providing the fiat infrastructure for the cryptocurrency gateway connecting market participants including exchanges, brokers, wallet, and liquidity providers. The company processes crypto-to-credit card payments. In 2021, Nuvei Corporation, a portfolio company of CDPQ and Novacap, agreed to acquire SimplexCC Ltd. for USD 250 million. As of 2021, the company has over 50 supported cryptocurrencies, 50 supported fiat currencies, and over 350 globally accessible partner integrations.

Simplex Banking offers a fraud-proof system to buy and sell cryptocurrencies with global payment accessibility using credit or debit cards. By utilizing the fraud analysis and risk management fraud detection expertise and AI technology, SimplexCC blocks fraudulent users and allows legitimate payers to process the transactions.  Simplex provides a zero-chargeback guarantee to its customers, resulting in higher conversion rates, and empowers its partners to accept a wider range of payment methods including Visa, MasterCard, Apple Pay, SWIFT, and SEPA among others. The company offers customizable debit cards enabling the users with the ability to use their digital currencies. 

Simplex processed approximately USD 500 million of total volume in 2020.

Post its acquisitions, SimplexCC plans to enhance Nuvei Corporation’s portfolio of alternative payment methods, adding turnkey simplicity to the process of buying and selling cryptocurrency. The company plans to process more than $2.0 billion of total volume in 2021.

## Funding rounds

- Series A, Feb 4, 2016, $7M — FundersClub, DRW Trading Group, Bitmain Technologies Holding Company
- Seed, May 28, 2014, $1M — DRW Venture Capital

## Investors

- DRW Venture Capital (https://capitalatlas.ai/funds/drw-venture-capital) — Seed
- FundersClub (https://capitalatlas.ai/funds/fundersclub) — Series A
- DRW Trading Group — Series A
- Bitmain Technologies Holding Company — Series A