Canadian Food Tech Pioneer WeCook Selects Nuvei as Payments Provider Amid Hyper-Growth Drive

Rhea-AI Summary

Nuvei Corporation (Nasdaq: NVEI) partners with WeCook, a ready-to-eat meal delivery service, to enhance its payment processing capabilities across Canada. WeCook is experiencing rapid growth, having delivered over 4 million meals and secured CAD$40 million in strategic investments. The partnership will leverage Nuvei's advanced payment technology to streamline B2B and B2C transactions, facilitating WeCook's goal of expanding nationally by 2023. This collaboration aims to boost customer retention and increase conversion rates through innovative payment solutions.

Positive

• Partnership with WeCook enhances payment processing capabilities for B2B and B2C transactions.
• WeCook's rapid growth, delivering over 4 million meals, indicates strong market demand.
• Secured CAD$40 million in strategic investment helps facilitate WeCook's nationwide expansion.

Negative

• None.

Nuvei’s advanced payment platform will further accelerate the ready-to-eat meals provider’s growth by providing seamless B2B and B2C transactions

MONTREAL, July 06, 2022 (GLOBE NEWSWIRE) -- Nuvei Corporation (“Nuvei” or the “Company”) (Nasdaq: NVEI) (TSX: NVEI), tomorrow’s payment platform, announces today that it has partnered with fast-growing ready-to-eat meal delivery platform WeCook as it expands across Canada. WeCook is using Nuvei’s payment technology platform and payment experts’ support to run both its business-to-business and direct-to-consumer payment processing needs. 

As a pioneer in the meal subscriptions market, Montreal-based WeCook delivered more than four million meals throughout Quebec and Ontario last year and it is set on becoming a nationwide direct-to-door meals provider by 2023. In May 2022, WeCook announced it had secured CAD$40 million in a strategic equity investment as part of plans to help accelerate its growth across Canada. The Canadian food delivery market, combined with eCommerce, is growing at an accelerated pace, and was estimated to be worth over $5 billion in 2021.  

WeCook Meals stands out for its unique offering of fresh, ready-to-eat meals that meet the needs of busy Canadians who want to eat a healthy, balanced diet, but don’t have time to cook. It has grown rapidly since being set up in 2013 before a shift to focus on the mass market in 2020.   

“As a pioneer in the meal prep subscription market, WeCook has always been rooted in innovation,” said WeCook Co-Founder Jonathan Roy. “Partnering with a like-minded Canadian technology business like Nuvei is a recipe for success as we expand into new provinces. Their extensive payment solutions, scalability, stability, and best-in-class support will provide great value to the demands of our growing business.” 

As part of the collaboration, WeCook benefits from Nuvei’s flexible recurring payment service that boosts customer retention and increases conversion with smart routing and cascading tools, auto account updating, and multiple, concurrent subscriptions. 

“WeCook has quickly established itself as a leader in ready-to-eat meal delivery in Canada,” said Nuvei Chair and CEO Philip Fayer. “As a fast-growing business with a Canadian heritage ourselves working with brands around the world, we are proud to support another fast-growing technology company as it expands its footprint into new markets.” 

About WeCook Meals 

WeCook Meals was founded in 2013 by two young entrepreneurs who wanted to spend less time in the kitchen, without compromising on a high-quality, nutritious diet. Meals are curated by an in-house chef, using only freshest ingredients sourced from local suppliers. Demand for WeCook’s ready-made meals have increased 300% and the Montreal-based company has successfully created 600 new jobs. The Montreal-based company currently has two production facilities delivering more than 4 million meals a year throughout Ontario and Quebec. 

For more information, visit https://www.wecookmeals.ca/ 

About Nuvei 

Nuvei (Nasdaq: NVEI) (TSX: NVEI) is tomorrow’s payment platform. Designed to accelerate customers’ business, Nuvei’s modular, flexible and scalable technology allows leading companies to accept next-gen payments, offer all payout options and benefit from card issuing, banking, risk and fraud management services. Connecting businesses to their customers in more than 200 markets, with local acquiring in 45+ markets, 150 currencies and more than 550 alternative payment methods, including cryptocurrencies, Nuvei provides the technology and insights for customers and partners to succeed locally and globally with one integration. 

For more information, visit www.nuvei.com. 

FAQ

What is the recent partnership announced by Nuvei Corporation (NVEI)?

Nuvei Corporation (NVEI) has partnered with WeCook to improve payment processing for B2B and B2C transactions as WeCook expands across Canada.

How many meals did WeCook deliver last year?

WeCook delivered over 4 million meals throughout Quebec and Ontario last year.

What financial support did WeCook secure for its expansion?

WeCook secured CAD$40 million in a strategic equity investment to accelerate its growth across Canada.

What are the benefits of Nuvei's payment technology for WeCook?

Nuvei's payment technology will boost customer retention and conversion rates with features like recurring payments and smart routing.

What is the growth target for WeCook by 2023?

WeCook aims to become a nationwide direct-to-door meals provider by 2023.