Canadian Food Tech Pioneer WeCook Selects Nuvei as Payments Provider Amid Hyper-Growth Drive
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 http://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.
CONTACT: Investor Relations IR@nuvei.com Public Relations gavin.haycock@nuvei.com
