Media reports have surfaced indicating that Montreal’s Nuvei Technologies, a Fintech founded in 2003 by Philip Fayer, is preparing to file paperwork for an initial public offering in the near future. The IPO would be led by Wall Street power house Goldman Sachs, which reports indicate will act as lead underwriter on the deal.

The news comes as a number of major technology IPOs are being planned in the United States. It also follows a year and some after another Montreal payment-tech company, Lightspeed, listed a very successful IPO on the TSX. That IPO was comparable in size, however Lightspeed has since shown significant growth in the value of its equity, and is now values at nearly $4.5 billion. Investors interest in payment tech, particularly during a global pandemic when exchanging cash or punching in a PIN code is increasingly frowned upon, may in part explain the timing for Nuvei as well.

Nuvei’s website states that after its last raise ($358 million in December 2019) the company’s valuation was somewhere just north of $2.6 billion. Media reports have indicated that the potential IPO would further increase that valuation. This would make it the largest tech IPO in Canada this year.

Nuvei provides fully-supported omnichannel payments to large-scale merchants, SMBs and distribution partners through a range of technologies. It also works with ISOs, ISVs, payment facilitators, developers, and eCommerce platforms. Formerly known as Pivotal Payments, the company has raised at least $330 million US in equity since 2006.