Acclaimed Hollywood A-lister Ryan Reynolds has proven himself to be more than just an entertainer, delving into the world of investments with remarkable success.
Despite his humble admission of not being an investing wizard, Reynolds has accumulated millions of dollars through well-timed business bets in recent years. In a recent appearance on CNBC’s “Squawk Box”, Reynolds discussed his latest investment venture: Canadian financial technology (fintech) company Nuvei.
In a statement about his stake, Reynolds expressed his admiration for Nuvei Corp. (NASDAQ:NVEI), stating, “I know about as much about fintech as I did about gin or mobile a few years ago. But Nuvei is impressive.” He further praised the company’s leadership team and emphasized the need for Canadian companies to receive the same attention as their American counterparts.
Reynolds is always on the lookout for essential yet less glamorous products to invest in. People looking to follow in his footsteps can find investment avenues through platforms like StartEngine, which offers investment opportunities in hundreds of startups from emerging mobile companies and fintech ventures. Investors are even able to claim a stake in StartEngine itself. StartEngine gives anyone the potential to become the next Reynolds of Investing.
True to his marketing approach, Reynolds starred in a short promotional video for Nuvei, which he shared on Twitter, showcasing his support for the company. The investment comes on the heels of Mint Mobile’s recent acquisition by T-Mobile for $1.35 billion. Reynolds, who raked in an estimated $300 million from the sale, can attribute much of the company’s success to his impactful marketing efforts. With previous investments in Aviation American Gin and ownership of the Welsh soccer team Wrexham, Reynolds continues to expand his business portfolio.
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Nuvei, founded 20 years ago, operates in approximately 200 markets and partners with prominent platforms like Binance Holdings Ltd. and DraftKings to offer payment services. The company went public in both Canada and the U.S., experiencing fluctuations in its stock price. Nuvei faced scrutiny when short-seller Spruce Point Capital Management published a report alleging fraud by its top executives. Nuvei dismissed the claims as “misleading, false or unrelated to Nuvei’s business,” reiterating its commitment to customer support and global marketplace development.
Earlier this year, Nuvei acquired Paya, a smaller rival company, for $1.3 billion, aiming to strengthen its presence in the U.S. market.
In his CNBC interview, Reynolds remarked, “Thank God I’m not running the company. My job is storytelling.” Reynolds’ marketing company Maximum Effort frequently plays a key role in facilitating brand deals, emphasizing the importance of storytelling.
Reynolds sees Maximum Effort’s role as more than a financial investment but as an emotional investment. Despite his admission of knowing “nothing about fintech,” Reynolds believes in the power of strong brand foundations, evident in his investments in Aviation Gin, Mint Mobile and the Wrexham.
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This article Ryan Reynolds Sold His Company For $1.3 Billion; Now He’s Investing In Something He Knows Nothing About originally appeared on Benzinga.com
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Source: finance.yahoo.com