Rêv and Searchlight Complete Acquisition of Netspend for $1 Billion
International payments company Rêv Worldwide (Rêv), in partnership with funds advised by Searchlight Capital Partners, L.P. (Searchlight), today completed its purchase of the Netspend consumer business from Global Payments (NYSE: GPN) in an all-cash transaction valued at $1 billion.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230501005172/en/
Netspend Founder Roy Sosa returns to the company as its CEO and Chairman (Photo: Business Wire)
The carve-out transaction sees Netspend come back under the control of its founders Roy and Bertrand Sosa, prepaid industry innovators who also founded Rêv. Netspend will remain a partner to Global Payments, supporting the company’s retained pay card business.
“This acquisition represents both a reunion and reimagining of the vision of financial empowerment we pioneered at Netspend more than 20 years ago,” said Roy Sosa, Rêv Chairman and CEO, who assumes the same role with Netspend. “Netspend has a well-deserved reputation for creating and delivering innovative products tailored to fulfill the important needs of all its customers, from the underserved to the affluent. This transaction sets us up for strong future success and profitable growth.”
Since its founding in 1999, Netspend has become a clear industry leader in prepaid debit cards, processed hundreds of billions of dollars of cardholder purchases, and established the world’s largest retail partner network comprising 100,000 locations where consumers can load or purchase prepaid and debit card products. Those locations span large grocers, financial service centers, convenience stores and pharmacies, among others. Netspend is also the product and payments processing partner behind numerous well-known brands and offers its consumer products via mobile and web channels.
Together, Netspend and Rêv create an international payments powerhouse with a broad array of products and services and strategic partners which include ADIB, Banco Itaú, Correos (Spanish Post), and Etihad Airways. The combined companies are uniquely positioned to expand their current programs across the world, and to drive growth across market segments.
“From day one of Netspend’s founding we have been focused on helping customers gain access to payment products that simplify their lives and deliver real value,” said Rêv President, Bertrand Sosa. “This acquisition allows us to continue building on our commitment to deliver financial empowerment to more people in more places by leveraging Netspend’s industry scale and Rêv’s technology platform and digital product innovations.”
Commenting on the deal, Christopher Cruz, Partner at Searchlight, added: “The transaction allows Netspend to combine its market-leading position with Rêv’s geographic reach to offer an enhanced customer value proposition, introduce innovative products, and grow partnerships on a global scale. The combined company can uniquely serve the entire market with its differentiated distribution capabilities, including direct-to-consumer, partner-enabled, and digital partnership models.”
About Rêv
Rêv is a fintech company, founded by prepaid debit industry founders Roy and Bertrand Sosa, dedicated to delivering innovative payment experiences to consumers worldwide. Its solutions are powered by the company’s proprietary multi-currency and multi-language payments processing platform. With vast experience pioneering a number of payment industry firsts, Rêv focuses on the international banking and travel sectors. Rêv has partnered with companies across the globe to launch products in North America, Latin America, Europe, the Middle East, and Asia-Pacific. Learn more at www.revworldwide.com.
About Searchlight
Searchlight is a global private investment firm with over $11 billion in assets under management and offices in New York, Miami, London and Toronto. Searchlight seeks to invest in businesses where its long-term capital and strategic support accelerate value creation for all stakeholders. For more information, please visit www.searchlightcap.com.
About Netspend
Netspend is a leading provider of payments and financial solutions for consumers and businesses. From prepaid and debit card solutions to digital account and money movement services, Netspend has a broad suite of products and technologies that deliver exceptional experiences for its customers and business partners. For more information, visit www.netspend.com and follow Netspend on Twitter, LinkedIn and Facebook.
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230501005172/en/
Contact information
Rêv Worldwide
Meredith DeSpain
(512) 815-2721
mdespain@legendlabs.com
About Business Wire
Business Wire(c) 2018 Business Wire, Inc., All rights reserved.
Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
H.I.G. Capital Announces the Sale of DGS S.p.A.11.6.2024 12:00:00 CEST | Press release
H.I.G. Capital (“H.I.G.”), a leading global alternative investment firm with $62 billion of capital under management, is pleased to announce that an affiliate has signed a definitive agreement to sell its portfolio company, DGS S.p.A. (“DGS” or the “Group”), a leading firm in the Italian Information Technology market, to DGS Co-Founders and management team in partnership with ICG, a global alternative asset manager. Since its inception in 1997, DGShas supported blue-chip customers in the design, integration, and maintenance of complex IT systems, with a specialization in digital transformation and cybersecurity services. The Group currently has over 1,900 employees, revenues of approximately €300 million, and maintains a group of highly loyal clientele. During H.I.G.’s ownership, DGS has tripled in size and consolidated its position as a leading Italian firm in cybersecurity services and digital transformation. DGS offers its clients sophisticated and proprietary digital transformation
Evertas Names Nick Selby Head of European Underwriting11.6.2024 12:00:00 CEST | Press release
Evertas, the world’s first crypto insurance company, has named Nick Selby as its new Head of European Underwriting. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240611141887/en/ Nick Selby, Executive Vice President and Head of European Underwriting at Evertas (Photo: Business Wire) Selby, an accomplished information and physical security professional, brings two decades of expertise in public and private sector information security, physical security, and complex incident handling, as well as seven years of experience leading teams securing billions of dollars in cryptoassets. Previously, his roles included VP of the Software Assurance Practice at Trail of Bits, Chief Security Officer at Paxos Trust Company, and Director of Cyber Intelligence and Investigations at the NYPD Intelligence Bureau. “Nick is an extremely valuable addition to our European team,” said Evertas CEO and Co-Founder J. Gdanski. “His public and private
Owlet utvider globalt fotavtrykk med lanseringen av medisinsk-sertifisert Dream Sock™ i Storbritannia og over hele Europa11.6.2024 11:00:00 CEST | Pressemelding
Owlet, Inc. («Owlet» or the «Company») (NYSE:OWLT), pioneren innen smart spedbarnsovervåking, kunngjør i dag den britiske og europeiske lanseringen av Dream Sock. Dette er en smart babymonitor med levende helseavlesninger og varsler for friske spedbarn mellom 0-18 måneder og 2,5-13,6 kg. Dette innovative medisinske utstyret gir foreldre helse og viktig informasjon i sanntid, noe som gir uovertruffen trygghet. Denne pressemeldingen inneholder multimedia. Se hele pressemeldingen her: https://www.businesswire.com/news/home/20240611820341/no/ (Photo: Business Wire) «Vi er svært stolte over å lansere Dream Sock til omsorgspersoner over hele Storbritannia og Europa og gi millioner av foreldre mer trygghet mens babyen sover,» sa Kurt Workman, Owlets administrerende direktør og medgründer. «Dream Sock er nå et globalt produkt som er anerkjent som medisinsk nøyaktig og trygt, etter å ha gjennomgått regulatoriske autorisasjoner og sertifiseringer innenfor flere geografier. I dag er misjonen vår
V-Nova Surpasses 1000 Patent Milestone in Media Technology Innovation11.6.2024 10:00:00 CEST | Press release
V-Nova, a leading provider of data compression solutions, video compression technology, XR technology, AI acceleration and parallel processing for a multitude of industries including media and entertainment, today announced its milestone achievement of 1000 active technology patents. This accomplishment underscores V-Nova’s dedication to research and development and its commitment to protecting its intellectual property globally. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240611724561/en/ V-Nova’s patent portfolio spans more than 50 different jurisdictions. Including over 400 patents in Europe, over 200 in the Americas, over 100 in the United States specifically, and over 200 in Asia. V-Nova forged new directions in data processing to enhance digital experiences, maximize efficiency, reduce costs, and increase sustainability. The company leads the way with key international data compression standards for the video indust
Alipay+ Reveals Top Scorer Trophy Design for UEFA EURO 2024™11.6.2024 09:24:00 CEST | Press release
Alipay+, a suite of cross-border mobile payment and digitalization technology solutions operated by Ant International and an Official Partner of UEFA EURO 2024™, today revealed the trophy that will be awarded to the most prolific marksman at the UEFA EURO 2024™ finale on July 14 in Berlin, Germany. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240610328619/en/ The UEFA Top Scorer Trophy presented by Alipay+ is unveiled for UEFA EURO 2024™ (Photo: Business Wire) Sculpted in the shape of the Chinese character “支” (pronounced zhi, and meaning payment as well as support), the trophy reflects Alipay+’s dedication to supporting consumers to enjoy seamless payment and a broad choice of deals using their preferred payment methods while traveling abroad. The character also resembles the fleeting moment of a barefooted striker poised to shoot, evoking the original beauty and power of football – a game that united people across the wo