Rêv Worldwide (Rêv), in partnership with funds advised by Searchlight Capital Partners (Searchlight), is to acquire the Netspend consumer business from Global Payments in an all cash transaction valued at $1 billion.
Rêv Worldwide (Rêv), in partnership with funds advised by Searchlight Capital Partners (Searchlight), is to acquire the Netspend consumer business from Global Payments in an all cash transaction valued at $1 billion.
The acquisition brings Netspend founders, Roy and Bertrand Sosa, who also founded Rêv, back into the business. The Sosa brothers are looking to leverage the strategic assets of the two entities to build a global, high growth company.
Since the Sosas founded Netspend in 1999, the company’s consumer business has developed into a specialist in the prepaid and debit card space serving millions of customers nationwide, processing hundreds of billions of dollars of cardholder purchases, and established the largest retail partner network with over 130,000 locations nationwide where consumers can load their prepaid and debit card products.
Leveraging its proprietary multi-currency payments and loyalty product platform, Rêv provides mobile-first payment solutions and offers banking-as-a-service capabilities for partners around the world, such as Etihad Airways, Itaú Private Bank, LATAM Airlines; as well as direct-to-consumer branded products owned and managed by Rêv, such as the recently launched X World Wallet currently available in the U.S.
The transaction is expected to close in the first quarter of 2023 subject to relevant regulatory approvals, and customary closing conditions.
