TX-REV-WORLDWIDE,-INC
1.8.2022 17:47:04 CEST | Business Wire | Press release
Today Rêv Worldwide, Inc., (“Rêv”), an international fintech company, and Global Payments (NYSE: GPN), a leading worldwide provider of payment technology and software solutions, announced that Rêv, in partnership with funds advised by Searchlight Capital Partners, L.P. (“Searchlight”), has entered into a definitive agreement to acquire the Netspend consumer business from Global Payments in an all cash transaction valued at $1 billion. The acquisition brings back Netspend’s founders, Roy and Bertrand Sosa, who also founded Rêv. The Sosa brothers look to leverage the strategic assets of the two entities to build a global, high growth company that delivers on a mission of financial empowerment and product innovation.
For Searchlight, this transaction represents another exciting partnership with dynamic fintech entrepreneurs while also being able to support growth and innovation for consumer financial services to underserved markets. With this sale, Global Payments delivers on its commitment to divest itself from Netspend’s consumer business, allowing the company to focus on its core B2B operations and growth opportunities with Rêv as a partner.
Since the Sosas founded Netspend in 1999, the company’s consumer business has developed into a clear industry leader 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. Netspend’s consumer products are also available online via direct-to-consumer mobile and web channels.
“We’ve gone full circle, launching programs with partners around the globe in our journey to provide innovative financial services to underserved mass markets. We are very excited by the opportunity to partner with the Netspend consumer team and Searchlight as we deliver new products, expand into new markets and add more value to customers across the world,” said Roy Sosa, Chairman and Chief Executive Officer, Rêv.
Christopher Cruz, Partner, Searchlight, added “The characteristics of this investment are rare to find. Combining an industry leading operation in Netspend’s consumer business with modern platform technology and digitally native solutions from Rêv unlocks great growth potential by meeting the needs of a significant and sizable market. We look forward to partnering with Roy, Bertrand, and the Rêv team as they continue their mission to financially empower underserved consumers through fintech innovation.”
According to a recent industry report, the global market for Prepaid Cards, estimated at US$1.6 Trillion in the year 2020, is projected to reach US$2.7 Trillion by 2026, growing at a CAGR of 9.6% over the analysis period.
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.
For Bertrand Sosa, President of Rêv, “The market opportunity for Netspend’s consumer business has always been massive, as evidenced by the history of growth the company has experienced. Now we have a chance to expand upon it globally by leveraging unique synergies we bring along with our entrepreneurial spirit.”
The transaction is expected to close in the first quarter of 2023 subject to relevant regulatory approvals, and customary closing conditions.
Jefferies LLC is serving as lead financial advisor, and Nomura Securities International, Inc. is serving as financial advisor to Rêv. Paul, Weiss, Rifkind, Wharton & Garrison LLP is representing Searchlight, Gunderson Dettmer is advising Rêv.
Evercore is serving as financial advisor to Global Payments, and Wachtell, Lipton, Rosen & Katz is representing Global Payments in the transaction.
About Rêv
Rêv is a fintech company, founded by prepaid debit industry pioneers 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 is focused on the international banking & 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 $10 billion in assets under management and offices in New York, 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 .
About Global Payments
Global Payments Inc. (NYSE: GPN) is a leading payments technology company delivering innovative software and services to customers globally. Our technologies, services and team member expertise allow us to provide a broad range of solutions that enable our customers to operate their businesses more efficiently across a variety of channels around the world.
Headquartered in Georgia with approximately 25,000 team members worldwide, Global Payments is a Fortune 500® company and a member of the S&P 500 with worldwide reach spanning over 170 countries throughout North America, Europe, Asia Pacific and Latin America. For more information, visit www.globalpayments.com and follow Global Payments on Twitter (@globalpayinc ), LinkedIn and Facebook .
View source version on businesswire.com: https://www.businesswire.com/news/home/20220731005089/en/
Link:
About Business Wire
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
Simon-Kucher Selects Navan to Modernize Global Travel Program24.2.2026 11:00:00 CET | Press release
Global consultancy to consolidate travel operations with Navan across more than a dozen markets Navan (NASDAQ: NAVN), the global AI-powered business travel and expense platform, today announced it has been selected by Simon-Kucher, the world’s leading commercial growth and pricing consultancy, as its global travel partner. Simon-Kucher teams will now have access to Navan’s AI-powered travel management platform across more than a dozen markets, including in the North American, European, and APAC regions. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260224745907/en/ Simon-Kucher Selects Navan to Modernize Global Travel Program “Our work is increasingly global, and travel remains essential to how we collaborate with clients and with one another,” said Thomas Wohlan, Director of Travel Management at Simon-Kucher. “To support that at scale, we needed a modern travel platform that brings consistency across countries and simplifi
Khazna Awarded Uptime Tier III Certification of Design Documents for Ajman, UAE Facility, Largest in Company’s Portfolio24.2.2026 10:00:00 CET | Press release
Set to Achieve 1st Certified AI Data Center with Liquid Cooling in Middle East Uptime Institute, the Global Digital Infrastructure Authority, today announced that Khazna Data Centers, a global leader in hyperscale digital infrastructure, has achieved the Uptime Institute Tier III Certification of Design Documents (TCDD) award for its newest 100 MW AI-optimized data center, QAJ01 —set to be the first certified AI data center with liquid cooling in the Middle East and North Africa region. Representing the largest facility in Khazna’s portfolio, this state-of-the-art development features 20 data halls, each delivering 5 MW of IT capacity, purpose-built to meet the demands of next-generation artificial intelligence (AI) workloads. The certification underscores Khazna’s commitment to designing world-class, resilient, and efficient data center infrastructure in alignment with the industry’s most rigorous global standards. Located in Ajman, United Arab Emirates, the new facility has been desi
Infobip and ESA Boost Asteroid Impact Alerts with Instant Voice Calls24.2.2026 10:00:00 CET | Press release
New partnership accelerates response times for critical planetary defense alerts Global cloud communications platform, Infobip, has partnered with the European Space Agency (ESA) to improve the delivery of asteroid impact alerts via Infobip's Voice API solutions. Using Infobip’s platform, ESA personnelnow receive instant voice calls, enabling faster, 24/7 alerts for potential asteroid impacts. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260224294384/en/ European Space Agency partners with Infobip for asteroid impact alerts. Understanding the trajectories of asteroids, particularly those approaching Earth, known as near-Earth objects (NEOs), is crucial and time sensitive. As single asteroid impact 65 million years ago wiped out most life on Earth, it is vital for the ESA to identify all hazardous asteroids to better understand their physical characteristics and the potential consequences of an impact. Previously, ESA perso
ElevenEs held 1st Closing of its Series B Investment Round Backed by Caterpillar Venture Capital Inc.24.2.2026 09:24:00 CET | Press release
Construction of its 1GWh LFP Battery Cell Mega Factory to Begin in February 2026. ElevenEs has completed the first closing of its Series B investment round, backed by Caterpillar Venture Capital Inc., a wholly owned subsidiary of Caterpillar Inc. (NYSE: CAT) - the world’s leading manufacturer of construction and mining equipment, off-highway diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. Additionally, an affiliate of BST (HK) Ltd., a leading Hong Kong-based commodity trading house, participated in the round. This transaction represents a significant milestone in the future of European battery manufacturing as the proceeds will be used for the initial phases of infrastructure and equipment toward the planned 1GWh Mega-Factory, with construction starting in February 2026. The first battery cell deliveries are expected in 2027. This project positions ElevenEs at the forefront of the global energy transition and marks a significant step forward in
PUR Appoints Dr. Daniel Klier as Chief Executive Officer24.2.2026 09:00:00 CET | Press release
Seasoned sustainability and climate finance leader to guide PUR’s next phase of growth PUR (the “Company”), a pioneer in Nature-based Solutions, today announced the appointment of Dr. Daniel Klier as Chief Executive Officer, subject to regulatory approval. Founded nearly two decades ago, PUR partners with farming communities globally to deliver agroforestry, reforestation, and landscape restoration projects. The Company generates verified carbon reductions and carbon credits that help corporates reduce supply chain emissions through high-integrity insetting and climate contributions within and beyond their own value chains, while improving soil health, water resources, and long-term farm productivity. PUR is a recognized leader in resilient coffee and cocoa value chains, reforestation, mangrove restoration, and ecosystem conservation, delivering measurable benefits for ecosystems, agriculture, and farming communities. Dr. Klier’s appointment marks the next phase of PUR’s development as
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom