Texas-based fintech Rêv Worldwide, in partnership with funds advised by Searchlight Capital, is set to acquire the Netspend consumer business from Global Payments in an all-cash transaction worth $1 billion.
Netspend, which was founded by Rêv founders Roy and Bertrand Sosa in 1999, is a provider of payments and financial solutions for consumers and businesses.
The company operates in the prepaid and debit card space, serving millions of customers across the US and processing hundreds of billions of dollars’ worth of cardholder purchases.
The Sosa brothers intend to combine the strengths of both firms to deliver “financial empowerment and product innovation”.
Once the deal is done, Global Payments says it will have the resources to focus on its core B2B operations and growth opportunities with Rêv as a partner.
The transaction is expected to close in Q1 2023 subject to relevant regulatory approvals and customary closing conditions.
Rêv chair and CEO Roy Sosa says the company has “gone full circle” and partnering with the Netspend consumer team and Searchlight will allow the firm to deliver new products, expand into new markets and add more value to customers across the world.