Rêv and Searchlight partner to acquire Netspend for $1b

By Delisha Fernandes

Rêv Worldwide, an international payments company in partnership with funds advised by Searchlight Capital Partners, completed its purchase of the Netspend consumer business from Global Payments in an all-cash transaction valued at $1 billion.

“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 fulfil 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.”

The carve-out transaction sees Netspend come back under the control of its founders Roy and Bertrand Sosa, who also founded Rêv. Together, Netspend and Rêv create an international payments powerhouse with various products and services and strategic partners, including ADIB, Banco Itaú, Correos (Spanish Post), and Etihad Airways.

“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 Bertrand Sosa, Rêv President. “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.”