Rev Partnering with Searchlight Capital Partners to Purchase Netspend's Consumer Business

Rev Partnering with Searchlight Capital Partners to Purchase Netspend's Consumer Business ...

The founders of Netspend combine assets to create a global industry leader.

AUSTIN, Texas (BUSINESS WIRE) August 1, 2022

Rev Worldwide, Inc., and Global Payments, a leading worldwide provider of payment technology and software solutions, have announced that Rev, in a comprehensive agreement to acquire Netspend's parent company, for $1 billion, in an all-cash transaction. The Sosa brothers hope to leverage the two entities' strategic strengths to build a global, high-growth company that delivers on its mission of financial empowerment and product innovation.

This is another exciting collaboration with dynamic fintech entrepreneurs, while also enabling Global Payments to support consumer financial services in underserved countries. With this sale, the company maintains its commitment to divest itself from Netspends' consumer business, allowing it to focus on its main B2B operations and growth opportunities with Rev as a partner.

Netspend, founded by the Sosas in 1999, has developed into a clear industry leader in the prepaid and debit card space, processing hundreds of billions of dollars in cardholder purchases, and has established the largest retail partner network with over 130,000 locations nationwide where consumers can load their prepaid and debit card goods.

In our quest to provide innovative financial services to underserved mass markets, we've gone full circle, launching programs with partners around the globe. "We are very excited by the opportunity to partner with the Netspend consumer team and Searchlight," said Roy Sosa, Chairman and Chief Executive Officer of Rev.

Christopher Cruz, Partner at Searchlight, said the advantages of this investment are rare. Combining an industry leading business in Netspends consumer business with modern platform technology and digital native solutions from Rev unlocks tremendous growth potential by meeting the needs of a significant and significant market.

According to a recent industry report, the worldwide market for Prepaid Cards, which was estimated at US$1.6 trillion in the year 2020, is expected to reach US$2.7 trillion by 2026, growing at a CAGR of 9.6% over the analysis period.

Rev offers mobile-first payment solutions and offers banking-as-a-service capabilities for partners across the world, such as Etihad Airways, Itau Private Bank, and LATAM Airlines, as well as direct-to-consumer branded products, such as the recently launched X World Wallet, currently available in the United States.

Bertrand Sosa, Rev's president, says the Netspends consumer business has always had a lot of potential. We now have a chance to expand upon it internationally by leveraging the unique advantages we bring with our entrepreneurial spirit.

Subject to relevant regulatory approvals and customary closing conditions, the transaction is expected to close in the first quarter of 2023.

Rev. Paul Weiss, Rifkind, Wharton & Garrison LLP is representing Searchlight, and Gunderson Dettmer is advising Rev. Jefferies LLC. is serving as the lead financial advisor.

Global Payments will use Evercore as its financial advisor, and Wachtell, Lipton, Rosen, and Katz will represent Global Payments in the transaction.


Rev is a fintech business founded by prepaid debit industry pioneers Roy and Bertrand Sosa, dedicated to delivering outstanding payment experiences to consumers around the world. Rev is focused on the international banking & travel industries, with products in North America, Latin America, Europe, the Middle East, and Asia-Pacific.

Searchlight: What's New

Searchlight is a global private investment firm with over $10 billion in assets under management and offices in New York, London, and Toronto. Searchlight wants to invest in companies where its long-term capital and strategic support accelerate value creation for all parties.

Netspend: What's New?

Netspend is a leading provider of financial and payment solutions for consumers and businesses. From prepaid and debit card solutions to digital account and money movement services, Netspend has a wide range of products and technologies that make exceptional experiences for its customers and business partners.

Global Payments

Global Payments Inc. (NYSE: GPN) is a leading payments technology company serving customers across the world. Our technologies, services, and team member expertise allow us to offer a broad range of solutions that enable our customers to operate their businesses more efficiently across a wide range of channels. see source version of

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