Fintech company Rêv Worldwide has signed a definitive agreement to purchase the Netspend consumer business from Global Payments in an all-cash transaction valued at $1bn.

The firm is carrying out the deal in partnership with funds advised by Searchlight Capital Partners.

The transaction is slated to close in the first quarter of 2023, subject to relevant regulatory approvals.

Netspend founders Roy Sosa and Bertrand Sosa, who also founded Rev, will be reunited with the firm through the deal.

Global Payments divesting itself from Netspend’s consumer business as part of a strategy to focus on its core business-to-business (B2B) operations and growth opportunities.

Founded in 1999, Netspend’s consumer business has a retail partner network with more than 130,000 locations that allow consumers to load their prepaid and debit card products.

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Netspend’s consumer offerings are also available via direct-to-consumer mobile and web channels.

Rêv chairman and CEO Roy Sosa said: “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.”

Rêv provides mobile-first payment solutions and offers banking-as-a-service (BaaS) capabilities for partners, utilising its proprietary multi-currency payments and loyalty product platform.

Commenting on the deal, Rêv president Bertrand Sosa said: “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.”