New name reflects ethos of reinvention, transformation and rebirth of the company that launched an industry 25 years ago
Company to retain the Netspend and Rêv brands as part of global multi-brand product portfolio
(BUSINESS WIRE)--Netspend and Rêv Worldwide announced today they have completed the integration of their key strategic assets and formed a new global financial services, loyalty and technology solutions parent company named Ouro. The new company plans to aggressively expand its multi-brand portfolio spanning prepaid, debit, cross-border payments, and loyalty products and service innovations across the globe. The new name and strategy follow the May return of the founders to run the company they started nearly 25 years ago.
The new Ouro global group of fintech brands will maintain Netspend as a flagship brand and leader in the prepaid card market, serving underserved customers looking to access payment network merchant acceptance. The company’s X World Wallet, which was developed by Rêv, will continue to expand domestically and internationally with a focus on lifestyle, tourism and cross-border commerce.
“With the successful integration and alignment of our people, platforms, and purpose, we are primed to help more consumers worldwide access innovative financial solutions that provide exceptional value, control, flexibility and security,” said Ouro Co-founder, Chairman and CEO Roy Sosa. “The decision to rebrand as Ouro signifies the transformation we’ve undergone the past six months and reignites our shared commitment to our legacy of customer and partner-centric innovation and reminds us of the infinite possibilities that come with pursuing it.”
The name Ouro draws inspiration and meaning from the Greek word “ouroboros,” an ancient symbol depicting a closed circle with a dragon consuming its own tail. Manifesting across diverse cultures and contexts throughout history, the symbol evokes continuous reinvention, renewal, the unity of beginnings and endings, the cyclical nature of our journeys and endless possibility.
The Ouro brand acknowledges and reflects the cyclical nature of the journey and transformation the company has undergone since founders Roy and Bertrand Sosa returned to the helm with an acquisition completed in May.
“While we take pride in the role Netspend has played in the financial empowerment ecosystem pioneering prepaid, debit and mobile payment solutions, billions more consumers can benefit from these essential products and services, and we remain committed to reaching them,” Ouro Co-Founder, President and Chief Brand Officer Bertrand Sosa noted. “Ouro is building on a vast set of strategic assets – including several proprietary payment processing platforms, a worldwide network of card sale and cash load retail partners, and multiple innovative international brands which today span the entire economic ladder and a global footprint.”
Ouro will capitalize on its existing portfolio of consumer brands, including one of the largest prepaid debit card providers in the United States under the Netspend brand, as well as international brand X World Wallet direct-to-consumer program, Walletplus in partnership with Etihad Airways, and Global Wallet in partnership with Itaú bank in Brazil, among other consumer and enterprise programs under management. With the Rêv brand, Ouro will continue to develop and expand its growing suite of tailored enterprise solutions. The company also has strategic partnerships in the sports and entertainment world, including blue-chip properties across NASCAR, MLB, MLS, NBA, with other properties soon to be announced, adding to product co-brand strategies and opportunities.
About Ouro
Ouro is a global, vertically-integrated financial services and technology company dedicated to the delivery of innovative financial empowerment solutions to consumers worldwide. Ouro’s financial products and services span prepaid, debit, cross-border payments, and loyalty solutions for consumers and enterprise partners. Since its founding in 1999 by industry pioneers Roy and Bertrand Sosa, Ouro products have processed almost a trillion dollars in transaction volume and served millions of customers worldwide. The company is headquartered in Austin, Texas with regional offices across the world. For more information, visit www.ouro.global.
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Contacts
Meredith DeSpain
mdespain@legendlabs.com