Rêv Worldwide, in partnership with Searchlight Capital Partners, has completed the previously announced acquisition of the Netspend consumer business for a total consideration of $1bn.

The international payments company purchased Netspend from Global Payments, a financial technology that offers payment technology and software solutions.

In August last year, Rêv announced its plans to purchase Netspend consumer business from Global Payments in partnership with Searchlight Capital Partners.

With the completion of the transaction, Netspend will come back into the control of its founders Roy and Bertrand Sosa, who are also the founders of Rêv.

Netspend will continue its operations as a partner to Global Payments and support its retained pay card business, said the payments company.

Rêv chairman and CEO Roy Sosa said: “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.”

Searchlight Partner Christopher Cruz said: “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.”

Established in 1999, Netspend is engaged in prepaid debit cards business. It has processed hundreds of billions of dollars of cardholder purchases.

The company established a large retail partner network comprising 100,000 locations where consumers can load or purchase prepaid and debit card products.

Netspend also serves as the product and payments processing partner for various brands and provides its consumer products through mobile and web channels.

Rêv is a fintech company focused on the international banking and travel sectors through its multi-currency and multi-language payments processing platform.

The acquisition will create a global payments company with a wide range of products and services along with strategic partners, ADIB, Banco Itaú, Correos, and Etihad Airways.

Rêv president Bertrand Sosa said: “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.

“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.”