Netspend and Rêv Worldwide announced today that they have completed the integration of their key strategic assets and have formed a new global corporate entity of financial services, loyalty and technology called Ouro.
The company plans to aggressively expand its multi-brand portfolio, which spans prepaid debit products, cross-border payments, remittances and loyalty product innovations and financial services worldwide. The new corporate name and renewed strategy comes after the return of the founders in May to lead the company they founded almost 25 years ago.
The global group of fintech brands Ouro will retain Netspend as its flagship brand and market leader in prepaid debit cards, and will serve customers who lack access to financial products and who seek to achieve merchant acceptance of the payment network. The company’s digital wallet X World Wallet, created by Rêv, will continue to expand nationally and internationally with a focus on lifestyle, tourism and cross-border commerce.
“With the successful integration and alignment of our staff, technology platforms and strategic objectives, we are poised to empower more consumers around the world to access innovative financial solutions that provide exceptional value, control, flexibility and security,” said co-founder, CEO and chairman of Ouro Roy Sosa.
“The decision to rename the company Ouro reflects the transformation we have experienced in the last six months and resets our joint commitment to our legacy of innovation focused on our valuable customers and business partners, and reflects the endless possibilities we have at our reach.”
The name Ouro is inspired by the Greek word “ouroboros,” an ancient symbol that features a closed circle with a dragon that is eating its tail. The symbol, which manifests itself in various cultures and contexts throughout history, evokes permanent reinvention, renewal and unity of beginnings and endings, the cyclical nature of our journeys and infinite possibilities.
The Ouro brand recognizes and reflects the cyclical nature of the journey and transformation that the company has experienced since the founders Roy and Bertrand Sosa regained control following their completed acquisition in May.
“While we are proud of the role that Netspend has played in the financial empowerment ecosystem by pioneering prepaid debit solutions, mobile payments and other financial services, billions of other consumers can benefit from these essential products and services, and we remain committed to making this a reality,” said co-founder, president and brand director of Ouro Bertrand Sosa.
“Ouro builds on a wide range of strategic assets, including several proprietary payment processing platforms, a global network of retail partners for card sales and cash loading, and multiple innovative international brands that currently span the entire economic scale and a global presence.”
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