Rêv Worldwide gets closer to funding goal

Dec 6, 2013
Austin Business Journal

Payments processor Rêv Worldwide Inc. has raised $4.8 million of a planned $7 million round of financing


The Austin-based company collected the capital from 17 investors, according to a Thursday filing with the U.S. Securities and Exchange Commission


Rêv Worldwide, founded in 2008 by NetSpend Corp. (Nasdaq: NTSP), develops prepaid card and mobile payments programs. The company, which employs 100 workers, operates in North America, Latin America, Europe and Asia-Pacific, and is affiliated with MPower Ventures LP


In October, founder and CEO Rogelio Sosa resigned from the company for personal reasons but remains on the board of directors. He was quietly replaced by director John Mitchell, said Rêv Worldwide President Bertrand Sosa, who is Rogelio’s younger brother. At the time, Rêv Worldwide didn’t issue a news release about the resignation or announce the appointment of Mitchell, who was previously the CEO of Rêv Worldwide’s European division, RêvEurope


In 2009, MPower Ventures’ Mango Financial Inc. started operating an orange-colored store on Oltorf Street to test a new type of check-cashing service and prepaid credit card business. At the time, Bertrand Sosa said the company planned to launch similar stores in every major U.S. city within three years. But none have been built since then


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