SCX Global Joins Rêv Worldwide Network of Payment Companies

MPOWER Ventures Invests in Australian Prepaid Leader, Extends Rêv Platform to Underserved Markets in Asia-Pacific

Australian prepaid card leader SCX Global Limited has joined the Rêv Worldwide network of payment companies through a majority share investment by MPOWER Ventures, a socially committed venture fund that invests in financial services for underserved consumers worldwide, the companies announced today. The Rêv Worldwide companies are part of the MPOWER Ventures portfolio. Under its new name Rêv Asia Pacific Limited, SCX Global will lead the Rêv Worldwide network’s efforts to drive widespread commercial availability of new and emerging payment solutions to underserved consumers throughout the Asia-Pacific region. Rêv Worldwide encompasses RêvEurope Payments Limited, Rêv Latin America, Inc. and now formalizes operations in the Asia-Pacific region under Rêv Asia Pacific Limited, formerly SCX Global.

According to the Asian Development Bank, more than 300 million households in the Asia-Pacific region lack access to basic financial services.[1] SCX Global was among the earliest companies in the region to address this need and was the first to offer retail availability of a reloadable Visa prepaid card, Canvas, throughout Australia, providing underserved youth and immigrant markets with the convenience and security of a Visa payment card. SCX Global was also the first provider in the region to offer a virtual Visa prepaid card, VCARD, bringing secure online shopping to a wider group of consumers. In addition to the general purpose prepaid and virtual cards, SCX Global’s product portfolio includes gift cards and remittance cards.

“We believe everyone in the world deserves access to trusted payment solutions and the opportunities and freedoms that come with participating in the financial mainstream,” said Richard Child, executive chair, international strategy and corporate development, Rêv Worldwide. “Over half the world’s population lives in Asia-Pacific, so our partnership with SCX Global is essential in creating inclusive financial services for the underserved worldwide. We’re thrilled to have found the right partner in SCX Global, a company with a proven understanding of the regional landscape and a successful track record introducing consumers in the region to the benefits of innovative payment solutions.”

Partnering with MPOWER Ventures gives SCX Global access to MPOWER Labs, the global research and development incubator and business accelerator serving MPOWER Ventures and its portfolio companies. With support from MPOWER Labs, Rêv Worldwide has already introduced the industry’s only platform focused on international underserved markets, providing seamless global connectivity and universal language and currency support for card-based, mobile, retail and online transactions. MPOWER Ventures and MPOWER Labs were both founded by brothers Roy and Bertrand Sosa who pioneered the prepaid card market, expanding access to financial services for millions of underserved consumers.

“Joining the Rêv Worldwide network is a logical and exciting development for SCX Global,” said Simon Hilton, managing director for SCX Global. “It provides us with immediate scale, the power of a global brand, access to shared international knowledge and groundbreaking product platforms. We share MPOWER’s spirit of entrepreneurship, belief in innovation and desire to serve consumers who have been overlooked by the market.”

SCX Global will continue supporting its current partnerships and consumer products, and the SCX Global executive team will continue operating in their respective capacities. Terms of the transaction were not disclosed. For more information on SCX Global’s products, visit: http://www.mycanvascard.com.au, http://www.virtualvcard.com or http://www.securecashxpress.com.au.

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[1] “Low-Income Households’ Access to Financial Services: International Experience, Measures for Improvement, and the Future,” Nimal A. Fernando, October 2007 (www.adb.org/Documents/Books/Low-Income-Households/low-income-household.pdf)

About MPOWER Ventures
MPOWER Ventures is a double-bottom-line venture capital fund based in Austin, Texas. Fueled by the belief that the combination of innovation, collaboration and disruptive technology can stimulate fundamental change that frees latent economic potential and generates meaningful social impact, MPOWER Ventures identifies and invests in early-stage businesses creating products and services for the underserved. MPOWER Ventures currently focuses its investment portfolio in financial services with investments in international payments, mobile payments and retail financial services.

About Rêv Worldwide
Rêv Worldwide (http://www.revworldwide.com) is the first and only global network of companies created to innovate end-to-end payment solutions that bring financial empowerment to underserved markets. Rêv Worldwide’s companies are committed to providing underserved consumers around the world with access to convenient payment methods that allow them to participate in today’s mainstream economy. Rêv Worldwide companies serve customers through card payments and payment processing, reload networks, mobile payments, loyalty programs, money transfers and bill payment. Rêv Worldwide’s proprietary processing platform allows financial institutions, telecommunications companies, merchants and government entities to reach underserved markets worldwide with standardization and consistency while seamlessly adapting to local currencies, customs, languages and laws. Rêv Worldwide encompasses RêvEurope Payments Limited, Rêv Latin America, Inc. and Rêv Asia Pacific and maintains regional offices in Austin, Texas; Dublin, Ireland; Mexico City, Mexico; Sydney, Australia; and Auckland, New Zealand. Rêv Worldwide’s companies are part of the MPOWER Ventures portfolio.

About SCX Global
SCX Global (http://www.scx-global.com) utilises innovative technologies to meet the needs of consumers underserved by traditional financial services products with a range of prepaid payment products. SCX Global designs, markets and distributes prepaid card products, including reloadable cards for everyday use, cards for domestic and international remittance and virtual payment cards for shopping online. SCX Global partners with financial institutions and retail distribution networks to provide secure, convenient payment solutions to consumers.

Media Contacts
For Rêv Worldwide:
Meredith DeSpain Kelsey
(512) 531-1191
meredith.kelsey {at} mpowerlabs(.)com

For SCX Global:
Jason Dempsey
+64 21 605 094
jason.dempsey {at} scx-global(.)com