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Billionaire EntrepreneurMakes Multi-Year, Multi-Million Dollar Commitment to Firm’s Mission to Empowerthe World’s Unbanked AUSTIN, TX, March 15,2010 – Renowned investor and entrepreneur Red McCombs joins MPOWER Venturesfounding partners Roy Sosa and Bertrand Sosa as the lead investor in MPOWERVentures II, the firm announced today. MPOWER Ventures II will fuelcountry-by-country growth in the regions where MPOWER Ventures’ portfoliocompanies operate and have successfully built and deployed products andprograms. It will also support future investment opportunities that fit MPOWERVentures’ mission and focus. MPOWER Ventures directsprivate investment to companies whose innovations extend the reach and expandthe range of financial services available to underserved consumers. Committedto promoting financial inclusion across the spectrum of financial needs andaround the world, MPOWER Ventures has assembled a portfolio of companiesspanning international payments, mobile payments, retail financial services,and asset-building and investment products with operations in North America,Latin America, Europe and Asia-Pacific.
“Global markets havefailed to provide financial services to billions around the world, a problemthat has attracted the attention and considerable resources of respectedorganizations like the Gates Foundation,” said Roy Sosa, founding partner ofMPOWER Ventures. “Those efforts must be matched by private investment throughpartners like Red McCombs who can dedicate the resources required to driverapid innovation of market-based solutions, solutions that can profitably andsustainably deliver safe, affordable tools to those who live beyond their reachtoday.” Billy Joe "Red"McCombs has led a remarkable career as a successful investor and entrepreneurwith extensive business interests, ranging from automobile dealerships,communications and professional sports to oil, ranching and real estate. Hefounded the Red McCombs Automotive Group, and he co-founded Clear ChannelCommunications with Lowry Mays. He also previously owned the Minnesota Vikings,the San Antonio Spurs and the Denver Nuggets. His accomplishments have earnedmany honors and accolades, including NFL Owner of the Year, San AntonioBusiness Hall of Fame, Texas Business Hall of Fame, National College FootballHall of Fame, National Auto Dealers Hall of Fame, and he holds honorarydoctorates from Southwestern University, The University of Texas at San Antonioand Texas Lutheran University. One of Forbes Magazine’s 400 Richest Americansin 2009, he is also a prominent philanthropist and the namesake of theUniversity of Texas at Austin’s McCombs School of Business. “This is an exceptionalgroup of companies and entrepreneurs who have the passion and the audacity totackle a major global financial challenge in a tough economic climate and havealready made significant inroads in markets around the world,” said RedMcCombs. “I’m proud to partner in this mission and look forward to being partof what they accomplish in the coming years.” Based in Austin, Texas,MPOWER Ventures was established in 2006 by brothers Roy Sosa and Bertrand Sosa,accomplished entrepreneurs who pioneered the multi-billion dollar prepaid debitmarket as co-founders of NetSpend Corporation. The firm’s current investmentportfolio includes: · MPOWER Mobile – A mobile software company specializing in the deploymentof mobile-phone-based financial services and payments solutions accessible fromany mobile handset via Short Message Service (SMS) and via mobile applicationsfor smart phones; · Rêv Worldwide – A global payment company whose proprietary processingplatform and growing distribution network allow financial institutions,telecommunication companies and merchants to deliver new payment solutions tounderserved customers anywhere in the world; · Gratio Capital – A New York City-based asset management firm creatingthe world’s first investment products for the underserved; and · Mango Financial – An innovative consumer financial services company thatempowers underserved U.S. customers to achieve their financial goals through aworld-class service experience and a suite of financial products designed toachieve a level of integration unmatched in the industry today. |