The Sosa brothers have come a long way.
From their roots in Mexico City and Monterrey to moving with their mother to the U.S., Roy Sosa and Bertrand Sosa have found a place amongst Austin's business luminaries.
In addition to big M&A deals and an IPO, they've taken tequila shots with then-Mexican President Felipe Calderón and hung with the likes of Mark Zuckerberg, Larry Page and Chad Hurley at the World Economic Forum. Not to mention a lunch with Shaquille O'Neal.
It's a journey that won't fit on one page. And it's not over yet, anyway.
The brothers founded Austin-based pre-paid card company Netspend out of a one-bedroom apartment at the University of Texas in 1999, when they had less than $1,000 in the bank. They built it to an initial public offering in 2010. The company was bought by TSYS in 2013 and then Global Payments in 2019.
After years away, the Sosa brothers are back at the helm after their new enterprise, Rêv Worldwide, in May acquired part of Netspend for about $1 billion with the help of investment firm Searchlight Capital Partners LP.
They're determined to rapidly improve the company by integrating the new technologies and worldwide reach that Rev developed. But they're also dreaming big about Austin, including ideas to help clean up Lady Bird Lake and forge deeper community connections.
"If you were here in the '80s, you remember the phrase 'Keep Austin Beautiful,' and it changed to 'Keep Austin Weird,'" Roy said. "We want to continue that mix of keeping it weird but also keeping it beautiful. That means participating and contributing to this ecosystem."
While the brothers have been on big stages, met celebrities and generated billions in revenue, they say they're still close to their roots.
"We remain those two Mexican immigrants. We remain Austinites at heart," Roy said. "We remain Texans — some people call us Texicans. We remain entrepreneurs ... we're all those things."
What was your childhood like? And when you guys were growing up, were you fighting brothers or friendly brothers?
Roy: We had a really cool childhood, first in Mexico City, for me the first seven years, and then Monterrey, Mexico. I had the opportunity to attend O. Henry [Middle School], then Austin High, then the University of Texas. And it's really cool because I have a few of my classmates from ninth grade at Austin High who are working here including our general counsel. He and I played on the soccer team. Brett Hurt actually was in my class at Austin High. So it was really special. My brother and I, we've always been very, very close. We shared a room. Even today when we travel, sometimes we get one room.
Bertrand: I like to think that what's led to our success is our ability to deal with our not so positive side. We're brothers, and brothers are going to argue and all that good stuff. But we came to the realization that if we help each other's blind spots, and if we understand that we're complementing each other, the end result is going to be a net positive. And honestly, that hasn't really failed us to this day.
What's your coming-to-Austin story?
Roy: That’s a long, long story. I’m a little bit sensitive about sharing parts of it. Fundamentally we’re here because of our mom. She’s an amazing entrepreneur. She’s a doctor. As a divorced mother of two, she was never going to get a fair shake in Mexico. So she decided to move to the U.S. and pursue her medical license. She ended up passing her boards, but she ended up not focusing on that. Instead, she focused on getting remarried, raising two teenage boys, then our younger brother who is 14 years my junior.
I did not know then, but we were DACA [Deferred Action for Childhood Arrivals] children. My mom brought us on a tourist visa and we overstayed. That was kind of crazy – not speaking the language and being like, 'Okay, is the border patrol going to take us back?' ...At heart, I think we're still those kids that came in from Mexico with $600 with their mom and 10-day tourist visa.
Bertrand: A single mother of two, it’s not easy. Just on its own as a single mother of two, moving to a different country, that is insane.
When you guys aren't working, what hobbies and other things do you enjoy?
Roy: I have three kids. And it's a joy.
Bertrand: Travel and going to sporting events. And ideally, you combine both where I get a chance to see my nephew and nieces whenever we are together. That’s the trifecta of personal time greatness: we've traveled somewhere and the families are there. That brings the sports, the travel and the family altogether.
If you couldn't live in Austin, where would you want to live?
Roy: I love Stockholm. We have done business there. And Sydney. I came very close to moving to Sydney, Australia. It’s magical.
Bertrand: For me it’s Vancouver or somewhere in Canada. I love Canada. It’s great weather, great people and not too far away.
Do you have a favorite restaurant?
Roy: Sammie's. I literally eat there once a week. I have their lemon pasta. It’s very simple. You go there and it feels like a family restaurant.
Bertrand: Uchi. Yellowtail is my favorite. I mean, I could eat 100 pieces.
What do you think your brother would say is the most annoying trait that you have?
Bertrand: Only one? I think Roy would probably say that I don’t listen that well, which is probably in common with my wife, so it’s probably true.
Roy: I tend to overcomplicate things.
Who do you admire the most in the business world and why?
Roy: Jamie Dimon (CEO of JPMorgan Chase & Co.). We met with him several times in Davos. He has these sort of very down to earth values. And I feel that when Jamie Dimon talks about the economy, people really care. But at the same time, the way he's built his leadership team and the organization. When I think about that, we've been here for 25 years. We're here for the next 25 years, or plus. At that stage, we need to model ourselves and aspire to be as good or better than a JPMorgan Chase.
Bertrand: Right now, it is Ari Emanuel (CEO of entertainment company and media agency Endeavor). Ari is just special. He's an entrepreneur. He's an executive. I really respect him because he has vision, and he also takes big, bold steps and is really not afraid to fail. And so he's been somebody that we've known for now for over 10 years. And every two, three years it seems like he's done something incredible.
Do you have any guilty pleasures?
Roy: Breakfast tacos. Everyone in Austin loves breakfast tacos. But we shouldn't be eating more than one breakfast taco. And, I picked this up from my friends in Scandinavia — Scandinavians love eating a little bit of chocolate. Just a tiny bit after a meal. And my wife absolutely hates this because I do this and now my kids are my collaborators.
Bertrand: It’s hard to say no to a donut, especially one from Round Rock Donuts.
Roy Sosa and Bertrand Sosa
Titles: Roy, chairman and CEO of Rêv Worldwide and Netspend; Bertrand, president of Rêv Worldwide and Netspend
Ages: 52 and 47
Family: Roy, three children and wife; Bertrand, wife and two dogs
Education: Studied at University of Texas at Austin
Emails: rsosa@netspend.com / bsosa@netspend.com
