Green Dot

Summary
Green Dot Corporation, a financial technology and bank holding company, provides various financial products to consumers and businesses in the United States. It operates through three segments: Consumer Services, Business to Business Services, and Money Movement Services. The company offers deposit account programs, including consumer and small business checking account products, network-branded reloadable prepaid debit cards and gift cards, and secured credit programs. It also provides money processing services, such as cash transfer services that enable consumers to deposit or pick up cash and pay bills with cash at the point-of-sale at any participating retailer; and simply paid disbursement services, which enable wages and authorized funds disbursement to its deposit account programs and accounts issued by any third-party bank or program manager. In addition, the company offers tax processing services comprising tax refund transfers, which provide the processing technology to facilitate receipt of a taxpayers' refund proceeds; small business lending to independent tax preparation providers that seek small advances; and fast cash advance, a loan that enables tax refund recipients. Green Dot Corporation was incorporated in 1999 and is headquartered in Austin, Texas.

History

The Green Dot corporation was founded in 1999 by Steve Streit. Green Dot was formerly known as Next Estate Communications. The first debit card to be sold was I-GEN in the year 2000. It was geared toward teenagers and Internet users. In 2001 the first I-GEN MasterCard was sold at a Rite Aid in Virginia. In 2002 the first Green Dot debit cards were sold at more Rite Aid stores as well as CVS Pharmacy, and Pantry Convenience stores. In 2003, the I-GEN card was sold in over 18,000 stores nationwide and geared toward adults. In the year 2004, I-GEN officially changed its name to Green Dot and started the first cash-accepting network for reloading the debit cards. By May 2006, Green Dot sold more than two million cards nationwide and opened more retailers to issue more cards internationally.On July 22, 2010, Green Dot Corporation went public and started trading on the New York Stock Exchange under the stock ticker: GDOT

In early 2012, Green Dot acquired the mobile location technology company, Loopt, for $43.4 million. Green Dot retained all of the employees of Loopt, which became the team to design and build Green Dot's mobile checking account brand, GoBank.

In 2013, with the acquisition of Loopt’s technology and workforce, Green Dot developed GoBank, the first bank account designed to be opened and used from a mobile device. In 2016 GoBank, became the platform that was used by Uber, the ride share company, as the principal payment processor of the company’s drivers. Green Dot regards this as their pivot from a prepaid debit card company into a platform company.

In 2014 Green Dot Corporation acquired Santa Barbara Tax Products Group, the largest tax refund processor in America.

Green Dot continued its acquisition of competitive companies in 2015, that offered either a customer base or platform with its acquisition with its purchase of both the Account Now Inc., and Achieve Card.

On September 24, 2014, Walmart announced it would be partnering with Green Dot Bank to begin offering Walmart customers checking accounts. The accounts will be provided through GoBank, Green Dot’s mobile checking serviceIn 2016, Green Dot Corporation’s brand, GoBank, partnered with Uber to launch the ‘Uber Debit Card’ – a checking account for Uber drivers to cash out their ride fare immediately.

On January 30, 2017, it was reported that UniRush LLC would be sold to Green Dot Corp. in a deal valued around $147 million. The deal, to close at the end of the quarter, was said to add around 750,000 cardholders to Green Dot's network.In early December 2017, Green Dot Corporation announced that it was powering the Apple's new Apple Pay Cash P2P payment service.

On May 7, 2021, CNBC reported that "Green Dot, a fintech firm and biggest U.S. provider of prepaid debit cards, is moving its headquarters from Pasadena, California to Austin, Texas "

Awards

Steve Streit, CEO, was nominated for Industry Executive of the Year at LendIt.Green Dot was nominated for Solving Problems Through Payments during the 2018 Benzinga Fintech Awards.


Mission
To provide a full range of affordable and accessible financial services to the masses.

Vision
At Green Dot Corporation, our mission is simple: to provide a full range of affordable and accessible financial services to the masses. We want to provide modern, honest, and fair banking solutions that change the way people interact with money. We'll accomplish this by valuing our customers and working to make their lives better.

Key Team

Mr. Amit Lokesh Parikh (Exec. VP of Banking Platform Services)

Mr. Gyorgy Tomso (Chief Technology Officer)

Mr. Timothy Wayne Willi (Sr. VP of Investor Relations & Corp. Devel.)

Mr. Steven W. Streit (Founder & Chief Innovation Officer)

Ms. Teresa Watkins (Chief Operations Officer)

Ms. Amy Myers Pugh (Gen. Counsel)

Mr. Michael Althouse (Chief Compliance Officer)


Recognition and Awards
Green Dot has won numerous awards for its innovative products and services, including a Money Magazine Editors' Choice award for Best Bank Account for Self-Employed People and a Fast Company Most Innovative Company award. Additionally, Green Dot has been recognized by Fortune magazine as one of the top 20 companies with the best workplace culture. In 2019, Green Dot was named one of America’s Best Workplaces by Great Place to Work and Fortune.

References
Green Dot
Leadership team

Mr. George W. Gresham (CEO, Pres & Director)

Mr. Jess Unruh (Chief Financial Officer)

Mr. Jason Bibelheimer (Chief HR Officer)

Products/ Services
Finance, Financial Services
Number of Employees
1,000 - 20,000
Headquarters
Pasadena, California, United States
Established
1999
Company Registration
SEC CIK number: 0001386278
Net Income
20M - 100M
Revenue
Above - 1B
Traded as
GDOT
Social Media
Mon Feb 26 2024
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