Profile: Green Dot Corp (GDOT.K)
21 Aug 2017
Green Dot Corporation (Green Dot), incorporated on October 26, 1999, is a pro-consumer financial technology innovator. The Company is a provider of reloadable prepaid debit cards and cash reload processing services in the United States. The Company operates through two segments: Account Services, and Processing and Settlement Services. It also has operations in the mobile technology and mobile banking with GoBank mobile checking account. Through its subsidiary, SBBT Holdings, LLC (TPG), it also operates as a processor of tax refund disbursements in the United States. As of December 31, 2016, its products and services were available to consumers through a branchless bank distribution network of approximately 100,000 the United States retail locations, including retailers, neighborhood financial service center locations and tax preparation offices, as well as online, in application stores and through online tax preparation providers. As of December 31, 2016, the Company offered its products and services to five consumer segments: unbanked, underbanked, unhappily banked, new to banking and millennials.
The Company's account services segment includes branded deposit account programs, including Green Dot-branded and affinity-branded general purpose reloadable (GPR) card accounts; checking accounts, open-loop gift cards and secured credit cards. The Company's Green Dot-branded and affinity-branded GPR card accounts are prepaid debit accounts issued by Green Dot Bank with deposits on those cards insured by the Federal Deposit Insurance Corporation (FDIC). GPR cards are designed for general spending purposes and are reloadable for ongoing long-term use. The Company provides private label GPR card accounts on behalf of a retailer or other third party entity. The private label cards bear the trademarks or logos of the retail distributor or business entity, and the Company's trademark on the packaging and back of the card. The Company's private label program is the Walmart MoneyCard.
The Company offers checking account products, such as GoBank, that allow customers to acquire and manage checking account through a mobile application available on smartphone devices. Its GoBank product is available through GoBank.com and through a downloadable application on application stores, as well as off the rack at Walmart stores nationwide. The Company, under open-loop gift cards, offers general purpose, non-reloadable gift cards. These Visa- or MasterCard-branded gift cards can be used by consumers to make purchases wherever Visa or MasterCard is accepted.
Processing and Settlement Services
The Company's processing and settlement services include its money processing services, which consists of reload services and 1099 disbursements, and its tax refund processing services. As of December 31, 2016, it offered consumers ways to reload any of its GPR cards and cards from over 120 third-party prepaid card programs (its network acceptance members), and conducted other cash loading transactions through the Green Dot Network using retailers' specially-enabled point of sale (POS) devices. It manages payment disbursement programs that enable instant payments of earnings to bank accounts with MasterCard, Visa or Discover debit cards. It provides the processing technology that facilitates receipt of a taxpayer's refund proceeds. It generates tax refund processing service revenues when a customer of a third party tax preparation company chooses to pay their tax preparation fee using its tax refund processing services, whereby it deducts the costs of the tax preparation service and its processing service from the taxpayer's refund, and remits the remaining net balance to the taxpayer per their instructions.
The Company competes with Chase, USBank, American Express, First Data, TSYS, UniRush, InComm, Western Union, MoneyGram, Blackhawk Network Inc., Visa, Refundo, Refund Advantage, Republic Bank, Jackson Hewitt and H&R Block.
Green Dot Corp
3465 E Foothill Blvd
PASADENA CA 91107-6071