Green Dot Corporation has renewed its agreement with Walmart to serve as the program manager and issuing bank for the Walmart MoneyCard suite of prepaid reloadable debit card products.
The new agreement’s initial term is five years with the effective start date being May 1, 2015. The current agreement will be replaced which would have otherwise expired at the end of this year.
Green Dot’s shares jumped over 25% in trading after the news broke.
Founder, Chairman & CEO of Green Dot Corporation Steve Streit said in its press release, “We are so very proud to serve Walmart and the many millions of Americans who rely on Walmart for low prices on the products and services they want and need. We launched the MoneyCard program with Walmart in 2007, and today it remains the largest and most prestigious General Purpose Reloadable prepaid card program in America. To be chosen again as Walmart’s partner against a wide field of fine competitors brings a wonderful feeling of accomplishment and satisfaction for all of us at Green Dot Corporation who work so hard on behalf of our customers, our business partners and our investors.”
Green Dot Corporation, along with its wholly owned subsidiary bank, Green Dot Bank, is a pro-consumer financial technology innovator with a mission to reinvent personal banking for the masses. Green Dot invented the prepaid debit card industry and is the largest provider of reloadable prepaid debit cards and cash reload processing services in the United States. Green Dot is also a leader in mobile technology and mobile banking with its award-winning GoBank mobile checking account. Through its wholly owned subsidiary, TPG, Green Dot is additionally the largest processor of tax refund disbursements in the US. Green Dot's products and services are available to consumers through a large-scale "branchless bank" distribution network of more than 100,000 US locations, including retailers, neighborhood financial service center locations and tax preparation offices, as well as online, in the leading app stores and through leading online tax preparation providers. Green Dot Corporation is headquartered in Pasadena, Calif., with additional facilities throughout the United States and in Shanghai, China.