Darspal S Mann
Nov. 22, 2013, 2:45 PM
- Green Dot (GDOT +2.7%) plans to acquire General Electric's Wal-Mart branded pre-paid debit card business. The Federal Reserve has approved the deal.
- The acquisition, which includes $276M in deposits, would more than double the bank deposits of Green Dot.
- The firm will offer additional services to cardholders, including bill payment and check writing.
- The acquisition would be another step in Green Dot's efforts at expansion at Wal-Mart stores. The company boosted its prepaid product offerings at the retailer in Q3. Management called the move an "opportunity for increased revenue and expanded margins going forward." The acquisition of GE's customers, combined with cross-selling of Green Dot services, could be a continued boon in this direction.
Feb. 19, 2013, 5:04 PM
Mar. 9, 2012, 11:08 AM
Green Dot (GDOT +3%) trades higher after announcing it's spending $43M to acquire Loopt, a developer of mobile apps that allow users to obtain and share information about local businesses. Green Dot claims Loopt will help boost sales of its prepaid debit cards, and allow Green Dot to become a leader in mobile payments and rewards. It's also claimed Loopt holds several valuable patents that are relevant to mobile marketing. (previously)| Mar. 9, 2012, 11:08 AM
Aug. 23, 2011, 1:28 PM
NetSpend (NTSP +6.9%) shares burst higher with M&A speculation making the rounds, as a Reuters story describes its depressed stock price and cutthroat competition in the prepaid debit card market making it a potential takeover target. Green Dot (GDOT +1.6%) is seen as the likeliest buyer, with potential interest also coming from Capital One (COF +2.3%).| Aug. 23, 2011, 1:28 PM