Friday, March 9, 2012

Green Dot Acquires Loopt

Monrovia, California-based Green Dot, the prepaid debit card provider headed by Steve Streit, said this morning that it has acquired Silicon Valley mobile social networking firm Loopt. Green Dot said it will pay $43.4M in cash for Loopt, which will become its Silicon Valley hub for its mobile technology and product development team. The company said the acquisition will help with improved customer acquisition and retention of its current customer, allow it to target a new segment of consumers with new banking and payment products, as well as let it enter the mobile wallet, reward, and payment market. The deal is expected to close by the end of the first quarter of 2012.