Monday, June 10, 2013
Green Dot Buys GE Capital's Walmart Cards
Monrovia, California-based prepaid card provider Green Dot has acquired the reloadable prepaid card business of GE Capital, which are marketed under the Walmart brand, the firm said today. The companies said they expect the deal to close in the second half of the year. Financial terms of the acquisition were not announced. Green Dot has recently been expanding the range of services it offers, including launching a "bank for the mobile generation" called GoBank, which is powered entirely from a consumer's smartphone. Green Dot got its start providing prepaid cards for Walmart, which was a big beneficiary of Green Dot's IPO a few years ago.