Steve Streit founded Green Dot in 1999. The first debit card was called I-Gen and it was sold the following year.
Green Dot is the largest prepaid debit card company in the world.
Streit’s original business plan was to target teenagers and those who wanted to shop safely online.
In 2010, Green Dot Corporation went public on the NYSE under the ticker symbol GDOT with a valuation of $2 billion.
Since its inception, Green Dot has acquired a number of companies in the mobile, financial, and tax industries including Loopt, AccountNow, AchieveCard, UniRush, and Sant Barbara Tax Products.
In 2016, Green Dot Corporation’s brand, GoBank, partnered with Uber to launch the ‘Uber Debit Card’ – a checking account for Uber drivers to immediately cash out their ride fares.
The company also offers MoneyPak. MoneyPak is used to deposit cash to Green Dot prepaid cards but it can also be used to deposit cash onto third-party prepaid or bank debit cards. MoneyPak is available in the same stores GreenDot prepaid is and most stores charge $5.95 for reloading.
MoneyPak has been plagued by scams, however.
Walmart also created a partnership with Green Dot offering MoneyCard a reloadable prepaid debit card both online and in Walmart stores.
In October 2022, Green Dot unexpectedly fired its executive staff, replacing the CEO, CFO, and COO with George Gresham.
Green Dot recently moved its corporate office from Pasadena, California, to Austin, Texas.