QUOTE AND NEWS
Clusterstock  Nov 11  Comment 
This story was delivered to BI Intelligence "Payments Briefing" subscribers. To learn more and subscribe, please click here. Prepaid card issuer Green Dot posted “another solid quarter” in Q3 2016, according to the firm’s earnings...
Clusterstock  Sep 30  Comment 
This story was delivered to BI Intelligence "Payments Briefing" subscribers. To learn more and subscribe, please click here. Prepaid-card company Green Dot announced it will introduce a secured credit card allowing users to charge up to $1,000...
Benzinga  May 17  Comment 
Harvest Capital Strategies LLC (together with its affiliates, "Harvest"), one of the largest shareholders of Green Dot Corporation ("Green Dot" or the "Company") (NYSE: GDOT), with beneficial ownership of approximately 9.3% of the outstanding...




 
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Green Dot (GDOT) (NYSE: GDOT) sells prepaid debit cards through third party retailers such as Wal-Mart (WMT). The company provides the retailer with a commission of the sale of the debit cards in return for selling them. The cards are rechargeable and can be used anywhere that a Mastercard (MA) or Visa (V) is accepted. These cards have been used as a replacement for credit cards but without any fear of penalty fees, overdraft fees, or minimum balances.[1]

The company's initial public offering of stock filed on the NYSE and went public on 21 July 2010. It was priced at $36, above the initial price range of $32-$35. The major underwriters were J P Morgan Chase (JPM) and Morgan Stanley (MS). The company raised $164M by selling 4.56M shares [2]

Green Dot purposely kept the IPO small at under 4.6M shares because it did not need to raise money. The company had $102M in cash and does not have any debt on its books. The company did not want to dilute its shares, but instead wanted to gain liquidity for some of its prominent owners. This made the Green Dot shares relatively high in demand since fewer shares were sold than were in demand. The company issued 2.2M shares or 5.5% to Wal-Mart (WMT).[3]

The company's 2009 revenue was $234.8M which was a 40% increase from the $168.1M revenue from 2008. Net Income also rose by 118% in 2009 from $29.2M in 2008 to $63.7M. In 2009, a total of $4.7B was loaded onto Green Dot's debit cards, a 66% increase from 2008. This has made the company one of the leading providers of reloadable debit cards.[4]

I'm quite pleased with the inofmration in this one. TY!

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