Prepaid agenda specialist Green Dot Corp. has agreed to buy battling UniRush LLC in a accord admired at a minimum of $147 actor and accepted to aing by the end of March.
Pasadena, Calif.-based Green Dot, conceivably best accepted for managing Wal-Mart Stores Inc.’s MoneyCard operation, said the accord will accompany calibration economies and accord the aggregation entrée into the payroll-card business, area UniRush’s Rapid! PayCard artefact has accustomed itself with added than 2,500 companies. Amid UniRush’s general-purpose reloadable RushCard and the amount card, the accretion will add added than 750,000 alive cards to Green Dot’s lineup, the aggregation says. Green Dot had 4.09 actor alive cards in 2016’s third quarter, bottomward 9% from 4.51 actor a year earlier, according to the company’s latest balance report.
“The two companies will still charge to accommodate their operations, and of advance acceptable beheading charcoal key. However, the accord does accord Green Dot the adeptness to rapidly add calibration to its prepaid portfolio at a time back amoebic advance is tough,” Ben Jackson, a chief analyst at Mercator Advisory Group, tells Digital Transactions News in an email message.
The accord additionally brings to Green Dot Russell Simmons, the hip-hop artisan and DefJam cofounder who started UniRush in 2003 and congenital it into a well-oiled apparatus aimed at confined the underbanked. That bland image, however, took a hit in 2015 back a processing annihilate bound some barter out of their accounts and affected the aggregation to action a four-month fee holiday.
“As I accept done with my ventures in music, comedy, and fashion, I am partnering with the best aggregation in the industry, Green Dot, to aggrandize our opportunities and abide our mission to accommodate the cyberbanking industry,” Simmons said in a statement. “We accept our barter are amid the best loyal in prepaid and I appetite to acknowledge them for their years of support.”
A ancillary advantage in the deal, says Jackson, is that UniRush cardholders will admit the Green Dot name, back they accept had admission to Green Dot’s reload network.
Bloomberg aboriginal appear talks amid Green Dot and Cincinnati-based UniRush aftermost week. Back the aggregate closes, alone two above prepaid agenda programs not anon endemic by banks will abide in the U.S. market, in accession to Green Dot, according to Jackson: NetSpend and H&R Block’s Emerald Card.
Under the acceding of the agreement, an earn-out accouterment allows UniRush to aggregate an added $4 actor minimum per year for bristles years. The minimum acquittal can be college if the RushCard meets defined goals for acquirement growth.
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