Green Dot Completes Acquisition of UniRush and its Rapid! PayCard

Published : Thursday, March 2, 2017 | 6:16 AM

Image from RushCard Facebook

Pasadena-based Green Dot Corporation has completed the acquisition of UniRush, LLC whose businesses include RushCard, a leading online direct-to-consumer general purpose reloadable prepaid card provider, and Rapid! PayCard, a leading corporate payroll card provider.

In January, Green Dot announced it was buying UniRush for $147 million plus a minimum $4 million annual earn-out payment for five years post-closing. The annual earn-out payment could become greater if certain revenue growth hurdles applied to the RushCard general purpose reloadable prepaid card program are achieved in a given year.

The acquisition, which maps to Step Five of Green Dot’s Six Step Plan to enhance shareholder value, materially expands Green Dot’s scale with the addition of the RushCard and Rapid! PayCard installed customer bases. It also establishes Green Dot as a formidable player in the growing corporate payroll card and wage disbursement market.

Green Dot expects to realize approximately $44 million in tax benefits on a net present value basis, bringing the net cost of the acquisition, including the minimum earn-out payments, to $123 million.

UniRush, LLC helped pioneer the prepaid debit card industry with the Prepaid Visa RushCard, one of the first general purpose reloadable prepaid debit cards in the marketplace.

The company provides members with access to services that enable them to achieve their personal and financial goals. It also offers Americans an array of basic financial services via the RushCard.

Green Dot Corporation, along with its wholly owned subsidiary bank, Green Dot Bank, is a bank holding company regulated by the Board of Governors of the Federal Reserve System and the Utah Department of Financial Institutions. It is widely recognized as the inventor of the prepaid debit card industry and is the largest provider of reloadable prepaid debit cards and cash reload processing services in the United States.

Green Dot is also a leading financial technology company and the largest processor of tax refund disbursements in the U.S. through its wholly owned subsidiary, TPG. It also provides mobile banking with its GoBank checking account sold at retailers nationwide and through integrated technology partners.

Green Dot’s products and services are available to consumers through a distribution network of more than 100,000 U.S. locations, as well as online, in the leading app stores and through leading online tax preparation providers. Headquartered in Pasadena, it has additional facilities throughout the United States and in Shanghai, China.

To learn more about the RushCard, visit www.rushcard.com or find them on www.Facebook.com/Rushcard or on Twitter @RushCard.

For more information about Green Dot, visit www.greendot.com.

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