RushCard and Green Dot Join Forces on Exclusive Distribution Deal
UniRush, LLC – provider of the Prepaid Visa® RushCard co-founded by Russell Simmons, and Green Dot Corporation (NYSE: GDOT) – an industry-leading provider of low-cost banking and payment solutions, announced today that the two companies have entered into an exclusive multi-year distribution agreement. The Agreement provides that Green Dot Bank will serve as the exclusive issuer of the retail version of the RushCard, with Green Dot Corporation serving as a co-manager on the portfolio with UniRush. Green Dot has also agreed to make the product available for sale by select Green Dot retail partners nationwide, which includes many of the leading national grocery, mass merchandise, drug and convenience store chains.
The introduction of RushCard through the retail channel is expected to significantly expand UniRush LLC's customer base by allowing consumers to purchase RushCard at many of their favorite retailers nationwide, while providing Green Dot with new, incremental sales through its large, nationwide retail distribution channel.
"Green Dot has a long-standing reputation and expertise in the prepaid industry and the retail distribution channel and we are thrilled to be partnering with them,” said RushCard founder and prepaid card innovator, Russell Simmons. “RushCard has been committed to meeting the needs of its growing, dynamic community of customers for nearly a decade. By partnering with Green Dot, we will effectively enhance our overall customer experience by making it even easier for individuals to access RushCard when they want, where they want.”
“We believe that joining forces with Russell Simmons and distributing the RushCard at retail will be helpful in expanding our overall category sales by providing our retailers with a differentiated and innovative product with strong brand appeal,” said Steve Streit, Chairman and CEO, Green Dot Corporation. “RushCard has had success for nearly a decade in building one of the largest and most successful prepaid online programs. We welcome a retail partnership with Russell Simmons and his great team.”
Entrepreneur and philanthropist Russell Simmons co-founded UniRush, LLC in 2003, and the subsequent launch of the RushCard was one of the first prepaid Visa Debit cards available to the underserved consumer. The company was born of Russell's personal belief that everyone deserves access to the financial mainstream and a set of basic financial capabilities that are secure, convenient, affordable, and dignified. Today, RushCard is an intelligent payment platform and traditional banking alternative that offers budgeting tools, card to card transfer services, mobile features and many other valuable services to a diverse group of Americans looking for alternative banking solutions. RushCard continues to provide exceptional service and cardholder benefits that allow our cardholders to get ahead in their financial lives.
About UniRush, LLC
Co-Founded in 2003 by entrepreneur and philanthropist Russell Simmons, UniRush, LLC, revolutionized the payments industry when it launched one of the first prepaid Visa debit cards. RushCard provides instant access to a set of basic financial services for millions of Americans who cannot or choose not to establish a traditional banking relationship. For more information about UniRush and RushCard visit www.rushcard.com or find us at Facebook.com/Rushcard or on Twitter @RushCard.
About Green Dot
Green Dot (NYSE: GDOT) Green Dot is a publicly traded (NYSE: GDOT) bank holding company regulated by the Board of Governors of the Federal Reserve System. The Company provides widely distributed, low-cost banking and payment solutions to a broad base of U.S. consumers. Green Dot's products and services include its market leading category of General Purpose Reloadable (GPR) prepaid cards and its industry-leading cash transfer network which are available directly to consumers online and through a network of approximately 60,000 retail stores nationwide where 95% of Americans shop. Green Dot is headquartered in the greater Los Angeles area and Green Dot Bank, member FDIC, is headquartered in Provo, Utah. For more details, visit www.greendot.com.
This press release contains forward-looking statements, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements include, among other things, statements regarding the timeframe within which the card is expected to become available. Actual results may differ materially from those contained in the forward-looking statements contained in this press release. A wide-variety of potential risks, uncertainties, and other factors could materially affect Green Dot's ability to achieve the results expressed or implied by Green Dot's forward-looking statements, and those risks and uncertainties are detailed in Green Dot's earnings releases and other filings with the Securities and Exchange Commission, including its quarterly report on Form 10-Q, which is available on Green Dot's investor relations website at http://ir.greendot.com. All information provided in this release and in the attachments is as of July 26, 2012, and Green Dot assumes no obligation to update this information as a result of future events or developments.