Green Dot and Marqeta Join Forces to Enhance Cash Services for Businesses and Their Customers
New Collaboration Enables Convenient and Affordable Cash Deposits at Green Dot's Network of 95,000+ Locations Nationwide
Green Dot Corporation (NYSE:GDOT) and Marqeta, Inc. (NASDAQ:MQ) today announced a new relationship enabling Marqeta to provide customers with convenient and affordable cash services, an important function for the many businesses and consumers transacting with cash today. Green Dot's expansive money movement network (the "Green Dot Network," powered by Arc) enables convenient access to deposit cash to bank accounts at more than 95,000 locations nationwide.
"We are proud to collaborate with Marqeta to bring our shared vision of delivering seamless and affordable financial services to life for more businesses and consumers across the US," said Crystal Bryant-Minter, SVP of Money Movement at Green Dot. "This collaboration demonstrates the power and potential of fintechs coming together to deliver better value and experiences to our customers, and we're excited to continue building on this relationship for years to come."
The cash economy remains strong, with cash being the preferred method of transacting for LMI and mature (age 55-plus) consumers, according to the Federal Reserve. This relationship addresses the demand for essential cash services while bridging the digital divide among cash-preferred consumers, allowing consumers and businesses to conveniently and affordably deposit cash into digital bank accounts.
"Through our collaboration with Green Dot, we're expanding access to essential cash services for our customers and their users across the US," said Rahul Shah, Chief Product Officer at Marqeta. "Collaborating with Green Dot further strengthens our financial services capabilities and reinforces our platform's ability to deliver comprehensive financial services that provide our customers with the flexible and efficient solutions they demand."
Marqeta's platform enables businesses to build financial solutions, enabling them to embed financial services into their branded experience and unlock new ways to grow their business and delight users. Marqeta's cash load offering is one more addition to its suite of financial services offerings, enabling businesses to offer tailored financial solutions to their customers.
For over 25 years, Green Dot has expanded access to modern banking and payment tools for consumers and businesses. Powered by Arc, the Green Dot Network of more than 95,000 retail locations nationwide offers cash-in and cash-out capabilities in stores including Walmart, Walgreens, 7-Eleven, CVS and more. As traditional banks continue closing brick and mortar locations across the U.S., particularly in underbanked communities, the Green Dot Network provides seamless access to cash services for almost all U.S. consumers, with 96 percent of the U.S. population living within three miles of a Green Dot Network location. The Green Dot Network's money movement capabilities also enable partners to offer their customers the ability to move funds digitally between bank accounts.
About Green Dot
Green Dot Corporation (NYSE:GDOT) is a financial technology platform and registered bank holding company that builds banking and payment solutions to create value, retain and reward customers, and accelerate growth for businesses of all sizes. For more than two decades, Green Dot has delivered financial tools and services that address the most pressing financial needs of consumers and businesses, and that transform the way people and businesses manage and move money.
Green Dot delivers a broad spectrum of financial products to consumers and businesses through its portfolio of brands, including: GO2bank, a leading digital and mobile bank account offering simple, secure and useful banking for Americans living paycheck to paycheck; the Green Dot Network ("GDN") of more than 90,000 retail distribution and cash access locations nationwide; Arc by Green Dot, the single-source embedded finance platform combining all of Green Dot's secure banking and money processing capabilities to power businesses at all stages of growth; rapid! wage and disbursements solutions, providing pay card and earned wage access services to more than 6,000 businesses and their employees; and Santa Barbara Tax Products Group ("SBTPG"), the company's tax division, which processes more than 14 million tax refunds annually.
Founded in 1999, Green Dot has managed more than 80 million accounts to date both directly and through its partners. Green Dot Bank is a subsidiary of Green Dot Corporation and member of the FDIC. For more information about Green Dot's products and services, please visit www.greendot.com.
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