Walmart and Green Dot Extend Relationship and Form Fintech Accelerator
30 October 2019 - 7:30AM
Business Wire
Retailer and Bank Join Forces to Focus on
Retail and Fintech Innovation as Part of an Expanded
Relationship
Walmart and Green Dot Corporation are today announcing that the
companies have entered into two new and distinct agreements.
First, Walmart and Green Dot have entered into an agreement
whereby Green Dot will continue to serve as the issuing bank and
program manager for the Walmart MoneyCard program for an additional
period of seven (7) years. The new agreement will take effect on
January 1, 2020 and will replace the current agreement, which would
have otherwise expired in May 2020. Since launching in 2006, the
Walmart MoneyCard has grown into the largest retailer exclusive
prepaid account program in the United States.
Additionally, Walmart and Green Dot have agreed to jointly
establish a new fintech accelerator under the name “TailFin Labs,
LLC,” with its mission to develop innovative products, services and
technologies that sit at the intersection of retail shopping and
consumer financial services.
This newly created, Walmart majority-owned fintech accelerator
intends to focus its efforts on developing tech-enabled solutions
that seamlessly integrate omni-channel retail shopping and
financial services, for both consumers and businesses. The
accelerator aims to continue to expand upon Walmart’s current suite
of omnichannel retail shopping tools by uniquely leveraging
industry-leading, fintech solutions wrapped around and built atop
of Green Dot’s industry leading “Banking-as-a-Service” (BaaS)
platform.
“Over the years, Walmart has brought to market many innovative
industry-defining financial services offerings to serve our
customers – including several introduced through the Walmart
MoneyCard program managed by Green Dot,” said Daniel Eckert, Senior
Vice President, Walmart Services and Digital Acceleration. “With
this expanded relationship, and by leveraging Walmart’s footprint
and existing offerings with Green Dot’s cutting-edge capabilities,
we’ll be uniquely positioned to offer an unmatched set of customer
experiences that sit at the nexus of omni-channel retail and
tech-enabled financial services.”
“Green Dot is extremely proud and honored to both extend our
MoneyCard partnership for many years and to additionally enter into
an entirely new equity partnership with Walmart in the creation of
a fintech accelerator,” said Steve Streit, Founder and CEO, Green
Dot. “We believe the combination of Walmart’s unmatched retail
ecosystem with Green Dot’s innovative and highly flexible BaaS
platform, which enables the world’s largest technology and consumer
brands to address their consumers with bespoke financial products
and services, has the opportunity to create and bring to market
many new and exciting innovations over the years to come.”
The Walmart MoneyCard was created by Walmart and Green Dot in
2006. Available at Walmart stores or online at
WalmartMoneyCard.com, the Walmart MoneyCard is issued by Green Dot
Bank. Accounts are FDIC-insured and offer cash-back rewards on
Walmart purchases, as well as early direct deposit, online bill
pay, Prize Savings, and almost all the features that one would
expect from a traditional checking account, without the risk of
penalties, overdraft fees or other hidden fees.
About Walmart
Walmart Inc. (NYSE: WMT) helps people around the world save
money and live better - anytime and anywhere – in retail stores,
online, and through their mobile devices. Each week, nearly 275
million customers and members visit our more than 11,300 stores
under 58 banners in 27 countries and eCommerce websites. With
fiscal year 2019 revenue of $514.4 billion, Walmart employs over
2.2 million associates worldwide. Walmart continues to be a leader
in sustainability, corporate philanthropy and employment
opportunity. Additional information about Walmart can be found by
visiting http://corporate.walmart.com, on Facebook at
http://facebook.com/walmart and on Twitter at
http://twitter.com/walmart.
About Green Dot
Green Dot Corporation, [NYSE: GDOT], is a financial technology
leader and bank holding company with a mission to power the banking
industry’s branchless future. Enabled by proprietary technology and
Green Dot’s wholly-owned commercial bank charter, Green Dot’s
“Banking as a Service” platform is used by a growing list of
America’s most prominent consumer and technology companies to
design and deploy their own bespoke banking solutions to their
customers and partners; while Green Dot uses that same integrated
technology and banking platform to design and deploy its own
leading collection of banking and financial services products
directly to consumers through one of the largest retail banking
distribution platforms in America. Green Dot products can be
acquired through more than 100,000 retailers nationwide, thousands
of corporate paycard partners, several “direct-2-consumer” branded
websites, thousands of tax return preparation offices and
accounting firms, thousands of neighborhood check cashing locations
and both of the leading app stores. Green Dot Corporation is
headquartered in Pasadena, California, with additional facilities
throughout the United States and in Shanghai, China.
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version on businesswire.com: https://www.businesswire.com/news/home/20191029005821/en/
Walmart Erin Hulliberger, Walmart Media Relations
1-800-331-0085, news.walmart.com/reporter Green Dot Media Relations
Brian Ruby, 203-682-8268 PR@greendot.com Investor Relations
626-765-2427 IR@greendot.com
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