Shares of Pasadena-Based Green Dot Corporation Soar in Wake of Wal-Mart Deal

first_img faithfernandez More » ShareTweetShare on Google+Pin on PinterestSend with WhatsApp,Virtual Schools PasadenaHomes Solve Community/Gov/Pub SafetyPASADENA EVENTS & ACTIVITIES CALENDARClick here for Movie Showtimes Name (required)  Mail (required) (not be published)  Website  Top of the News Your email address will not be published. Required fields are marked * Subscribe Community News Community News Pasadena’s ‘626 Day’ Aims to Celebrate City, Boost Local Economy First Heatwave Expected Next Week HerbeautyWho Was The Hollywood ‘It Girl’ The Year You Were Born?HerbeautyHerbeautyHerbeauty5 Things To Avoid If You Want To Have Whiter TeethHerbeautyHerbeautyHerbeautyKeep Your Skin Flawless With These Indian Beauty RemediesHerbeautyHerbeautyHerbeautyYou Can’t Go Past Our Healthy Quick RecipesHerbeautyHerbeautyHerbeauty8 Easy Exotic Meals Anyone Can MakeHerbeautyHerbeautyHerbeautyA Mental Health Chatbot Which Helps People With DepressionHerbeautyHerbeauty Business Districts News Shares of Pasadena-Based Green Dot Corporation Soar in Wake of Wal-Mart Deal From STAFF REPORTS Published on Tuesday, June 23, 2015 | 6:16 pmcenter_img Get our daily Pasadena newspaper in your email box. Free.Get all the latest Pasadena news, more than 10 fresh stories daily, 7 days a week at 7 a.m. Business News Make a comment EVENTS & ENTERTAINMENT | FOOD & DRINK | THE ARTS | REAL ESTATE | HOME & GARDEN | WELLNESS | SOCIAL SCENE | GETAWAYS | PARENTS & KIDS 9 recommended0 commentsShareShareTweetSharePin it Shares of Pasadena-based Green Dot Corporation soared 30% in early trading Tuesday after it signed another long-term deal with Wal-Mart stores that will stretch until May 2020.In a statement last night, Wal-Mart Stores Inc. said Green Dot and Green Dot Bank will continue to serve as the “program manager and issuing bank for the Wal-Mart MoneyCard suite of prepaid reloadable debit card products.”In early trading Tuesday, Green Dot shares were up $4.69, or 30%, to $20.00 following the announcement.Green Dot announced on Monday that it has signed a new five-year deal with what it considers to be its most important customer. The Bentonville, Arkansas retail giant currently makes up about half of Green Dot’s revenue, although in the past that has gone up to 60%.The existing agreement is set to expire at the end of this year.Under the new deal, both firms agreed to have a constant revenue-sharing structure until 2020.In a press release, Green Dot CEO Steven Streit said the new deal “brings a wonderful feeling of accomplishment and satisfaction for all of us at Green Dot Corporation who work so hard on behalf of customers, our business partners and our investors.”“We are very proud to serve Wal-Mart and the many millions of Americans who rely on Wal-Mart for low prices on the products and services they want and need.”Wal-Mart has been a steady source of business for Green Dot since the two firms launched the MoneyCard program in 2007, even when Green Dot was facing stiff competition from other big-name debit card providers like American Express.Green Dot also announced Monday that it will repurchase up to $150 million worth of the company’s stock pending regulatory approval.Green Dot Corporation, along with its subsidiary bank, Green Dot Bank, is a “pro-consumer financial technology innovator with a mission to reinvent personal banking for the masses,” according to the company website. Pasadena Will Allow Vaccinated People to Go Without Masks in Most Settings Starting on Tuesday Home of the Week: Unique Pasadena Home Located on Madeline Drive, Pasadena More Cool Stufflast_img

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