Friday, June 4, 2010

Walmart Gets Stake In Green Dot

Monrovia, California-based Green Dot, the provider of prepaid debit cards run by Steve Streit, reported in an updated S-1 filing with the SEC this week that it has issued 2,208,552 shares of its Class A stock to Walmart, as part of a renewed distribution deal with the retail giant signed in May. According to Green Dot, Walmart currently represents 63 percent of the firm's revenues. Green Dot also updated its quarterly numbers, saying that it had net income of $12.8M on operating revenues of $92.8M for the three months ended March 31, 2010, up from the $10.7M in net income it earned on $60.7M in operating revenues for the similar 2009 quarter. Green Dot also said its common stock has been approved for listing on the NYSE as GDOT. Green Dot is backed by Sequoia Capital, TTP Fund, and a significant number of the Tech Coast Angels. Green Dot filed for an IPO in February.

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