Here are 1-3 brief analogies to describe Green Dot (GDOT):

• Like the AWS of banking infrastructure, providing the backend for other companies' financial products and services.
• Like Walgreens or CVS for basic financial services, offering accessible prepaid debit cards and cash services right where people shop.

• Prepaid Debit Cards: Reloadable debit cards that serve as an alternative to traditional bank accounts for managing funds and making purchases.
• Bank Accounts (e.g., GoBank): Feature-rich checking accounts, often mobile-first, providing direct deposit, bill pay, and ATM access.
• Cash Deposit Network: A broad retail network enabling customers to conveniently add cash to their Green Dot products or partner cards.
• Fintech-as-a-Service (B2B Banking Platform): Provides other companies with the technological and regulatory infrastructure to offer their own branded banking and payment solutions.

Green Dot (symbol: GDOT) sells primarily to other companies through its Banking-as-a-Service (BaaS) platform, providing financial technology and regulated banking infrastructure. This segment accounted for approximately 40% of their non-GAAP operating revenues in 2023, making these B2B relationships a primary focus and major source of business. Major customer companies include:

• Walmart (NYSE: WMT) - A long-standing partner for the distribution of Green Dot's prepaid cards and co-branded financial products like the Walmart MoneyCard.
• Apple (NASDAQ: AAPL) - Green Dot serves as the regulated financial institution powering Apple Cash.
• Uber (NYSE: UBER) - Green Dot provides banking solutions for Uber drivers and couriers.
• Intuit (NASDAQ: INTU) - Historically partnered with Green Dot for tax refund disbursements and other financial services related to TurboTax.

While Green Dot also serves individuals directly through products like GO2bank and its prepaid debit cards, its strategic emphasis and a significant portion of its revenue generation come from these major B2B partnerships.

• Visa Inc. (V)
• Mastercard Incorporated (MA)
• Walmart Inc. (WMT)

William I. Jacobs
Chairman of the Board and Interim Chief Executive Officer

William I. Jacobs has served as Green Dot's Chairperson of the Board since June 2016 and as interim Chief Executive Officer from January 2020 through March 2020, and again from March 2025. He has served on the boards of directors of Global Payments, Inc., a payment processing services company, since 2001, and of Repay Holdings Corporation, a publicly traded financial technology company, since July 2019. Mr. Jacobs was Chairman of the board of directors of Global Payments, Inc. from June 2014 until September 2019 and also served as Lead Independent Director for that company from 2003 to May 2014.

Jess Unruh
Chief Financial Officer

Jess Unruh was appointed Chief Financial Officer of Green Dot in November 2022 and has been with the company since 2009. In his previous role as operational CFO and Chief Accounting Officer, Mr. Unruh led financial operations for Green Dot, including corporate accounting, tax, financial reporting, corporate finance, and financial planning and analytics. Before joining Green Dot, he served in the audit practice at Ernst & Young LLP. Mr. Unruh holds B.S. degrees in Accounting and Business Administration from the University of Southern California.

Chris Ruppel
Chief Revenue Officer and Interim President

As Chief Revenue Officer and Interim President, Chris Ruppel is responsible for overseeing all revenue-generating businesses, marketing, and product at Green Dot. He previously served as GM of the company's direct-to-consumer business, focusing on the growth of GO2bank, launched in early 2021. Prior to that, Mr. Ruppel served as GM of wage and corporate disbursements (branded as rapid!) for Green Dot since 2017. Before Green Dot acquired the business, he was president of rapid! PayCard and GM of card portfolios for UniRush, LLC. He was also previously GM of prepaid cards for the Americas at WEX Inc., and was CEO and co-founder of rapid! Financial Services (rapid! PayCard) from 2004 until its acquisition by WEX in April 2011. From 1996 until 2008, Mr. Ruppel served as vice president of Sembler Investments and held leadership positions in numerous portfolio companies.

Melissa Douros
Chief Product Officer

Melissa Douros was appointed Chief Product Officer of Green Dot on March 6, 2024. In this role, she leads the strategy, design, development, and delivery of all financial products at Green Dot, with a focus on creating seamless and intuitive customer experiences. Ms. Douros has over 20 years of experience in financial services, with previous roles at Discover Financial Services, Great Wolf Resorts, E*TRADE, and Komatsu Financial. At Discover, she was Vice President of Digital Product Experience, where she spearheaded a significant digital overhaul. At E*TRADE, she led the creation of digital assets and strategies to enhance customer experience following the acquisition of OptionsHouse.

Teresa Watkins
Chief Operations Officer

Teresa Watkins was appointed Chief Operations Officer of Green Dot in November 2022. She leads critical operational functions at Green Dot. Before joining Green Dot, Ms. Watkins held various senior leadership positions in operations and customer service within the financial services and technology sectors.

Clear emerging threats for Green Dot include:

• Proliferation of Digital-First Neobanks and Fintechs: Green Dot’s traditional strength lies in serving unbanked and underbanked populations through prepaid debit cards distributed via retail channels. A growing number of digital-first neobanks (e.g., Chime, Varo, Current, Dave) and fintech apps (e.g., Cash App) are offering mobile-centric, low-fee or no-fee checking accounts and debit cards. These alternatives provide easier setup, instant access, and enhanced features directly on smartphones, directly competing for Green Dot's traditional customer base and diminishing the necessity for physical prepaid cards. This shift parallels how Netflix disrupted Blockbuster's physical distribution model by offering a more convenient, digital-first alternative.
• Intensifying Competition in Banking-as-a-Service (BaaS): While Green Dot has established itself as a significant BaaS provider with major clients, the market is experiencing rapid growth in new entrants (e.g., Cross River Bank, The Bancorp, Unit, Bond, Galileo). This increased competition can lead to pricing pressure, higher demands for continuous technological investment, and potential client churn as businesses seeking BaaS solutions gain more options. Furthermore, some successful fintechs that initially relied on BaaS providers are increasingly pursuing their own bank charters, potentially reducing their long-term reliance on partners like Green Dot.

Green Dot (symbol: GDOT) participates in several addressable markets through its main products and services:

• Prepaid Debit Cards: The global prepaid card market was valued at approximately USD 3.60 trillion in 2024 and is projected to grow to around USD 21.46 trillion by 2034. In the U.S. specifically, the prepaid card market size was an estimated USD 1.76 trillion in 2024 and is projected to reach approximately USD 10.62 trillion by 2034.
• Banking as a Service (BaaS): The global Banking as a Service market was valued at USD 18.6 billion in 2024 and is expected to reach about USD 73.7 billion by 2034. The U.S. Banking as a Service market alone was valued at USD 1.3 billion in 2024 and is anticipated to grow to USD 8.5 billion by 2032.
• Digital/Mobile Banking Accounts (Demand Deposit Accounts): For the U.S., the total amount of demand deposit accounts (as a component of M1 money supply), which Green Dot services, was $5.287 trillion as of early July 2024.
• Money Movement Services (Gig Economy Payments): The global Gig Economy Payments Market was valued at USD 11.4 billion in 2024 and is forecasted to reach USD 28.3 billion by 2033. North America holds a significant share of the broader gig economy platforms market.

Green Dot (symbol: GDOT) is poised for future revenue growth over the next 2-3 years, driven by several strategic initiatives and expanding business segments.

1. Expansion of the B2B Segment and Banking-as-a-Service (BaaS) Partnerships: The B2B segment, particularly its Banking-as-a-Service offerings, is a significant driver of Green Dot's projected revenue growth. The company has reported substantial increases in B2B Services revenue and anticipates launching numerous new BaaS partners in 2025, which is expected to lead to new client acquisitions and increased revenue. The "Arc by Green Dot" embedded finance platform is central to this growth, evidenced by new partnerships and strong engagement. This expansion is also expected to drive deposit growth.
2. Growth in Money Movement Services, particularly Tax Processing and New Partner Launches: Green Dot expects its Money Movement Services to contribute to revenue growth, primarily through its robust tax processing business. Furthermore, the company is actively securing and launching new partners in money processing to enhance account access and cash deposit/withdrawal options across its Green Dot Network, aiming to counterbalance any declines from Green Dot branded accounts.
3. Optimization of Green Dot Bank's Balance Sheet for Increased Interest Income: A key operational strategy for Green Dot is to optimize its balance sheet by repositioning assets and investing cash to improve yields and overall profitability at Green Dot Bank. This focus on growing deposits within its BaaS business is expected to generate higher interest income.
4. Modernization of Consumer Product User Experience and Stabilization of the Consumer Services Segment: Despite anticipated short-term revenue declines in the Consumer Services segment, Green Dot is investing in modernizing the user experience for its consumer products to improve performance and enhance competitiveness. The company has observed progress in stabilizing this segment, with moderating declines in active accounts and even sequential growth. New partnerships like PLS are also expected to positively impact this segment.
5. Strategic Partnerships and Business Development: Green Dot has significantly strengthened its business development capabilities, resulting in a growing pipeline of opportunities. The company aims to continue securing new clients in the Financial Service Center (FSC) market and leveraging its diverse customer acquisition channels, including partnerships with major retailers and technology platforms. Recent partner wins in its embedded finance businesses, such as Varo, Clip Money, and DolFintech, underscore the increasing demand and growth potential in this area.