Green Dot Adds REPAY, FACEBANK and Pana to Partner Network

Green Dot Corporation (NYSE: GDOT), a digital bank and fintech, this week announced the addition of three fintechs to its growing list of Green Dot Network partners. REPAY,  FACEBANK and Pana now offer cash transactions and services to customers via Green Dot’s nationwide network of thousands of retail locations.

“As the demand for cash and cash transactions persists in the U.S., more companies are looking to power their customers with simple, accessible and affordable cash services,” said Crystal Bryant-Minter, SVP, money movement at Green Dot. “Making these services accessible to consumers and businesses is key to our mission to give all people the power to bank seamlessly, affordably and with confidence, and we’re proud to partner with these companies to help them better empower their customers.”

According to the Federal Reserve, demand for cash remains high and seamless access to cash services remains critical among U.S. consumers and small businesses:

  • Cash payments account for nearly one in five (18%) transactions nationwide.
  • Demand for cash has increased from pre-pandemic levels, with people holding on to more cash today compared to 2019 across all age groups (and 18- to 24-year-olds seeing the largest increase).
  • 93% of consumers have no plans to stop using cash.

These three fintechs join the network as it has continued expanding to support more than 180 partners and brands at the end of 2023:

Purpose-led neobanks supporting underserved minority groups

Minority groups tend to be significantly more dependent on cash than the average consumer, particularly for the “unbanked,” where Hispanic Americans (10%) substantially outnumber White Americans (3%).

  • FACEBANK is a neobank offering checking accounts, loans and more to Latin American consumers and businesses.
  • Pana is a Y Combinator-backed startup focused on reducing the financial gap among Latino immigrants by offering virtual checking accounts and an embedded remittance feature that allows them to send money abroad.

Payment platforms modernizing bill pay for consumers and businesses

  • REPAY is a leading provider of vertically integrated payment solutions serving clients in the personal finance, auto finance, credit union, mortgage and other industries.

For more than 20 years, Green Dot has expanded access to modern banking and payment tools for consumers and businesses. The Green Dot Network of more than 90,000 retail locations throughout the U.S. offers cash-in and cash-out capabilities in stores including Walmart, Walgreens, 7-Eleven and CVS. As traditional banks continue closing brick-and-mortar locations across the U.S., particularly in underbanked communities, Green Dot said its network provides access to cash services for almost all U.S. consumers, with 96% 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.


Register Now
Sponsored Links by DQ Promote

 

 

Send this to a friend