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Tuesday, July 6, 2010
Wal-Mart Buys Prepaid Card Stake

Wal-Mart Stores Inc. of Bentonville purchased a stake in Green Dot Corp., a provider of prepaid debit cards also known as general purpose reloadable cards.

According to a document filed with the Securities and Exchange Commission on June 2, Wal-Mart purchased 2.2 million shares of Green Dot's Class A common stock, which is estimated to be less than 1 percent of the total available.

Green Dot is already an exclusive provider of Walmart MoneyCards, and that agreement was recently extended to May 2015. In the same SEC filing, Green Dot said it is seeking regulatory approval to acquire Bonneville Bancorp of Utah for about $15.7 million so that it can become more vertically integrated. The private company is also expected to offer public stock.

Posted in Stored Value Cards at 2:33:18 PM EDT
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