Green Dot Corp (NYSE: GDOT) is a financial technology and banking company that provides prepaid debit cards, digital bank accounts, and embedded finance services to consumers and businesses in the United States. It makes money through program management service fees from Banking-as-a-Service partners, transaction and processing fees, tax refund processing fees, and revenues from retail-distributed prepaid and gift card products. A single BaaS partner generated approximately 63% of total operating revenues for the year ended December 31, 2025, creating material customer concentration. Walmart store locations accounted for approximately 7% of total operating revenues for the same period. The company operates through brands including GO2bank, Arc by Green Dot, rapid! pay card and earned wage access services, and Santa Barbara Tax Products Group, the last of which processes approximately 13 million tax refunds annually. Green Dot operates a retail distribution and cash access network of more than 90,000 locations nationwide as of the 10-K filed March 16, 2026.

Revenue model

Revenue comes from program management service fees paid by BaaS partners, interchange and transaction fees on prepaid and debit card spending, tax refund processing fees from tax preparation firm partnerships through SBTPG, and fees from retail-distributed prepaid and gift card products. Processing expenses were $1.23B, or 59.1% of total operating revenues, in FY2025. A single BaaS partner represented approximately 63% of total operating revenues in FY2025.

Products and services

GO2bank digital bank account; Green Dot Network with more than 90,000 retail distribution and cash access locations; Arc by Green Dot embedded finance platform for businesses; rapid! wage and disbursements solutions including pay cards and earned wage access serving more than 7,000 businesses; Santa Barbara Tax Products Group tax refund processing handling approximately 13 million refunds annually; network-branded reloadable prepaid debit cards; open-loop gift cards sold at retail stores; secured credit programs for credit establishment or rehabilitation; small business checking account products.

Customers and end markets

Primary customers include a single dominant BaaS partner (63% of FY2025 total operating revenues), Walmart (approximately 7% of FY2025 total operating revenues), other retail distributors, tax preparation firms, and more than 7,000 businesses using rapid! wage and disbursement solutions. End consumers are largely Americans living paycheck to paycheck, unbanked or underbanked households, and employees receiving pay via card or earned wage access.

Value-chain role

Green Dot sits between card networks, retail distribution partners, and end consumers, acting as program manager, bank sponsor, and payment processor. Through Arc by Green Dot it also provides embedded banking infrastructure to third-party businesses at various stages of growth. SBTPG acts as an intermediary between tax preparation software firms and consumer tax refund disbursements.

Geographic exposure

Substantially all operations are in the United States. The 10-K filed March 16, 2026 references some China-related tax effects, indicating a limited foreign presence, but the filing does not provide a specific international revenue breakdown.

Source: SEC 10-K, filed 2026-03-16

Industry: Finance Services Peers: PROG Holdings Inc Bread Financial Holdings Inc American Express Co Encore Capital Group Inc Enova International Inc LendingClub Corp NerdWallet Inc PRA Group Inc Upstart Holdings Inc World Acceptance Corp