Green Dot, a US-based issuer of MasterCard and Visa-branded cards, has wrapped up the previously announced acquisition of UniRush.
The acquisition, which was valued at approximately $147m, includes UniRush and its operating businesses RushCard and Rapid! PayCard. The agreement was inked in January this year.
As per the terms of the deal, Green Dot agreed to pay a minimum $4m annual earn-out payment for five years after takeover, thereby bringing the total cost of the acquisition to $167m.
RushCard does business as an online direct-to-consumer general purpose reloadable prepaid card provider. Rapid! PayCard serves as a corporate payroll card provider.
Green Dot noted that the two programmes of UniRush, which includes RushCard general purpose reloadable prepaid card programme and the Rapid! PayCard corporate payroll card programme, will add over 750,000 new active cardholders to its vertically integrated FinTech banking platform.
Now, the RushCard programme will be consolidated into the ‘Green Dot Direct’ division that houses GreenDot.com, GreenDot.com/Platinum Secured Visa Credit Card, WalmartMoneyCard.com, AccountNow.com, AchieveCard.com, GoBank.com and ReadyDebit.com.
Green Dot founder and CEO Said Steve Streit said: “We believe the acquisition of UniRush, including the RushCard business and the Rapid! PayCard corporate payroll card business will be a strategic and financial success in both the near and long term.