Mirroring the explosive growth of the prepaid debit card market, Green Dot Corp. had 3.4 million active cards as of March 31, doubling the 1.7 million it had a year earlier, PaymentsSource data show.
The total dollar volume of funds loaded into accounts tied to Green Dot’s general-purpose reloadable cards was $2.8 billion during the first three months of the year, up 133% from $1.2 billion during the same period last year. The number of MoneyPak and point-of-sale reload transactions at retail distribution channels totaled 5.9 million, up 69% from 3.5 million.
Activated cards sold through retail and online distribution channels totaled 1.8 million, up 109% from 861,000.
The rising numbers appear to bode well for Green Dot, which in February announced plans to generate up to $150 million by selling company stock through an initial public offering.
Green Dot shares in July jumped during the first day of trading on the New York Stock Exchange, reaching as high as $44.93 during the day before closing at $43.99 (see story). On Aug. 11, shares were selling at midmorning for $46.35.