Green Dot Money To Help Lenders And Borrowers In The US

Financial transaction service company Green Dot Corporation (NYSE:GDOT) recently announced the launch of Green Dot Money. This application is an online marketplace for low and moderate income consumers, with a set of lending partners who are members of the marketplace and specialize in serving these clients.

The company does not fund any loan from its own account; it acts as a medium to cater to clients in need for loans with the help of third party lenders.

For low income group clients it is difficult to get loans with a decent interest rate that would be easier on their pocket. This application is a one-stop marketplace for such customers.

In today’s market new technologies and customer acquisition preferences are putting pressure on traditional customer marketing strategies and cost per funded loan. Green Dot plans to use its banking expertise to capitalize on these fundamental changes in the lending industry. Green Dot Money is trying to organically generate new streams of high-margin revenue by helping customers find their most appropriate lending partners.

Green Dot Money service is currently available to consumers on a nationwide basis with initial lenders who are capable of offering loans in 46 states. The applicants can opt to receive their loans on various days as per their convenience.

This new service will enable Green Dot to expand its client base even further. This one of a kind offering will help the company gain an edge over its peers.

Headquartered in Pasadena, CA, Green Dot is the prime issuer of prepaid MasterCard and Visa cards in the U.S. Along with this it is the largest provider of reloadable prepaid debit cards and cash reload processing services in the U.S. Green Dot bank is a customer friendly banking technology innovator. Green Dot’s mobile banking facility has also won awards for the company. Its wholly owned subsidiary, TPG, has additionally made Green Dot the largest processor of tax refund payments in the U.S. Green Dot provides its services throughout the U.S and in Shanghai, China.

Green Dot carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the industry include Fidelity National Information Services, Inc. (NYSE:FIS) , Fiserv (NASDAQ:FISV), Inc. (NYSE:FIS) and Vantiv, Inc. (NYSE:VNTV) . They all carry a Zacks Rank #2 (Buy).