Green Dot Completes Acquisition of Loopt

The prepaid card marketer Green Dot (GDOT) said Wednesday that it has completed its acquisition of the location-based deals company Loopt.

Green Dot, of Monrovia, Calif., paid roughly $43 million in cash for Loopt. It earlier said that roughly $9.8 million of that would be set aside as a retention pool for certain Loopt employees.

Loopt employees will continue to work from its Mountain View headquarters, Green Dot said Wednesday. The employees will become part of Green Dot's information technology organization.

Green Dot previously said that the deal will allow it to build out a mobile wallet and rewards system. The acquisition also would help improve customer retention and target new segments.