Green Dot Corp.'s first-quarter revenue rose 26% year over year to $117.3 million as the prepaid card company saw a jump in the number of new cards it activated for customers.
Its net income slipped 1% to $12.7 million.
The Monrovia, Calif., company said on Thursday that it activated 2.2 million cards in the quarter, up 23% from a year earlier. The number of cash reloads made on Green Dot cards rose 35% to 7.98 million and the total dollar amount loaded onto cards rose 62% to $4.6 billion.
Green Dot typically sees higher volumes in the first quarter because of a partnership it has with the tax software provider Intuit Inc. that allows consumers to receive their tax refunds on a prepaid card. The Treasury Department also selected Green Dot this year to manage a pilot program that allows tax filers to receive refunds on a card.
"Our results in the first quarter show that our customers continue to incorporate our products into their everyday lives and are using them more frequently," John Keatley, Green Dot's chief financial officer, said in a press release.