Green Dot Corp.'s revenue rose 36% year over year in the third quarter from a sharp increase in the number of its prepaid cards that were activated.
The Monrovia, Calif., prepaid card company on Wednesday said its revenue for the quarter ended Sept. 30 was $88.9 million.
The performance was helped by improvement in several key business metrics, including a 36% increase in the number of general purpose reloadable debit cards that were activated in the quarter, which was 1.5 million.
Additionally, the number of cash transfers made with a card rose 53% to 6.9 million and the gross dollar volume that was loaded onto its cards grew 69% to $2.5 billion.
However, its net income fell 14% from a year ago to $9 million, partly due to higher interest expense.
Earnings were 20 cents per diluted share, down from 22 cents from diluted share a year ago.