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.

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