Green Dot Corp.'s fourth-quarter revenue surged 32% from a year earlier to $91.8 million as the prepaid card company activated more cards.
The Monrovia, Calif., company, which operates prepaid card programs targeted at underbanked consumers, said Thursday that the number of cards it activated in the quarter jumped 10% to 1.5 million from a year earlier.
Green Dot makes money from fees charged when consumers activate new cards as well as perform certain transactions. Its Visa Inc.- and MasterCard Inc.-branded cards, which operate like a traditional debit card, are issued by partner banks and are sold in retail stores such as 7-Eleven Inc., Walgreen Co. and Wal-Mart Stores Inc.
Green Dot has made a push to broaden its sales channels in the last year, and was recently selected to manage the U.S. Department of Treasury's pilot of a prepaid card for tax refund recipients.
"We have continued our mission of providing Americans with access to safe, low-cost, FDIC-insured banking products to handle their daily transactional needs," Steve Streit, Green Dot's chairman and chief executive, said in a press release.
The company report net income of $7.94 million, up 16% from a year earlier.
