Green Dot Corp.’s revenue rose 36.1% during third quarter, driven by a sharp increase in the consumer activation of its prepaid cards, the company reported Nov. 3.
The Monrovia, Calif.-based prepaid card company on Wednesday said its revenue for the quarter ended Sept. 30 was $88.9 million, up from $65.3 million a year earlier.
Improvement in several key business metrics helped the performance, including a 36% increase–to 1.5 million–in the number of general purpose reloadable debit cards consumers activated during the quarter.
Additionally, the number of funds transfers cardholders made rose 53%, to 6.9 million, and the gross dollar volume they loaded into the card accounts grew 69%, to $2.5 billion, according to the company.
However, net income fell 14% from a year ago, to $9 million, partly because of higher interest expense.
