Prepaid card specialist Green Dot reported a 10.4% year-on-year (Y/Y) gain in Gross Dollar Volume (GDV) and a 6.9% increase Purchase Dollar Volume (PDV), for the fourth quarter.
For the fourth quarter Green Dot reported growth of 6% year-over-year in non-GAAP total operating revenues1 to $153 million and adjusted EBITDA of $25.8 million, representing 47% year-over-year growth.
As of December 31, 2014, Green Dot’s consolidated balance sheet held total cash and investment securities of $845 million, which is approximately 36% higher than at the same time last year.
4Q/13 $4405 million
1Q/14 $5290 million
2Q/14 $4623 million
3Q/14 $4558 million
4Q/14 $4864 million
4Q/13 $3298 million
1Q/14 $3872 million
2Q/14 $3406 million
3Q/14 $3348 million
4Q/14 $3527 million
Source: CardData; Green Dot
Green Dot’s presence in the FSC channel is increasing with more than 1,750 new check cashing stores selling Green Dot products in Q4. Nearly 4,000 FSC locations coast to coast are now selling Green Dot products and/or services.
Green Dot’s GoBank checking account product completed its nationwide roll out to all Walmart stores in early-November. Over the first three months since the rollout, monthly deposits to GoBank accounts grew by 600% in the quarter and total debit card spend through GoBank grew by almost 1000% during the same period. Customer reviews are strong and acquisition rates are growing. Green Dot’s goal is to be at a seven figure annualized run rate in new GoBank account enrollments by year-end.
RAM Research forecasts Green Dot GDV to top $5 billion in the first quarter.
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