Green Dot 2010 Annual Report Download - page 10

PART I
ITEM 1. Business
Overview
Green Dot is a leading prepaid financial services company providing simple, low-cost and convenient
money management solutions to a broad base of U.S. consumers. We believe that we are the leading
provider of general purpose reloadable, or GPR, prepaid debit cards in the United States and that our
Green Dot Network is the leading reload network for prepaid cards in the United States. We sell our cards
and offer our reload services nationwide at approximately 55,000 retail store locations, which provide
consumers convenient access to our products and services. Our technology platform, Green PlaNET,
provides essential functionality, including point-of-sale connectivity and interoperability with Visa, Master-
Card and other payment or funds transfer networks, and compliance and other capabilities to our Green
Dot Network, enabling real-time transactions in a secure environment. The combination of our innovative
products, broad retail distribution and proprietary technology creates powerful network effects, which we
believe enhance the value we deliver to our customers, our retail distributors and other participants in our
network.
We were incorporated in Delaware in October 1999 as Next Estate Communications, Inc. and
changed our name to Green Dot Corporation in October 2005. In May 2001, we sold our first basic prepaid
card with simple loading and spending functionality. As we have grown and our technological capabilities
have increased, we have broadened our offerings and their functionality to provide consumers access to
products and services with a more comprehensive set of features. In 2007, we began managing a co-
branded GPR card program for Walmart and providing reload network services at Walmart stores through
our Green Dot Network, augmenting our then existing major retail distribution relationships with CVS, Rite
Aid and Walgreens. Since 2007, we have expanded our distribution capacity by entering into new
relationships with distributors, such as 7-Eleven, and developing our online distribution channel. We
completed our initial public offering of Class A common stock in July 2010.
In February 2010, we entered into a definitive agreement to acquire Utah-based Bonneville Bancorp,
a bank holding company, and its subsidiary commercial bank, Bonneville Bank, and filed applications with
the appropriate federal and state regulators seeking approvals for this transaction. Upon consummation of
the acquisition, we will become a bank holding company regulated by the Federal Reserve Board. Our
proposed bank acquisition is subject to regulatory approval and other customary closing conditions. The
parties intend to consummate the transaction as soon as practicable following regulatory approval of our
proposed bank acquisition, although there can be no assurance that we will obtain regulatory approval or
that our proposed bank acquisition will close.
We manage our operations and allocate resources as a single operating segment. Financial infor-
mation regarding our operations, assets and liabilities, including our total operating revenues and net
income for the year ended December 31, 2010, the five months ended December 31, 2009 and the years
ended July 31, 2009 and 2008 and our total assets as of December 31, 2010 and 2009, is included in our
consolidated financial statements and related notes in Item 8 “Financial Statements and Supplementary
Data”.
Our principal executive offices are located at 605 East Huntington Drive, Suite 205, Monrovia,
California 91016, and our telephone number is [phone]. We maintain a website at www.green-
dot.com. We make available free of charge on or through our website via the Investor Relations section at
http://ir.greendot.com our annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on
Form 8-K, and all amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the
Exchange Act as soon as reasonably practicable after filing such material electronically or otherwise
furnishing it to the Securities and Exchange Commission, or the SEC. References to website addresses in
this report are intended to be inactive textual references only, and none of the information contained on our
website is part of this report or incorporated in this report by reference.
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