Green Dot 2013 Annual Report Download - page 2

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Dear Green Dot Shareholders,
With our first sale of an invention we called the “iGEN Prepaid MasterCard Card” in May of 2001 at a Rite Aid store
in Northern Virginia, a new kind of consumer financial services product was officially launched. Although we didn’t
know it at the time, that first sale also marked the birth of the general purpose reloadable (GPR) prepaid debit card
industry as we know it today. So much has changed over those thirteen plus years-new regulations, new pricing
plans, new technology, new competitors and, of course, changes in the product itself and the customers who buy
it. But what hasn’t changed in all those years is Green Dot’s mission to reinvent personal banking for the masses
and Green Dot’s core belief that treating customers with honesty, fairness and respect is at the cornerstone of long
term sustainability and long term success for our business.
In 2013, the built-up goodwill for all these years of staying true to our mission and our steadfast dedication to
customer-centricity was apparent in that, despite tight risk controls that limited our new customer enrollment and
heavy competition from some of the country’s largest banks and financial services franchises, Green Dot’s products
continued to sell well and our company’s revenue continued to grow.
Not only did our business survive and thrive in 2013 in the face of such headwinds, but we also laid a great deal of
important ground work that we believe can provide opportunity and growth going forward.
• We completed the largest annual expansion of our retail distribution footprint by successfully building new
retailer relationships allowing our products to be sold at more than 20,000 new stores nationwide, including our
launch into the Financial Service Center channel.
• We rolled out nine new products at our largest retailer.
• We successfully launched our state-of-the art mobile checking account, under the brand name GoBank, to the
wide praise of both consumers and industry groups.
• We gained regulatory approval to move the issuance of the Walmart MoneyCard suite of products to our own
Green Dot Bank.
• We continued to strengthen our infrastructure, both in terms of people and sytems, so that we are well
positioned to successfully grow and achieve our goals now and into the future.
We could not have achieved such a successful year without the hard work, dedication and total commitment from
so many talented Green Dot executives and employees. We also appreciate the hard work spent on our behalf by
all of our unique stakeholders, including Green Dot business partners, board members, regulators, legislators,
consumer advocates and, of course, our customers, with whom we all rely on for our long term success.
Finally, we thank you, our investors, for being part of our extended Green Dot family.
With best regards,
Steve Streit
Chairman, President and Chief Executive Officer
Forward-Looking Statements
We have included in this letter “forward-looking statements,” which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of
1995. Words such as “will,” “expect,” “believe” and similar expressions are used to identify these forward-looking statements. These statements are not
guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Forward-looking statements are based upon
assumptions as to future events that may not prove to be accurate. Actual outcomes and results may differ materially from what is expressed or forecast in these
forward-looking statements. Risks, uncertainties and other factors that might cause such differences, some of which could be material, include, but are not
limited to, the factors discussed in our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, which are available on Green Dot’s investor relations
website at ir.greendot.com and on the SEC website at sec.gov. All information provided in this letter speaks only as of the date of this letter, and Green Dot
assumes no obligation to update this information as a result of future events or developments.