Green Dot 2013 Annual Report Download - page 8

1
PART I
ITEM 1. Business
Overview
Green Dot Corporation is a technology-centric, pro-consumer bank holding company with a mission to reinvent
personal banking for the masses. We believe that we are the largest provider of prepaid debit card products and prepaid
card reloading services in the United States, as well as a leader in mobile banking with our GoBank mobile bank
account offering. Our products are available to consumers at more than 90,000 retailers nationwide, online and via
the leading app stores. Our products and services include Green Dot-branded and co-branded GPR cards, Visa-
branded gift cards, reload services through our Green Dot Network, using our MoneyPak product or through retailers’
specially-enabled POS devices, and GoBank, an innovative checking account developed for distribution and use via
smartphones and other mobile devices.
The combination of our innovative products and services, 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. We completed our initial public offering of Class A common stock in July
2010. In December 2011, we became a bank holding company under the Bank Holding Company Act of 1956, as
amended, or the BHC Act, as a result of our acquisition of Bonneville Bancorp, the holding company of Bonneville
Bank, a state-chartered Utah bank, which was renamed Green Dot Bank and became a member bank of the Federal
Reserve System after the acquisition. In February 2014, we completed the process of transitioning our card issuing
program with GE Capital Retail Bank to Green Dot Bank. Upon this transition, all Green Dot-branded and Walmart
MoneyCard GPR cards and the GoBank product we offer are issued by Green Dot Bank.
We manage our operations and allocate resources as a single operating segment. Financial information regarding
our operations, assets and liabilities, including our total operating revenues and net income for the years ended
December 31, 2013, 2012, and 2011 and our total assets as of December 31, 2013 and 2012 are included in our
consolidated financial statements and related notes in Item 8, Financial Statements and Supplementary Data.
Our principal executive offices are located at 3465 East Foothill Boulevard, Pasadena, California 91107, and our
telephone number is [phone]. We maintain a website at www.greendot.com. We make available free of charge,
on or through our website via the Investor Relations section at 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.
Our Business Model
Our business model focuses on three major elements: our consumers; our distribution; and our products and
services.
Our Consumers
We have designed our products and services to appeal primarily to consumers living in households that earn less
than $75,000 annually across the following four consumer segments:
• Never-banked — households in which no one has ever had a bank account,
• Previously-banked — households in which at least one member has previously had a bank account, but no
one has one currently,
• Underbanked — households in which at least one member currently has a bank account, but that also use
non-bank financial service providers to conduct routine transactions like check cashing or bill payment,
• Fully-banked — households that primarily rely on traditional financial services.
Based on data from the Federal Deposit Insurance Corporation, or FDIC, the Federal Reserve Bank, the U.S.
Census, the Center for Financial Services Innovation and our proprietary data, we believe the addressable portions
of these four consumer segments collectively represent a market opportunity of approximately 160 million people in
the United States for our products and services.