Green Dot Corp. reported strong numbers for the quarter ended June 30, 2017, including a 140 percent increase in GAAP net income to $19.3 million, up from $8.0 million over Q2 2016.
Green Dot’s acquisition of UniRush, a deal that closed in February, is already paying off for the company. As part of its first-quarter earnings release, Green Dot said that UniRush not only added $12 million in revenue during its first month of new ownership, but contributed to 6 percent growth in the company’s overall active card base, to 5.05 million.
It was a busy day for Green Dot Corp. The payment services provider, on March 13, named Jeffrey B. Osher, managing director of Harvest Capital Strategies LLC, an “observer” and adviser to Green Dot’s board of directors, and it entered into an agreement with Bank of America Merrill Lynch to purchase $50 million of its Class A common stock as part of its stock buy-back initiative.
It’s official: Green Dot will spend at least $167 million to buy UniRush.
