Powered by Green Dot’s embedded finance platform, Arc, the new partnership will bring secure, seamless and affordable banking to Amscot’s more than 230 financial service centers

Company Website: https://www.greendot.com
PROVO, Utah -- (Business Wire)

Amscot Financial, a financial services company offering a wide range of solutions to customers throughout Florida, today announced a new partnership with Green Dot Corporation (NYSE: GDOT) to expand its product suite with demand deposit accounts (DDAs) that deliver seamless and affordable banking services. Powered by Green Dot’s embedded finance platform, Arc, the new solution offers customers access to comprehensive banking services, including a DDA, a built-in secured credit card, a network of more than 25,000 free in-network ATMs, and additional features to come.

“For more than 35 years, Amscot has prioritized safety and reliability for hardworking Floridians seeking financial services,” said Ian MacKechnie, founder and CEO of Amscot Financial. “This partnership with Green Dot advances our mission by enhancing accessibility to modern, affordable banking options that help our customers build strong financial foundations.”

Demand for alternative financial services remains significant in the U.S. The latest FDIC data shows 14.2% of U.S. households – about 19 million – were underbanked in 2023, meaning they have a bank or credit union account but primarily use nonbank products and services to meet their financial needs.¹ Amscot offers a range of nonbank financial services – including safe, regulated cash advances, check cashing, bill payments and more – through more than 230 locations across Florida, making it one of the state’s largest financial service center companies. The tens of millions of underbanked Americans, many of whom rely on Amscot financial service centers, will now benefit from seamless, affordable banking services that support their current needs and help them build a stronger financial foundation.

“At Green Dot, we have a long-standing commitment to supporting low- to moderate-income consumers, including the millions of Americans living paycheck to paycheck,” said Jamison Jaworski, senior vice president and general manager of Green Dot’s consumer division. “We deliver the value, convenience and flexibility this financially stretched group needs to manage their money, along with tools to help build a stronger financial future. We’re proud to partner with Amscot to enhance the banking experience for their customers with modern, comprehensive digital banking tools that simplify and enhance their financial lives.”

For more than 25 years, Green Dot has expanded access to modern banking and payment tools for consumers and businesses. Amscot’s partnership with Green Dot builds on its existing inclusion in the Green Dot Network, which provides seamless access to cash services for consumers. Powered by Arc, the Green Dot Network includes more than 90,000 retail locations nationwide and offers cash-in and cash-out capabilities at stores such as Walmart, Walgreens, CVS and others.² As traditional banks continue to close brick-and-mortar locations across the U.S. – particularly in underbanked communities – the Green Dot Network provides accessible services for nearly all U.S. consumers, with 96% of the population living within three miles of a network location. Its money movement capabilities also enable partners to offer customers the ability to transfer funds digitally between bank accounts.

About Amscot Financial

Founded in 1989, Amscot Financial employs more than 1,500 Floridians at over 230 retail branches and the company's corporate headquarters in Tampa. The company currently operates retail locations in Alachua, Brevard, Broward, Citrus, Duval, Flagler, Hardee, Hernando, Highlands, Hillsborough, Lake, Lee, Leon, Manatee, Marion, Miami-Dade, Orange, Osceola, Palm Beach, Pasco, Pinellas, Polk, Sarasota, Seminole, St. Lucie, and Volusia counties. Amscot will continue to expand into St. Johns County in 2025.

About Arc by Green Dot

Arc is the embedded finance platform featuring all of Green Dot’s secure banking and money processing capabilities designed to fuel value, loyalty and growth for consumers and businesses. Arc by Green Dot powers some of the world’s most trusted brands and thousands of other businesses with seamless, secure and useful financial tools and experiences.

Integrated with Green Dot Bank, Arc provides partners with leading FDIC-insured banking products and tools, plus regulatory and compliance expertise, oversight and support. The Arc platform is cloud-based, modular and scalable by design – configurable to meet a wide range of business needs and goals, and flexible to adapt as our partners grow. Arc’s end-to-end banking services are powered by enterprise-grade APIs and offer partners access to comprehensive customer support, fraud protection, the largest retail deposit and ATM network in the U.S., and much more. For more information, visit greendot.com/arc.

About Green Dot

Green Dot Corporation (NYSE: GDOT) is a financial technology platform and registered bank holding company that builds banking and payment solutions to create value, retain and reward customers, and accelerate growth for businesses of all sizes. ​For more than two decades, Green Dot has delivered financial tools and services that address the most pressing financial needs of consumers and businesses, and that transform the way people and businesses manage and move money.

Green Dot delivers a broad spectrum of financial products to consumers and businesses through its portfolio of brands, including: GO2bank, a leading digital and mobile bank account offering simple, secure and useful banking for Americans living paycheck to paycheck; the Green Dot Network (“GDN”) of more than 90,000 retail distribution and cash access locations nationwide; Arc by Green Dot, the single-source embedded finance platform combining all of Green Dot’s secure banking and money processing capabilities to power businesses at all stages of growth; rapid! wage and disbursements solutions, providing pay card and earned wage access services to more than 7,000 businesses and their employees; and Santa Barbara Tax Products Group (“SBTPG”), the company’s tax division, which processes more than 14 million tax refunds annually.

Founded in 1999, Green Dot has managed more than 80 million accounts to date both directly and through its partners. Green Dot Bank³ is a subsidiary of Green Dot Corporation and member of the FDIC. For more information about Green Dot’s products and services, please visit www.greendot.com.

¹ FDIC: 2023 FDIC National Survey of Unbanked and Underbanked Households
² All third-party names and logos are trademarks of their respective owners.
³ Green Dot Bank also operates under the following registered trade names: GO2bank, GoBank and Bonneville Bank. All of these registered trade names are used by, and refer to, a single FDIC-insured bank, Green Dot Bank. Deposits under any of these trade names are deposits with Green Dot Bank and are aggregated for deposit insurance coverage up to the allowable limits.

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Contacts:

Media Contact:
Whit Chapman
Director, Communications, Green Dot
wchapman@greendotcorp.com

Source: Green Dot Corporation