Green Dot launches Go2bank, its in-house challenger bank

Green Dot today announced the launch of Go2bank, a new mobile bank designed to help the two in three Americans living paycheck to paycheck.

Green Dot aims to build upon its 20-year history serving more than 33 million customers through its retail and direct-to-consumer debit card products. It’s also known for its banking as a service platform and debit card programs it’s managed for other brands like Apple, Walmart, Intuit, Amazon and Uber.

Now, with Go2bank, Green Dot is going head to head with challenger banks like Chime by focusing on what today’s customers really want: help. Approximately 7.1 million, or 5.4% of U.S. households, were unbanked in 2019, and nearly 12 percent utilized expensive methods like check cashers, money orders and bill pay services to access the cash they need. Go2bank addresses these consumers’ needs with overdraft protection, a rewards program, high interest savings, and credit building.

“Too many Americans struggle to access their money, are paying too much for financial products, and are negatively impacted by the lack of solutions designed to suit their needs,” said Dan Henry, CEO of Green Dot. “Go2bank is built to be the go-to destination for seamless, affordable, useful banking – combining the security, stability, and experience of an FDIC-insured bank with the innovation and agility of a leading fintech.”

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Source: Green Dot launches Go2bank, its in-house challenger bank – Tearsheet