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Green Dot Announces Opening of Wholly-Owned Subsidiary in Shanghai, China

Enhances the Company’s software development quality, speed, and efficiency

PASADENA, Calif.--(BUSINESS WIRE)--Jul. 14, 2015-- Green Dot Corporation (NYSE:GDOT) today announced the official opening of Green Dot Shanghai Software Technology Co. Ltd. “Green Dot Shanghai” is a new wholly-owned subsidiary of Green Dot Corporation that is located in the Zhangjiang Hi Technology Park in the Pudong district of Shanghai. The 24,000 square foot facility will employ Shanghai’s finest technology leaders and engineers with the goal of further increasing Green Dot’s ability to quickly, expertly and efficiently bring cutting-edge technology solutions to Green Dot’s large-scale branchless banking platform in the United States.

Green Dot’s presence in Shanghai, which is both a global financial hub and China’s biggest city, is part of Green Dot’s long-term strategy to invest in infrastructural excellence and efficiency as a competitive advantage and a way to achieve greater levels of productivity and margin expansion, leading to increasing shareholder value over time.

“We believe that the future of financial services belongs to those institutions that are tech-centric in their vision and tech-savvy in how they execute that vision. Green Dot is a financial technology innovator and the opening of our new software development center in China is intended to further power our ability to efficiently create cool products that solve important problems,” said Kuan Archer, Chief Operating Officer of Green Dot Corporation and Executive Director of Green Dot Shanghai.

Green Dot Shanghai is designed to integrate seamlessly into Green Dot’s multi-site domestic technology presence where technology facilities in Florida, northern and southern California and, now, Shanghai use a “follow the sun” strategy to deliver high-scale, high-quality and efficient technology work product around the clock.

About Green Dot Corporation

Green Dot Corporation, along with its wholly owned subsidiary bank, Green Dot Bank, is a pro-consumer financial technology innovator with a mission to reinvent personal banking for the masses. Green Dot invented the prepaid debit card industry and is the largest provider of reloadable prepaid debit cards and cash reload processing services in the United States. Green Dot is also a leader in mobile technology and mobile banking with its award-winning GoBank mobile checking account. Through its wholly owned subsidiary, TPG, Green Dot is additionally the largest processor of tax refund disbursements in the U.S. Green Dot's products and services are available to consumers through a large-scale "branchless bank" distribution network of more than 100,000 U.S. locations, including retailers, neighborhood financial service center locations, and tax preparation offices, as well as online, in the leading app stores and through leading online tax preparation providers. Green Dot Corporation is headquartered in Pasadena, Calif., with additional facilities throughout the United States and in Shanghai, China.

Source: Green Dot Corporation

Green Dot Corporation
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