News Release

Powered by Green Dot’s Banking-as-a-Service Platform, Stockpile Will Offer Debit Cards with Parental Spending Controls and More Features and Functionality to Come

AUSTIN, Texas--(BUSINESS WIRE)--Oct. 3, 2023-- Green Dot Corporation (NYSE: GDOT) and Stockpile, Inc. today announced a new partnership to introduce products, tools and features aimed at making investing and personal finance more accessible to consumers of all ages. Powered by Green Dot’s banking-as-a-service (BaaS) platform, Stockpile will embed parental spending controls and debit card functionality for minors in its retail investing product suite¹, with additional features and functionality planned for the future.

“Green Dot’s depth of experience embedding seamless, innovative and value-driven financial tools into their partner ecosystems, along with their passion for providing accessible financial services to consumers and businesses, make them a great fit for Stockpile’s long-term vision and growth trajectory,” said Victor Wang, CEO, Stockpile, Inc. “Partnering with Green Dot adds a new dimension to Stockpile's hands-on financial learning and access, and will deliver a seamless and responsible debit card experience as an educational stepping stone to investing.”

Stockpile’s research shows that 64 percent of teens rely on parents for financial education more than any other source, including school, friends and social media. Yet 55 percent of parents say they rarely, if ever, have conversations about household finances with their kids, according to a CNBC survey. Recognizing this gap, Stockpile and Green Dot are creating a platform where parents can support their kids in learning and applying lifelong, responsible financial habits together.

The initial new feature to be added to Stockpile’s investing suite will be a debit card with parental spending controls. Parents will be able to set up debit cards quickly and easily for qualified minors with appropriate access, oversight and controls, enabling valuable early financial experiences. Additional tools and functionality will also be added to Stockpile’s product suite in the future.

“We’re proud to partner with Stockpile to embed powerful financial tools and experiences that fuel engagement and value for their customers,” said Simran Singh, Head of Enterprise Business Development, Embedded Finance, Green Dot. “We’re passionate about giving people and businesses access to seamless, affordable banking and financial tools that build financial confidence and prosperity, as well as partnering with companies like Stockpile that share our values, purpose and vision.”

Green Dot’s upgraded and integrated banking, technology and network platforms power the company’s direct customers and world-class partners with market-leading, low-cost financial tools and experiences. Stockpile will be among Green Dot’s first new partners to build and operate from Green Dot’s modernized and cloud-native platform that enables more efficient, customizable and scalable production and service.

For more information, please visit: www.stockpile.com.

About Stockpile, Inc.

“Starting is Everything." With this guiding principle, Stockpile is on a mission to reshape the financial world. Founded in 2010 and headquartered in San Francisco, Stockpile has been a trailblazer in democratizing financial markets through responsible hands-on learning and equal access. Led by Victor Wang, Stockpile was the industry's first to offer both same-day fractional share investing and gift cards redeemable for stock—the perfect gift for life's milestones and holidays, making it easier than ever for people to begin their investment journey.

Recently named the "Best Online Brokerage for Kids & Teens" by Business Insider, Stockpile’s platform isn't just about investing; it's a comprehensive educational resource. Stockpile offers hands-on learning experiences where "kids choose, parents approve™," building financial confidence from a young age.

Focused on families and the next generation, Stockpile aims to build a financially informed, confident and secure society, turning Wall Street wisdom into Main Street opportunities.

About Green Dot

Green Dot Corporation (NYSE: GDOT) is a financial technology and registered bank holding company committed to giving all people the power to bank seamlessly, affordably and with confidence. Green Dot’s technology platform enables it to build products and features that address the most pressing financial challenges of consumers and businesses, transforming the way they manage and move money and making financial empowerment more accessible for all.

Green Dot offers a broad set of financial services to consumers and businesses including debit, checking, credit, prepaid, and payroll cards, as well as robust money processing services, tax refunds, cash deposits and disbursements. Its flagship digital banking platform GO2bank offers consumers simple and accessible mobile banking designed to help improve financial health over time. The company’s banking platform services business enables a growing list of the world’s largest and most trusted consumer and technology brands to deploy customized, seamless, value-driven money management solutions for their customers.

Founded in 1999, Green Dot has served more than 33 million customers directly and many millions more through its partners. The Green Dot Network of more than 90,000 retail distribution locations nationwide, more than all remaining bank branches in the U.S. combined, enables it to operate primarily as a “branchless bank.” Green Dot Bank is a subsidiary of Green Dot Corporation and member of the FDIC². For more information about Green Dot’s products and services, please visit http://www.greendot.com/.

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¹ Stockpile offers two types of accounts: individual brokerage accounts and custodial accounts. To open an account for someone under the age of 18 (in most states), a custodial account will need to be set up with the minor as the beneficiary. Custodians can manage and approve any requested trade activity by the minor.

² 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20231003490344/en/

Whit Chapman, Green Dot
wchapman@greendotcorp.com

Jared Gage, Stockpile
J.Gage@stockpile.com

Source: Green Dot Corporation