Master Entrepreneur: Steven W. Streit, founder and CEO of Green Dot Corp
Ernst & Young Entrepreneur Of The Year® Financial Services
Steve Streit pioneered and heads Green Dot, a leading financial services company. The initial idea was to get suburban kids on the internet their own credit cards so they could make purchases. But when Streit finally got the product to market, he found that kids weren’t buying the cards. Adults were. Green Dot quickly changed its marketing and messaging and has since enjoyed great success. The company was the pioneer and remains the leader in the prepaid debit card market. Income continues to grow: 2010 sales were up 40% year-over-year, and in July 2010, Green Dot enjoyed a highly successful IPO.
The former disc jockey and radio executive created the nation’s largest provider of prepaid debit cards, catering to credit-challenged people trying to make ends meet.
Steven W. Streit is founder and chief executive of Monrovia-based Green Dot Corp., the nation’s largest provider of prepaid debit cards. Customers, mostly people without bank accounts, buy the cards at retail outlets, load them with cash or direct-deposit paychecks and use them like bank-issued plastic. They are branded under the Green Dot name and also branded for Wal-Mart Stores.
About Green Dot
Green Dot Corporation, a prepaid financial services company, together with its subsidiaries, provides money management solutions in the United States. The company offers general purpose reloadable prepaid debit cards, and cash loading and transfer services. Its products include Green Dot MasterCard and Visa-branded prepaid debit cards and various co-branded reloadable prepaid card programs; Visa-branded gift cards; and MoneyPak and swipe reload proprietary products, which enable cash loading and transfer services through its Green Dot Network. The Green Dot Network enables consumers to use cash to reload its prepaid debit cards or to transfer cash to any of the company’s Green Dot Network acceptance members, including competing prepaid card programs, and other online accounts. The company markets its cards and financial services to banked, underbanked, and unbanked consumers. It offers its products and services through retail distributors, including mass merchandisers, drug store and convenience store chains, and supermarket chains; the Internet; and relationships with other businesses. The company was formerly known as Next Estate Communications, Inc. and changed its name to Green Dot Corporation in October 2005. Green Dot Corporation was founded in 1999 and is headquartered in Monrovia, California.
SOURCE: Ernst & Young, LA Times, Yahoo Finance