Wal-Mart Stores takes minority stake in prepaid debit card company
By APWednesday, June 16, 2010
Wal-Mart Stores takes stake in debit card company
NEW YORK — Wal-Mart Stores Inc. has taken a 1 percent stake in Green Dot Corp., a company that offers prepaid debit cards, according to a Securities and Exchange Commission filing.
Green Dot is to be the exclusive provider of prepaid debit cards sold in Wal-Mart’s three-year-old MoneyCard program through 2015.
Green Dot offers prepaid debit cards in about 50,000 retail locations including Walmart, Walgreen, CVS, Rite Aid and other stores.
Green Dot, which has filed for a proposed $150 million initial public offering but is not yet publicly held, said in a filing June 2 that it issued Wal-Mart 2.2 million shares in May, less than 1 percent of the company.
Wal-Mart shares fell 36 cents to $51.29 during midday trading.
