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
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/.
___________________________
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
Green Dot (NYSE:GDOT)
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