BENTONVILLE (dpa-AFX) - Walmart Inc. (WMT) Tuesday announced that Green Dot Corp. (GDOT) will continue to serve as the issuing bank and program manager for the retail giant's MoneyCard program for seven years. Shares of Green Dot surged 16%, following the news.
The new agreement will take effect on January 1, 2020 and will replace the current agreement, which would have otherwise expired in May 2020.
Walmart also announced that it has teamed up with Green Dot to create a joint financial technology accelerator program called TailFin Labs LLC.
TailFin Labs, LLC will develop innovative products, services and technologies that sit at the intersection of retail shopping and consumer financial services.
'Over the years, Walmart has brought to market many innovative industry-defining financial services offerings to serve our customers - including several introduced through the Walmart MoneyCard program managed by Green Dot,' said Daniel Eckert, Senior Vice President, Walmart Services and Digital Acceleration. 'With this expanded relationship, and by leveraging Walmart's footprint and existing offerings with Green Dot's cutting-edge capabilities, we'll be uniquely positioned to offer an unmatched set of customer experiences that sit at the nexus of omni-channel retail and tech-enabled financial services.'
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