UniRush, LLC – provider of the Prepaid Visa ® RushCard co-founded by Russell Simmons, and Green Dot Corporation (NYSE: GDOT) – an industry-leading provider of low-cost banking and payment solutions, announced today that the two companies have entered into an exclusive multi-year distribution agreement. The Agreement provides that Green Dot Bank will serve as the exclusive issuer of the retail version of the RushCard, with Green Dot Corporation serving as a co-manager on the portfolio with UniRush. Green Dot has also agreed to make the product available for sale by select Green Dot retail partners nationwide, which includes many of the leading national grocery, mass merchandise, drug and convenience store chains.
The introduction of RushCard through the retail channel is expected to significantly expand UniRush LLC’s customer base by allowing consumers to purchase RushCard at many of their favorite retailers nationwide, while providing Green Dot with new, incremental sales through its large, nationwide retail distribution channel.
"Green Dot has a long-standing reputation and expertise in the prepaid industry and the retail distribution channel and we are thrilled to be partnering with them,” said RushCard founder and prepaid card innovator, Russell Simmons. “RushCard has been committed to meeting the needs of its growing, dynamic community of customers for nearly a decade. By partnering with Green Dot, we will effectively enhance our overall customer experience by making it even easier for individuals to access RushCard when they want, where they want.”
“We believe that joining forces with Russell Simmons and distributing the RushCard at retail will be helpful in expanding our overall category sales by providing our retailers with a differentiated and innovative product with strong brand appeal,” said Steve Streit, Chairman and CEO, Green Dot Corporation. “RushCard has had success for nearly a decade in building one of the largest and most successful prepaid online programs. We welcome a retail partnership with Russell Simmons and his great team.”