Posted May 25, 2021
Green Dot, a prepaid card issuer that entered the tax refund processing business seven years ago, announced a $165 million acquisition Friday that would expand its presence in the tax segment.
The Pasadena, California-based company agreed to purchase the assets and operations of Republic Bank’s tax refund solutions business unit. The two companies expect the cash acquisition to close in the fourth quarter, they said in a press release.
Under the deal, Louisville, Kentucky-based Republic will provide transition services to Green Dot during 2022. The companies said that Green Dot plans to retain Republic employees who are primarily dedicated to the tax refund solutions segment, while other employees will stay at the Kentucky bank to manage remaining business lines within its Republic Processing Group.
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