Steve Streit is retiring as part of a shakeup in the firm's management ranks. The Pasadena, Calif.-based company that he founded in 1999 has been suffering amid new competition from challenger banks.
The results suggest that consumers who buy Green Dot cards are using them with greater frequency or for longer periods of time than they have in the past.
The Pasadena, Calif., firm also reported growth in the number of active prepaid cards for the first time since the second quarter of 2015. Profits rose by 24%.
Jeffrey Osher, who led a bare-knuckle fight last year to oust the prepaid card company’s CEO and chairman, will serve as an adviser to the firm’s board.
