Green Dot Corporation has “entered into a
definitive agreement” with social network mapping app Loopt to
acquire it as part of Green Dot’s expansion plans into mobile
technology.
Loopt has “several patents” in the mobile
marketing space, including location-based real-time mobile
messaging.
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Green Dot said these patents “will be
important strategic assets as it pursues its mobile business
opportunities” and is planning on spending $43.4m for the
acquisition.
For Green Dot, the acquisition would result in
three strategic benefits, including:
- improved customer acquisition and retention on prepaid card
products - marketing of new banking and payment products to new customer
segments - a fast entrance into the mobile wallet space, as well as a
competitive edge in rewards and payment solutions at merchants
Loopt’s headquarters in Mountain View,
California, will become a mobile technology and product development
hub for Green Dot.
CEO of Green Dot Steve Streit said:
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By GlobalData“hen Loopt’s assets are layered into Green
Dot’s platform, a significant opportunity will emerge for Green Dot
to become a large-scale player in mobile technology solutions at
the retail point of sale.”
Further details about the acquisition and
Green Dots mobile strategy will be announced on April 26th.
