Steve Streit put prepaid debit cards in the wallets of millions of Americans. He's now leaving his chief executive post at Green Dot.
Consumer finance pioneer Steve Streit, a former disc jockey who put prepaid debit cards in the wallets of millions of Americans, is retiring as chief executive of Green Dot, which has seen its stock plummet this year amid an onslaught of competition from a new generation of financial technology companies.
Streit survived an effort in 2016 by San Francisco hedge fund Harvest Capital to oust him, saying the company was underperforming. The fund got members on the board and Green Dot’s revenue and profits rose. This year, however, profits are down. In response to the competition, Green Dot this summer introduced its Unlimited Cash Back Bank Account, which offers 3% cash back for online and mobile purchases, no overdraft fees and 3% interest on savings.
Green Dot also handles the cash portion on Apple Pay accounts, including cash transfers and payments. Vafi said he expects the company may choose a successor who can help grow the enterprise end of the business.
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