GDOT Green Dot Corporation

SANTA MONICA, Calif., May 28, 2020 /PRNewswire/ -- Welcome Technologies announced today the launch of a bank account in partnership with Green Dot Corporation (NYSE: GDOT). The account and Visa card, PODERcard, aim to help close the banking gap for immigrants and will be offered first to U.S. Hispanic consumers. According to the most recent FDIC National Survey, less than 50% of U.S. Hispanic households are "fully banked". Aiming to change that statistic for the better, PODERcard offers affordable financial services and an experience geared toward making it possible for this community to enter the financial system and access banking services tailored to them.

Branded under SABEResPODER — Welcome Technologies' flagship digital platform serving nearly 2 million active members — the PODERcard bank account and card offers a unique set of features:

• Easy to navigate bilingual interface (Spanish/English)
• A transparent and simple enrollment experience
• A free Visa debit card and access to a free ATM network with over 19,000 locations¹
• No monthly fees, no required minimums, and no hidden fine print²
• Banking security standards to protect member's personal and financial information
• A library of content to improve financial wellness

Banking products are generally designed to cater to the wealthy - monthly maintenance and overdraft fees, as well as minimum deposit requirements disproportionately affect individuals on a tight budget or who are newer to banking. A recent Welcome Tech survey of 10,000 immigrants found that; A mere 44% of participants stated they used credit cards and 54% savings accounts. When they chose to borrow money, only 31% borrowed from banks, showing a persistent distrust in traditional financial institutions.

These are the challenges that Welcome Technologies is trying to address.

Their unique approach is driven by data gathered from proprietary technology that analyzes tens of thousands of daily member interactions. Armed with this data the team has been able to convert unique user insights into custom financial services that are affordable and fair.

"The PODERcard is more than just a debit card or mobile bank account -- it's one of the first of many steps our users will take to secure a more financially stable future for themselves and their families," said Amir Hemmat, CEO of Welcome Technologies. "We are challenging the status quo to ensure immigrant communities get fair and secure financial options."

Green Dot Bank's "Banking as a Service" platform empowers some of the largest consumer brands to create best-in-class banking products. By combining Welcome Technologies' wealth of data and technology with Green Dot's banking features and solutions, they are able to provide users with a trustworthy, world-class banking experience.

"We are excited to partner with Welcome Technologies to reach this important and underserved community," said Seth Ross, Chief of Enterprise Partnerships at Green Dot. "Many families who are new to the United States have trouble accessing basic banking services, and we're looking forward to helping those families enter the mainstream financial system."

ABOUT WELCOME TECHNOLOGIES

Welcome Technologies, a For Benefit corporation, is the world's first platform dedicated to connecting the 250 million global immigrant community with the information, products, and services they need to thrive in a new country. For more information about Welcome Tech, please visit www.welcome.tech or follow us on Linkedin and Twitter.

ABOUT GREEN DOT

Green Dot Corporation, [NYSE: GDOT], is a financial technology leader and bank holding company with a mission to power the banking industry's branchless future. Enabled by proprietary technology and Green Dot's wholly-owned commercial bank charter, Green Dot's "Banking as a Service" platform is used by America's most prominent consumer and technology companies to design and deploy their own bespoke banking solutions; while Green Dot uses that same integrated technology and banking platform to design and deploy its own banking and financial services. Green Dot Corporation is headquartered in Pasadena, California, with additional facilities throughout the United States and in Shanghai, China.

1 Out of network fees apply – see www.podercard.com for more details
² Other fees apply – see www.podercard.com for more details

Contact: William Leborgne
Email: marketing@urwelco.me

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SOURCE Welcome Technologies