Russell Simmons Sells RushCard to Rival Company for $147 Million

Russell Simmons Rushcard Russell Simmons has made yet another smart business decision. The mogul has sold his RushCard business to company rival Green Dot for $147 million.

Green Dot Corporation announced that they’ve acquired UniRush, LLC- and with it the RushCard and Rapid! PayCard businesses- in hopes to profit from both companies’ installed customer bases, while also establishing Green Dot as a formidable player in the growing corporate payroll card and wage disbursement market.

“Fourteen years ago I embarked on an incredible journey to provide a new financial tool for millions of Americans who had only limited access to traditional banks,” Russell Simmons, RushCard co-founder, said in a press release. “As I have done with my ventures in music, comedy and fashion, I am partnering with the best company in the industry, Green Dot, to expand our opportunities and continue our mission to revolutionize the banking industry. We believe our customers are among the most loyal in prepaid and I want to thank them for their years of support. We are excited to continue and expand upon our tradition of providing great and important products for our customers over the many years to come.”

Simmons introduced the RushCard in 2003 as “one of the first prepaid cards to focus on minority customers and charge lower-than-average fees,” according to Billboard. Rapid! PayCard, which also launched in 2003, was established “with the singular focus of providing employers with innovative, responsive payroll card programs” and currently has over 2,500 corporate customers who currently use the card as an alternative method of paying employees who may not have bank accounts.

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