Banking as a service

Green Dot launches digital banking service for immigrants with Welcome Technologies

  • Green Dot's banking as a service offering offers non-bank brands accounts, branded cards, and payments
  • Welcome Technologies services a U.S. immigrant population
close

Email a Friend

Green Dot launches digital banking service for immigrants with Welcome Technologies

Welcome Technologies announced the launch of a new bank account in partnership with Green Dot. The account and Visa card, PODERcard, are intended to help the unbanked immigrant U.S. Hispanic population.

What’s happening: Welcome Technologies turned to Green Dot’s Banking as a Service platform to launch its new account.

  • Welcome Technologies’ digital platform, SABEResPODER, serves close to 2 million active members with content and community for immigrants.
  • Less than 50% of U.S. Hispanic households are fully banked, according to the most recent FDIC National Survey.
  • Welcome’s banking card claims an easy to navigate bilingual interface (Spanish/English) and enrollment experience, and no monthly fees or required minimums.
  • The company also offers a financial wellness content library.

“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.”

SPONSORED

Need for new solutions: Immigrant populations frequently operate outside the traditional financial system.

  • A recent Welcome Tech survey of 10,000 immigrants found that 44% of participants stated they used credit cards and 54% savings accounts. 
  • When immigrants chose to borrow money, only 31% borrowed from banks, showing a persistent distrust in traditional financial institutions.

Green Dot’s Banking as a Service platform offers accounts, branded cards, and payments for firms like Walmart, Intuit TurboTax, Uber, and Stash.

“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.”

0 comments on “Green Dot launches digital banking service for immigrants with Welcome Technologies”

Outlier OpinionsMakers

Banking as a service, Finance Everywhere

For retailers, embedded finance solutions are still confusing

  • Embedded finance is growing in popularity, aiming to attract companies in any industry that are looking to implement financing solutions to their business.
  • However, adding financial products is easier said than done - in retail, one of the biggest markets for embedded finance solutions, many decision makers are still trying to understand what this would mean for their business.
Iulia Ciutina | June 16, 2022
Banking as a service, Sponsored

Banking as a Service unlocks opportunities for brands, bigtechs, fintechs, and banks

  • BaaS is a gamechanger for more than the end-users, but the entire financial ecosystem: distributors, enables, and providers.
  • According to Finastra’s latest research, 85% of senior executives are already implementing BaaS solutions, or planning to within the next 12-18 months.
Finastra | March 28, 2022
Banking as a service

Quick take: Piermont Bank eyes embedded business with Unit partnership

  • Piermont Bank announced a new partnership with Unit to expand its product capabilities.
  • The bank says it has an active waitlist of fintechs and it expects to onboard more clients in 2022.
Subboh Jaffery | March 04, 2022
Banking as a service, Business of Fintech

‘People don’t care about privacy’: How payment app Mezu pivoted to become embedded finance platform Alviere

  • Mezu, a privacy-focused payments app, didn't manage to catch on - so the management team decided to turn it into an embedded finance platform - Alviere.
  • Alviere focuses on big brand companies with an existing customer base that want to add banking services to their toolkit.
Iulia Ciutina | December 29, 2021
Banking as a service, Sponsored

Wildfire: The industry-by-industry spread of banking as a service

  • Banking as a service has progressed from its original role enabling neobanks to investing, PFM, and more.
  • One can look at how banking as a service has performed in nearby industries to gauge whether it’s worth adopting.
Q2 | November 09, 2021
More Articles