Green Dot has been entered in purchase transactions of RushCards for $147 million. RushCard is a debit card producing company. Green Dot had said that he has purchased the mother company of RushCard, the UniRush, LLC.
Russell Simmons is founder and CEO of RushCard, which is basically a debit card producing company. It is working from 2003, it was started by Russell Simmon, an entrepreneur. Simmons has also started music business known as seminal Def Jam named as record label added to the business portfolio. Def jam Enterprises also started few other portfolios like Def Digital, Def Pictures, Narrative, Global Grind, CelebrityTweet and Rush books. In the fashion line, he introduced Phat Farm, Argyleculture, and Tantris.
Finally, Simmon started RushCard in 2003 and allowed the user to load card from various location and use them in the same method as debit and credit cards are used traditionally. It enabled the organization to directly install the salaries in the accounts and these are registered in the federal government for taxes.
RushCard enabled underbanked American to use debit card:
There are plenty of the reason due to which some Americans are not able to register a traditional bank account. The reasons included lack of ability to meet criteria, lack of documentation, refusal of banks to open an account, lack of information, banks are not easily accessible etc. Due to many financial difficulties and big market players, RushCard decided to sell the business.
Simmon provided an efficient opportunity to his customers. But the problem was created in 2015 when many computer software were updated which affected the operations of Rushcards because of the computer error. Many of RushCard user faced frustration and financial loss. Simmon took the responsibility too personal and apologized his user, promised them to pay their amounts from his own pocket.
For now, the company has been merged into Green Dot, Green Dot is the biggest debit card provider in America. Simmon said fourteen years ago he started a remarkable journey to provide a financial to other limited banks use. As well as I have done ventures in fashion comedy and music now I have done a deal with the best financial firm. We are aimed to provide best facilities to our customers.