Powered by Green Dot’s embedded finance platform, Arc, the new partnership will bring secure, seamless and affordable banking to Amscot’s more than 230 financial service centers
Amscot Financial, a financial services company offering a wide range of solutions to customers throughout Florida, announced a new partnership with Green Dot Corporation to expand its product suite with demand deposit accounts (DDAs) that deliver seamless and affordable banking services. Powered by Green Dot’s embedded finance platform, Arc, the new solution offers customers access to comprehensive banking services, including a DDA, a built-in secured credit card, a network of more than 25,000 free in-network ATMs, and additional features to come.
Read More on Fintech : Global Fintech Interview with Mike Lynch, Principal, AI Strategy and Finance Transformation for Auditoria
“We’re proud to partner with Amscot to enhance the banking experience for their customers with modern, comprehensive digital banking tools that simplify and enhance their financial lives,” said Jamison Jaworski, Green Dot
“For more than 35 years, Amscot has prioritized safety and reliability for hardworking Floridians seeking financial services,” said Ian MacKechnie, founder and CEO of Amscot Financial. “This partnership with Green Dot advances our mission by enhancing accessibility to modern, affordable banking options that help our customers build strong financial foundations.”
Demand for alternative financial services remains significant in the U.S. The latest FDIC data shows 14.2% of U.S. households – about 19 million – were underbanked in 2023, meaning they have a bank or credit union account but primarily use nonbank products and services to meet their financial needs.1 Amscot offers a range of nonbank financial services – including safe, regulated cash advances, check cashing, bill payments and more – through more than 230 locations across Florida, making it one of the state’s largest financial service center companies. The tens of millions of underbanked Americans, many of whom rely on Amscot financial service centers, will now benefit from seamless, affordable banking services that support their current needs and help them build a stronger financial foundation.
“At Green Dot, we have a long-standing commitment to supporting low- to moderate-income consumers, including the millions of Americans living paycheck to paycheck,” said Jamison Jaworski, senior vice president and general manager of Green Dot’s consumer division. “We deliver the value, convenience and flexibility this financially stretched group needs to manage their money, along with tools to help build a stronger financial future. We’re proud to partner with Amscot to enhance the banking experience for their customers with modern, comprehensive digital banking tools that simplify and enhance their financial lives.”
For more than 25 years, Green Dot has expanded access to modern banking and payment tools for consumers and businesses. Amscot’s partnership with Green Dot builds on its existing inclusion in the Green Dot Network, which provides seamless access to cash services for consumers. Powered by Arc, the Green Dot Network includes more than 90,000 retail locations nationwide and offers cash-in and cash-out capabilities at stores such as Walmart, Walgreens, CVS and others.2 As traditional banks continue to close brick-and-mortar locations across the U.S. – particularly in underbanked communities – the Green Dot Network provides accessible services for nearly all U.S. consumers, with 96% of the population living within three miles of a network location. Its money movement capabilities also enable partners to offer customers the ability to transfer funds digitally between bank accounts.
Catch more Fintech Insights : The Disappearing Payment: How Embedded Finance Is Quietly Reshaping B2B Transactions?
[To share your insights with us, please write to psen@itechseries.com ]
