Green Dot Launches Brand Focused on Embedded Finance
Green Dot has launched an embedded finance brand and platform of services called Arc by Green Dot.
This new platform offers businesses a range of embedded finance capabilities, including banking-as-a-service (BaaS), bringing together Green Dot’s banking and money processing solutions, the financial technology platform and registered bank holding company said in a Tuesday (Oct. 22) press release.
“Over the past several years, we’ve invested heavily in our platform, enabling us to build and deliver banking and payment tools more securely and efficiently,” Green Dot CEO George Gresham said in the release.
“Introducing Arc to Green Dot’s portfolio of brands marks an exciting milestone as we continue improving and differentiating our embedded finance platform and capabilities, and as we power more companies with seamless banking and payment solutions.”
Arc by Green Dot already powers thousands of businesses at all stages of growth, according to the release.
The platform offers direct integration with Green Dot Bank, cloud-based technology that can be configured to meet different needs and adapt as businesses grow, and end-to-end banking services and program management, per the release.
“With Arc, our partners and their customers can benefit from the stability and security of a registered bank, decades of experience in banking and embedded finance, and a flexible platform that can adapt as they grow,” Renata Caine, general manager of banking as a service at Green Dot, said in the release.
The integration of application programming interfaces (APIs) is transforming financial services by embedding them into daily digital interactions, according to the PYMNTS Intelligence and NCR Voyix collaboration, “Embedded Finance and BaaS: From Marketing Buzz to Banking Bedrock.”
The report found that 41% of financial institutions are adopting embedded finance solutions and 48% are enhancing their BaaS capabilities in response to this demand.
Caine joined Green Dot in April to support the company’s evolution as a “market-leading single-source embedded finance platform,” Gresham said in an April 15 press release.
“I look forward to helping Green Dot navigate the ever-evolving fintech landscape and to establishing the company as the market-leading single-source platform businesses rely on for embedded finance tools and services,” Caine said in the release.
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