RushCard, the prepaid debit card company founded by hip-hop mogul Russell Simmons, is being bought by rival Green Dot for $147 million. He started it in 2003. Green Dot is buying RushCard for the name recognition & customer base of 750,000 people.
Despite RushCard’s 2015 problems, Streit said Green Dot is buying RushCard largely for the name recognition as well as its sizeable customer base of 750,000 people. Green Dot plans to retain the RushCard name and brand along with its other products.
“Having his name associated with RushCard is a big reason why we are buying it,” Streit said in an interview.