Plaid and Green Dot Leverage Open Funding to Help Customers Access Their Money

  • Crowdfunding firm Plaid and financial management solutions provider Green Dot entered into a partnership this week.
  • Green Dot will help its GO2bank customers connect to over 6,000 apps and services powered by Plaid.
  • The partnership is based Plaid exchangethe company’s open funding API solution.

Open finance expert Plaid and provider of financial management solutions Green Point teamed up this week. Both harness the power of open finance to deliver GO2bank customers with more seamless data connectivity among and between their financial applications.

Leveraging Plaid’s Open Finance API Solution Plaid exchange, Green Dot will help its GO2bank customers securely connect to more than 6,000 apps and services powered by Plaid. This move ultimately provides end users with access to a wider range of financial tools, which is critical for underbanked consumers.

“Our goal at Green Dot is to empower everyone to bank seamlessly, affordably and with confidence,” said Abhijit Chaudhary, Chief Product Officer of Green Dot. “Through this partnership with Plaid, we are enabling real change in the industry by providing an on-ramp for consumers who can benefit from easy and secure access to digital solutions.”

Launched in 2021, GO2bank was created to help Americans live paycheck to paycheck. Digital banking aims to provide a seamless and affordable experience that provides users with tools to meet their unique needs. For example, GO2bank offers up to $200 in overdraft protection, high-interest savings accounts, credit-building tools, and early access to salaries.

GO2bank’s parent company, Green Dot, was founded in 1999 and has since served over 33 million customers. The company considers itself a branchless bank with more than 90,000 retail outlets across the United States. In addition to its direct-to-consumer model, Green Dot also offers banking as a service that allows banks and fintechs to leverage its banking charter, API, and cash deposit network to create their own offerings.

With $734 million in funding, Plaid is helping more than 12,000 FIs provide their clients with access to third-party financial services through a suite of APIs to connect consumers, financial institutions and developers. The company also offers a suite of analytics products that provide additional transaction insights. Plaid was founded in 2013 and is based in San Francisco, CA.

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