Russell Simmons has sold his RushCard prepaid debit card business for $147 million.
Green Dot bought Russell’s UniRush company, which Russell started back in 2003.
UniRush created the “Rush Card” as one of the pioneers in the prepaid card space. The CEO of Green Dot said talks of an acquisition of the company went back a year, prior to the high profile technical problems the company had in 2015.
Green Dot bought UniRush for the company’s 750,000-person database, and Russell said he will stay on to work with Green Dot to continue managing and marketing the RushCard.
“I’m staying with the company and now I get to build all the new services with my new partners resources,” Russell Simmons said.“Still on mission to revolutionize the banking industry. Nothing changed just more fun ahead!”