Green Dot, a bank holding company and banking-as-a-service provider behind more than 100,000 retail brands, launched GO2bank, a digital banking brand for low-to-moderate income customers.

Why should we care?
Green Dot’s banking tool set has enabled other brands to offer banking products, including Walmart, Apple, and Stash. The company, which serves more than 33 million users, has more recently sought to build consumer banking brands of its own. GO2bank, which includes overdraft protection up to $200, early paycheck access, and high-interest savings accounts, is designed to compete with “challenger bank” brands like Chime and Varo. It comes nearly two years after Green Dot launched Unlimited, a consumer brand that includes a cash back debit card and high-yield savings account. Green Dot told TheFR that GO2bank is a new offering independent of Unlimited. “GO2bank is the platform of the future for both Green Dot and for those who bank with us. It is not a one-off or short-term product launch and represents a long-term strategy,” a company spokesperson said in a statement. “We will continue to develop valuable financial tools and integrate them into the platform and GO2bank will continually evolve as the go-to financial ecosystem.”