Company: GDOT
Filing Date: 2025-11-24
Form Type: 425
Source: 0001140361-25-043029
Chunk: 25

Company: GREEN DOT CORP
Filing Date: 2025-11-24
Form: 425
Chunk 25
---
aaS Peers(2) Loans % of Earning Assets Fwd. Earnings Growth Efficiency Ratio(3) ROATCE(4) T1 Leverage Highly Complementary Asset / Deposit Mix Enhances ROA Profile Recurring Fee Income Coupled with Stable NII & Strong Credit Performance Highly Efficient Operating Platform With Minimal Deposit CAC Improved Capital Position Paves Way for Future Growth NM NM ~8% MRQ Bank Level ~80% 2024 ~1% MRQ 11 ~15% At Close(1) ~35% 2027E - 2028E ~40% Long-Term Target ~15%+ Long-Term Target ~11% At Close(1) ~80% Q3 2025 ~12% 2025E – 2026E ~50% LTM (3Q ’25) ~18% LTM (3Q ’25) ~10% LTM (3Q ’25) Key Takeaways Source: Factset, Public filings, and SNL Financial. Note: Market data as of November 21, 2025. Metrics for Selected BaaS Peers reflect median of selected peer set. Assumes June 30, 2026, transaction close date for illustrative purposes. (1) Assumes June 30, 2026, transaction close for illustrative purposes including purchase accounting adjustments. (2) Selected peers include TBBK, CASH, CCB, AX, FINW, MFIN, and MVBF. (3) Reflects Noninterest Expense / Total Net Revenue. (4) Reflects Net Income / Average Tangible Common Equity. 1 Strong Operating Leverage Drives Robust Earnings Growth Trajectory Median of Selected Peers(2) ~1.80x ~10x P / 2026E P / TBV Green Dot Corporation Framing the Embedded Finance Opportunity 12 Embedded Finance Prospects Embedded finance is relevant to almost any company Greater brand loyalty Better transaction / user experiences Increase customer adoption Enrich data sets Faster access to earned money Deliver superior products more efficiently Strengthen value proposition Improve automation What Consumers and SMBs Value Improved Speed of Cash Flow Better User Experience and Convenience 158M+ Americans need simple financial tools and transaction capabilities(1) 29M+ Businesses in America employ less than 20 people(2) Consumers and Business Owners are Changing Consumers and small businesses are increasingly turning to non-traditional providers of financial services, utilizing embedded finance to make their lives easier A Significant Growth Opportunity Embedded