Company: GDOT
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001386278-25-000076
Chunk: 240

Company: GREEN DOT CORP
Filing Date: 2025-11-10
Form: 10-Q
Item: Part I, Item 2
Chunk 240
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 September 30, 2025 increased $85.1 million, or 21%, and $289.0 million, or 23%, respectively, over the prior year comparable periods, driven primarily by higher revenues in our B2B Services segment, partially offset by lower revenues earned in our Consumer Services segment. Continued growth of certain BaaS partner programs generated an increase of 18% and 20% in our total gross dollar volume for the three and nine months ended September 30, 2025, respectively, over the prior year comparable periods, and increased the number of consolidated active accounts during three months ended September 30, 2025 by 1%, which together increased our total operating revenues year-over-year. However, as discussed below, our total operating revenues were negatively impacted by unfavorable trends and factors in our deposit account programs, driving, among other things, a reduction in purchase volume and the effective interchange rates we earn thereon, and a reduction in the number of cash transfers of 10% and 7% for the three and nine months ended September 30, 2025, respectively, from the prior year comparable periods. 

In our B2B Services segment, revenues increased during the three and nine months ended September 30, 2025 by 32% and 37%, respectively, over the prior year comparable periods. The increase was driven by strong year-over-year growth in our gross dollar volume, which increased during the three and nine months ended September 30, 2025 by 22% and 23%, respectively, and to a lesser extent, growth in purchase volume, which increased by 1% and 2%, respectively, over the prior year comparable periods. The number of active accounts for the three months ended September 30, 2025 increased by 13% over the prior year comparable period. The growth in gross dollar volume was driven primarily by certain BaaS programs that do not generate interchange fees and resulted in a net increase in segment revenue due to higher program management service fees earned from these BaaS partners.

In our Consumer Services segment, revenues decreased during the three and nine months ended September 30, 2025 by 10% and 6%, respectively, from the prior year comparable periods. Our gross dollar volume and purchase volume declined by 9% and 6%, respectively, for the three months ended September 30, 2025, and the number of active accounts and direct deposit accounts both declined by 9%. Similarly, both gross dollar volume and purchase