Amscot Financial Partners with Green Dot to Offer Modern Banking to Customers

Amscot Financial, a financial services company offering a wide range of solutions to customers throughout Florida, today announced a new partnership with Green Dot Corporation (NYSE: GDOT) to expand its product suite with demand deposit accounts (DDAs) that deliver seamless and affordable banking services. Powered by Green Dot’s embedded finance platform, Arc, the new solution offers customers access to comprehensive banking services, including a DDA, a built-in secured credit card, a network of more than 25,000 free in-network ATMs, and additional features to come.

“For more than 35 years, Amscot has prioritized safety and reliability for hardworking Floridians seeking financial services,” said Ian MacKechnie, founder and CEO of Amscot Financial. “This partnership with Green Dot advances our mission by enhancing accessibility to modern, affordable banking options that help our customers build strong financial foundations.”

Demand for alternative financial services remains significant in the U.S. The latest FDIC data shows 14.2% of U.S. households – about 19 million – were underbanked in 2023, meaning they have a bank or credit union account but primarily use nonbank products and services to meet their financial needs.¹ Amscot offers a range of nonbank financial services – including safe, regulated cash advances, check cashing, bill payments and more – through more than 230 locations across Florida, making it one of the state’s largest financial service center companies. The tens of millions of underbanked Americans, many of whom rely on Amscot financial service centers, will now benefit from seamless, affordable banking services that support their current needs and help them build a stronger financial foundation.

“At Green Dot, we have a long-standing commitment to supporting low- to moderate-income consumers, including the millions of Americans living paycheck to paycheck,” said Jamison Jaworski, senior vice president and general manager of Green Dot’s consumer division. “We deliver the value, convenience and flexibility this financially stretched group needs to manage their money, along with tools to help build a stronger financial future. We’re proud to partner with Amscot to enhance the banking experience for their customers with modern, comprehensive digital banking tools that simplify and enhance their financial lives.”