Debit card provider NetSpend plans $200M IPO - Yahoo! Finance
Prepaid debit card provider NetSpend Holdings Inc. on Thursday filed plans for an initial public offering that could raise up to $200 million, just as its major competitor Green Dot Corp. is slated to go public next week.
The two companies sell low-cost, reloadable debit cards, which are aimed at the country's 'underbanked' population without access to traditional bank accounts.
NetSpend said it had about 2.1 million cards active as of March 31, while Green Dot said it had 3.4 million active cards in its portfolio.
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