Russell Simmons Sells RushCard to Green Dot for $147M
The Hip-Hop mogul drops his pre-paid debit card business.
RushCard, the prepaid debit card company founded by hip-hop mogul Russell Simmons, is being bought by rival Green Dot for $147 million.
Green Dot said Monday it will buy UniRush, the parent company of RushCard as well as the Rapid! payroll debit card. Simmons started RushCard in 2003 as one of the first prepaid cards to focus on minority customers and charge lower-than-average fees.
Prepaid debit cards are largely used by the "unbanked," or those who do not have a checking or savings account and largely rely on cash to pay their bills month to month.