Oct. 14 at 2:17 PM
$GDOT Bank is way over-capitalized, more so than
$SYF which has 14% Tier-1 capital vs 11% internal target.
$GDOT is at 28%.
I've seen enough.
Sell Green Dot Bank along with consumer services (prepaid cards at WMT) and money movement (tax processing biz) to someone for some low multiple to get it off GDOT hands, raise
$100 million from strategics Stripe, Samsung, Apple and/or other BaaS customer for working capital during the spin-off at
$4B valuation (about 2.67x revs and 33x run-rate EBITDA -- growing at 35-40%).
Rename the RemainCo -- Arc Financial
LFG
