Another California tech biz charges to Austin with new headquarters The California exodus continues. Green Dot, a financial technology company best known for its prepaid debit cards, is joining the corporate exodus from California and moving its headquarters to Austin.
Green Dot, whose stock trades on the New York Stock Exchange, says it is relocating its headquarters from Pasadena, California, to Austin to take advantage of Texas’ business-friendly climate. In a statement, president and CEO Dan Henry adds that “we’re looking forward to engaging [with] and benefiting from the impressive talent pool in the region as we work to seamlessly connect more people to their money, both directly through our own [technology] and through our partners.”
Mastercard pushes coronavirus travel app in Africa; Green Dot s moving HQ to Texas
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Green Dot moves HQ from Pasadena to Texas
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Chime to stop calling itself a ‘bank’ to settle legal action
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US-based neobank Chime will no longer refer to itself as a bank after it agreed to a
settlement with the California Department of Financial Protection and Innovation. The regulator took action against the US neobank in 2020 because it doesn’t have a state banking license. The settlement calls for Chime to add clarifications about its operations to its website and advertising by May 15. Moving forward, Chime will state that it is a fintech and that it partners with outside banks to provide its offerings.
Some of the neobank’s licensed competitors argue that their licensing helps bolster their reputations, which would also come with the ability to offer deposit products without needing to partner or share revenues with a sponsor bank. Green Dot CEO Dan Henry