Green Dot acquires location-based services company Loopt for $43.4 million in cash.
“We believe that mobile phones have the potential to change the way people interact with their bank, control their money and pay for goods and services,” said Steve Streit, Chairman and CEO of Green Dot.
“Loopt, as a service, will be winding down over the next several months, but we plan to provide an easy way to export your Loopt location data”,Sam Altmon,co-founder and CEO of Loopt said.
Upon closing of the transaction, Loopt’s current headquarters in Mountain View, California will become the new Silicon Valley hub for Green Dot’s mobile technology and product development team.
Loopt is headquartered in Mountain View, Calif.Loopt offers mobile location-based services.The Loopt application is available on a variety of devices and is most popular on iPhone and Android.Loopt is currently only available in the United States.
Green Dot, a leader in prepaid debit cards.Green Dot provides low-cost banking and payment solutions to U.S. consumers
