Birmingham skyline from I-65 looking south bound. (Pat Byington / Bham Now)

Smith Ventures and CommerceOne, two Birmingham-based companies connected by entrepreneur Bill Smith, are acquiring Green Dot Corporation, a financial technology platform and registered bank holding company.

The overall value of the deal is estimated to be between $825 million and $1.1 billion.

“Pivotal step” bringing together world class leaders

According to a news release, Smith Ventures will acquire and privatize Green Dot’s non-bank financial technology business assets and operations, which will continue running as an independent and growth-focused fintech and embedded finance company.

CommerceOne will acquire Green Dot Bank and its associated assets and operations, and together, they will become a new publicly traded bank holding company that serves as the fintech’s exclusive issuing bank.

“This is a pivotal step for Green Dot and CommerceOne, bringing together a world-class embedded finance leader and a well-capitalized, trusted bank. With these transactions, we will drive sustainable value creation for all stakeholders.

“Combining Green Dot’s payments expertise and CommerceOne’s financial strength, we will be well-positioned to deliver exceptional experiences for customers, partners and employees.”
Bill Smith, CEO of Smith Ventures and a founding member of CommerceOne Financial’s board of directors

The John Hand Building is on the heaviest corner on earth. Photo by Libby Foster for Bham Now. — The John Hand Building is on the heaviest corner on earth. (Libby Foster / Bham Now)

Earlier this year, CommerceOne announced it was expanding its footprint in Birmingham when the bank moved its headquarters into the John Hand Building, doubling its size.

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