Earlier this year, Green Dot brought in Citi to "explore strategic alternatives" and also replaced CEO and president George Gresham. Now, it is unveiling its plan. Under the deal, private equity firm Smith Ventures will pay $690 million in cash to acquire and privatise Green Dot’s non-bank financial technology business assets and operations, running them as an independent and fintech and embedded finance company. Meanwhile, the parent company of Alabama-based lender CommerceOne will buy Green Dot Bank and its associated assets and operations and create a new publicly traded bank holding company comprising both firms. Then, the two entities will enter a seven-year commercial relationship that will see the new bank holding company serve as the exclusive bank sponsor for the fintech’s platform. William Jacobs, chairman and interim CEO, Green Dot, says: "Through these transactions, management can focus on unlocking and maximizing the potential of the fintech business and take a more focused approach to reinforcing, sustaining and growing the bank."