Green Dot, the Austin-based fintech and bank holding company, reported third-quarter 2026 total operating revenue of $601.1 million on 9 November 2026, up 21% year over year, with a net loss of $7.4 million against $30.8 million a year earlier. Fintechbits tracked the closing guidance for the Green Dot sale: the deal was first expected to close in the second quarter of 2026, moved to the third quarter by August, and the third-quarter results put completion by the first quarter of 2027. The transactions still need approval from the Federal Reserve, the Alabama State Banking Department and the Utah Department of Financial Institutions.

What Green Dot Reported for the Third Quarter

Green Dot’s headline numbers are better than its recent history. Total operating revenue rose 21% to $601.1 million, and the net loss narrowed to $7.4 million, or $0.13 a diluted share, from $30.8 million. Adjusted EBITDA rose 9% to $25.8 million, but the adjusted EBITDA margin slipped to 4.3% from 4.8%, and non-GAAP earnings per share fell to $0.05 from $0.06. Cash at the holding company was about $38 million at 30 September 2026.

The volume figures point in two directions. Consolidated gross dollar volume rose to $47.2 billion from $39.5 billion a year earlier, driven by B2B Services, where gross dollar volume reached $43.7 billion. Consolidated active accounts fell to 3.38 million from 3.51 million. Green Dot is turning into an embedded finance and B2B processor, while its own consumer franchise shrinks.

William I. Jacobs, chairman and chief executive, said the quarter was helped by efforts to “capitalize on increasing demand and opportunity in the embedded finance space,” and that the team is preparing “for our next chapter with Smith Ventures and CommerceOne.”

How the Green Dot Deal Is Structured

Green Dot announced on 24 November 2025 that it had agreed to be acquired by affiliates of Smith Ventures and CommerceOne Financial Corporation. Smith Ventures will take the non-bank fintech business private and run it as an independent embedded finance company. The bank side goes to CommerceOne. Fintechbits reported in its coverage of the second-quarter numbers that shareholders approved the deal in June with more than 99% support, and that Green Dot operates under deal restrictions, including a bar on share repurchases without buyer consent.

The split explains the regulatory list. A transaction that moves a bank charter needs Federal Reserve approval, plus the state regulators where the entities are chartered. Green Dot names Alabama and Utah, and those approvals are what the timeline turns on.

Fintechbits analysis

Why the Green Dot Timeline Matters More Than the Quarter

The quarter is fine. The timeline is the story. Three different expected close dates in under a year is a signal that regulators are taking longer than the parties planned, and a deal that splits a fintech from its bank is exactly the kind of structure supervisors examine closely. Bank-fintech arrangements have drawn heavy regulatory attention, and a buyer taking the fintech business private needs a clear answer on who holds the deposits.

The delay has costs. In the second quarter Green Dot held no earnings call and gave no guidance because of the pending deal, Fintechbits reported, so investors get numbers without management’s view. Employees and partners work under a pending change of control. Competitors such as Chime, which Fintechbits covered for its Workday direct deposit integration, keep selling into the same employers and platforms.

The B2B growth is the asset Smith Ventures is buying. Gross dollar volume in B2B Services rose to $43.7 billion, while consumer active accounts declined. If the deal closes, the embedded finance company that emerges will be judged on that platform business rather than on the prepaid cards Green Dot was built on.

Frequently asked questions

Who is buying Green Dot?

Affiliates of Smith Ventures and CommerceOne Financial Corporation agreed to acquire Green Dot in a deal announced on 24 November 2025. Smith Ventures is taking the non-bank fintech business private, and CommerceOne is acquiring the bank side.

When will the sale close?

Green Dot’s third-quarter 2026 results say the transactions are expected to be completed by the first quarter of 2027. Closing depends on approvals from the Federal Reserve, the Alabama State Banking Department and the Utah Department of Financial Institutions.

How did Green Dot perform in the third quarter of 2026?

Total operating revenue rose 21% to $601.1 million, and the net loss narrowed to $7.4 million from $30.8 million a year earlier. Consolidated active accounts fell to 3.38 million from 3.51 million.

What to Watch Next

The Federal Reserve decision is the event that matters. Watch for approval orders from the Federal Reserve and the two state regulators, and for any further change to the first-quarter 2027 target in Green Dot’s filings. A fourth timeline would raise the question of whether the structure itself needs to change.