Russell Simmons Sells RushCard For $147 Million To Green Dot
Russell Simmons is making it rain on you hoes!
We previously reported that hip-hop mogul Russell Simmons was in a lot of hot water after his shady Rushcard company was busted allegedly stealing money from poor cardholders. Simmons later agreed to pay at least $19 million to compensate users and fix his brand.
Now according to Billboard reports, Uncle Russ will be selling his RushCard company to competitor Green Dot for $147 million:
Green Dot said Monday it will buy UniRush, the parent company of RushCard as well as the Rapid! payroll debit card. Simmons started RushCard in 2003 as one of the first prepaid cards to focus on minority customers and charge lower-than-average fees.
Prepaid debit cards are largely used by the “unbanked,” or those who do not have a checking or savings account and largely rely on cash to pay their bills month to month.