Hip hop and business mogul Russell Simmons has sold his prepaid debit card business, Rush Card to retail banking company Green Dot.
Simmons started UniRush as a company in 2003, and has now sold it to Green Dot for a whooping $147 million.
One of UniRush’s major-selling points was its 750,000-large customer database, according to Green Dot CEO Steve Streit. He also added he’s pleased Simmons will stay on with the company.
“Having his name associated with RushCard is a big reason why we are buying it,” Streit said in an interview.
The Def Jam founder said on his Instagram after the deal: “I’m staying with the company and now I get to build all the new services with my new partners resources. Still on mission to revolutionize the banking industry. Nothing changed just more fun ahead!”