Russell Simmons Gets Big Money For His Prepaid Debit Card Company

by HHL Editors

When we last heard about Russell Simmons' prepaid debit card RushCard things weren't going well.

In 2015 a computer glitch cut over 400,000 customers off from their prepaid funds for days. In addition, worried cardholders had trouble getting through to customer service.

But that's all been fixed, and rival company Green Dot announced on Monday that they are buying RushCard for $147 million.

"Having [Russell Simmons]'s name associated with RushCard is a big reason why we are buying it," Green Dot CEO Steve Streit told Billboard
Simmons launched RushCard in 2003 in response to the high fees on most prepaid debit cards. It was one of the first such cards to focus on minority customers and charge lower-than-average fees.

Now it's scored him some pretty pennies.