Smith Ventures and CommerceOne Financial Corporation to acquire bank subsidiary and non-bank financial technology business of Green Dot Corporation for $1.1b.

Smith Ventures, a private equity firm, and CommerceOne Financial Corporation, a parent company of CommerceOne Bank, agreed to acquire bank subsidiary and non-bank financial technology business of Green Dot Corporation, a financial technology platform and registered bank holding company, for $1.1b. “This is a pivotal step for Green Dot and CommerceOne, bringing together a world-class embedded finance leader and a well-capitalized, trusted bank. With these transactions, we will drive sustainable value creation for all stakeholders. Combining Green Dot’s payments expertise and CommerceOne’s financial strength, we will be well-positioned to deliver exceptional experiences for customers, partners and employees,” Bill Smith, Smith Ventures CEO.