06:35 AM EDT, 09/03/2025 (MT Newswires) -- Green Dot ( GDOT ) said Tuesday that it plans to exit operations in China by the end of the year, in a decision that is expected to lower the company's annual costs by $6 million to $7 million.

The exit will impact up to 240 employees, representing about 22% of the company's global workforce, and cost between $22 million and $24 million, it said.

Green Dot ( GDOT ) said that of the total expenses expected to be incurred, $18 million will likely be for severance and termination benefits, with the remaining for contract termination, impairment charges, write-downs on fixed assets in China, and other costs.

Shares of the company were up 3.3% in recent Wednesday premarket activity.