Green Dot jumps after lifting FY revenue forecast, renewing Apple contract
** Shares of digital bank Green Dot GDOT.N jump 10.5% to $9.78
** After market close on Thursday, GDOT forecast annual adjusted total operating revenue between $1.60 bln and $1.70 bln, higher than its previous expectation of $1.55 bln and $1.60 bln
** GDOT sees growing momentum in banking as a service (BaaS) division thanks to a strong business pipeline and contract renewal with its largest partner Apple AAPL.O
** BaaS is a type of financial technology that allows software platforms to access banking capabilities that are traditionally only offered by a licensed bank
** KBW analyst Timothy Switzer says a key highlight of the quarter was GDOT's Apple renewal, which has a longer contract term than its previous agreement and more favorable terms
** Adds that things are beginning to turn around for GDOT as the BaaS division is generating significant growth thanks to the growth of current and new partners
** Stock down 1.2% YTD
Reporting by Arasu Kannagi Basil in Bengaluru
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