Def Jam founder and iconic hip hop mogul Russell Simmons is still making moves out here, but they’re usually so high in the stratosphere we don’t even catch wind of them. One of those moves is the recent sale of his UniRush company, a pioneer in the prepaid card industry.
Simmons started UniRush back in 2003, at the forefront of the prepaid card space. He grew the company for years, eventually accumulating a 750,000 person database, which ended up being the main reason Green Dot decided to purchase the company for a cool $147 million. That and the attachment to Simmons’ name.
In a blog post on the company’s page, Simmons said he will continue to be “actively involved” at the company for the time being. In 2015, the company faced a class-action lawsuit after a glitch caused people’s money to be locked in their account for days to months. Green Dot will not take on any of the liability from that lawsuit.
[via Billboard]
