FinTech: Goldman Sachs’ Twin Moves To Advance Consumer Banking Ambitions

January 15, 2021 | FinTech, News
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Goldman will be the issuer for GM credit cards effective September. Marqueta will power checking accounts for Marcus.

Goldman Sachs (NYSE: GS) is continuing its moves to boost its presence in consumer banking. The Wall Street giant is already the issuer for Apple Cards. Today it announced a multi-year partnership with General Motors Co. (NYSE: GM) along with Mastercard (NYSE: MA) for co-branded reward-based credit cards. (Mastercard)

On Thursday, Marqeta said it had been selected by Goldman to power checking accounts for the latter’s Marcus brand.

Goldman Sachs hopes to grow its portfolio of consumer loans to a size of $20 billion in the coming years.

GM credit cards for Goldman Sachs

With effect from targeted commencement date of September 2021, Goldman Sachs will become the issuing bank for GM’s credit card programs. The Mastercard network will continue to process the card products.

“We are excited to partner with GM to reimagine the credit card experience for GM customers,” said Omer Ismail, Goldman Sachs global head of consumer business. “Our focus remains on delivering a simple and transparent experience that helps customers manage their spending and borrowing needs better.”

Marqeta for Marcus checking accounts

Goldman intends to offer checking accounts to customers of its Marcus branded consumer bank later this year. It already offers limited consumer banking tools, including savings, certificates of deposits, and loans.

It selected global card issuing platform Marqeta, with whom it already had a working relationship, to power these new checking accounts.

“Integrating with Marqeta’s platform will allow us to create a personalized, feature-rich banking experience for our checking customers,” said Omer Ismail in the statement.

“Our modern card issuing platform helps digital innovators build the sorts of customer experiences that can be industry game-changers, and we’re looking forward to working alongside Marcus to bring a powerful new digital banking experience to life,” said Marqeta Founder and CEO Jason Gardner.

Related Story:  Goldman Sachs Acquires GM Credit Cards In Continuing Consumer Thrust

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