Apple Taps JPMorgan to Replace Goldman Sachs on Apple Card... as Mastercard Remains
Hey FinTech Fanatic!
Apple has found a new banking partner for Apple Card. JPMorgan Chase will become the new issuer.
The transition is expected to take around 24 months. A long runway for one of the most closely watched partnerships in consumer finance.
Mastercard remains the card network. Goldman Sachs has been looking for an exit for more than two years. The Apple Card business generated multi-billion-dollar losses and never fit comfortably inside Goldman’s consumer strategy.
“We’re thrilled to work with Apple and Chase to continue our partnership on Apple Card. The innovation has taken the consumer payments experience to the next level,” said Linda Kirkpatrick, Mastercard’s president of the Americas.
Sources say Goldman is expected to offload roughly $20B in outstanding balances at a discount of more than $1B. A costly lesson in scaling consumer credit.
"We’re incredibly proud of how Apple Card has transformed the credit card experience for customers by delivering innovative tools that empower users,” said Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet.
Curious where FinTech is heading next? Dive into today’s updates 👇 Next week, I’ll be back with more FinTech stories you should have on your radar.
Cheers,
Marcel
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PAYMENTS NEWS
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🇺🇸 Volante Technologies unveils Low-code Studio. New solution empowers financial institutions to modernize at record speed by deploying and maintaining high-quality payment workflows and processing systems with greater autonomy, reduced costs, and accelerated time to market
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OPEN BANKING NEWS
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DIGITAL BANKING NEWS
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BLOCKCHAIN/CRYPTO NEWS
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PARTNERSHIPS
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🇺🇸 Fiserv collaborates with Microsoft to accelerate AI-driven innovation. The two firms will work together to embed AI into Fiserv platforms, equipping its global workforce with advanced tools and driving intelligent capabilities to deliver greater value to Fiserv clients.
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DONEDEAL FUNDING NEWS
🇲🇦 Moroccan FinTech Woliz raises $2.2M pre-seed to digitize small retailers, sets up chari showdown. Woliz plans to use the funds to expand its team and accelerate the onboarding of merchants across various Moroccan cities. Read more
M&A
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MOVERS AND SHAKERS
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