As per reports, The Goldman Sachs Group, Inc. (GS) has partnered with the card-issuing startup Marqeta to develop digital checking accounts set to launch this year.
The bank expects the partnership will enable it to offer more personalized and feature-rich digital banking services to its customers. Marqeta launched in 2016, allowed Goldman to expand its revenue and funding sources by offering savings accounts and personal loans to retail customers. Earlier the bank relied on the wholesale market and operated as an investment bank and trading house.
Goldman, had gathered more than $96 billion in consumer deposits through Marqeta as of September 2020 and bought a personal finance app in 2018, launched a credit card with Apple Inc. in 2019, and is offering lucrative savings rates to attract more customers.
Marqeta’s clients include well-known digital payments companies like Square Inc. and Klarna, and promises that its technology makes it easier for fintech software developers to build new products and services. The company witnessed a surge in business during Covid-19 times as the surge for digital payments increased.
The Goldman Sachs Group, Inc. (GS) is one of the world’s leading investment bankers & also a securities and investment management firm that offers a wide range of financial services with a diversified client base. To learn more about The Goldman Sachs Group, Inc. (GS) and to continue to track its progress please visit the Vista Partners Goldman Sachs Group, Inc. (GS), Coverage Page.
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