Goldman partners with fintech startup Marqeta to create checking accounts By Reuters

© Reuters. FILE PHOTO: The stock symbol and Goldman Sachs logo are displayed on a screen on the floor of the New York Stock Exchange in New York

LONDON (Reuters) – Goldman Sachs (NYSE 🙂 has partnered with card-issuing startup Marqeta to create the US bank’s Marcus checking accounts to launch this year, the companies said Thursday. The bank, an investor in California-based Marqeta, hopes the partnership will enable it to create more personalized and feature-rich digital banking services for its clients, he said. Launched in 2016, Marcus has enabled Goldman to diversify its sources of income and financing by offering savings accounts and personal loans to retail clients. Until then, the bank had operated primarily as an investment bank and commercial house, depending on money from the wholesale market. Goldman, which had amassed more than $ 96 billion in consumer deposits through Marcus through September 2020, has been investing heavily in its retail business. You bought a personal finance app in 2018, launched a credit card with Apple Inc (NASDAQ 🙂 in 2019, and have been offering lucrative savings rates to attract more customers. It launched an app for Marcus just over a year ago, finally meeting the demand of frustrated smartphone users who had to view account information, make loan payments, or balance transfers on the bank’s website. Marqeta’s clients include well-known digital payment companies such as Square Inc (NYSE 🙂 and Klarna. His platform has become popular with young tech-savvy financial companies, as he claims that his technology makes it easy for fintech software developers to create new products and services. Marqeta, whose sponsors also include Mastercard Inc (NYSE 🙂 and Visa (NYSE :), has seen a business boom this year, with COVID-19 lockdowns leading to a surge in demand for digital payments.

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