Apple Card had the 'most successful credit card launch ever' says Goldman Sachs
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Apple's financial partner company Goldman Sachs reports that its first-ever consumer credit card launch — the Apple Card — has been a success, and that here is a "high level" of demand for it.
In an update to investors, Goldman Sachs says that its partnership with Apple to produce the Apple Card has become "the most successful credit card launch ever."
"Since August," said CEO David Solomon, "we've been pleased to see a high level of consumer demand for the [Apple Card] product."
According to CNBC, Solomon was particularly briefing investors on how Goldman Sachs has recently been undertaking several new initiatives.
"In three short years," he continued, "we have raised $55 billion in deposits on the Marcus [savings account] platform, generated $5 billion in loans, and built a new credit-card platform and launched Apple Card."
Without revealing an more specifics about the Apple Card, Solomon said that all of these initiatives had been introduced without disruption to its existing products and services.
"From an operational and risk perspective, we've handled the inflows smoothly and without compromising our credit underwriting standards," he said.
Apple Card is the first consumer credit card from Goldman Sachs, and the partnership represents part of a move into what Solomon described as "next generation" electronic trading platforms.
Goldman Sachs has previously revealed that it spent heavily on Apple Card — reportedly $350 for each person who signs up — and these other initiatives.
"Taken together, these investments draw on our returns in the short term," concluded Solomon, "but are critical to expanding our capabilities and our competitive position."