Continuing its march into consumer finance, Wall Street giant Goldman Sachs announced Jan. 14 that it has partnered with fintech Marqeta to offer checking accounts through its online retail banking arm, Marcus.
Marcus by Goldman Sachs checking accounts will launch later this year, according to a press release from Marqeta. Goldman Sachs, traditionally an investment bank, will add checking to a digital-first, consumer offerings roster that already includes personal loans, savings accounts, and certificates of deposit offered through Marcus.
Marcus and Marqeta will work together to build up an efficient digital checking account program using Marqeta’s technology that instantly issues and processes card payments. Among Marqeta’s existing clients are Uber, Square, Instacart, and Doordash.
Omer Ismail, global head of consumer business at Goldman Sachs, said in a statement that Marqeta’s platform would allow Marcus to offer “a personalized, feature-rich banking experience for our checking customers.”
The move further bolsters future-forward banking experiences from both brands to meet an ongoing trend toward online banking, which saw a steep increase as a result of the pandemic, according to research conducted by Marqeta. Over half of consumers surveyed by Marqeta said the coronavirus pandemic led them to do their banking primarily online, the press release noted.
Goldman Sachs officially entered the credit card industry recently, with Apple Card launching in August 2019. It’s latest move prior to the Marcus by Goldman Sachs checking accounts includes a partnership to be the issuing bank on General Motors’ consumer cards, announced just last week. The GM deal takes effect this September.