Apple’s financial partner Goldman Sachs’ first-ever consumer credit card launch was the Apple Card, and the financial firm says the card’s launch was “the most successful credit card launch ever.”
In an update to its investors, Goldman Sachs CEO David Solomon said the firm’s partnership with Apple has resulted in a “high level of consumer demand.”
“Since August, we’ve been pleased to see a high level of consumer demand for the [Apple Card] product.” said Solomon. CNBC reports Solomon was 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.”
“From an operational and risk perspective, we’ve handled the inflows smoothly and without compromising our credit underwriting standards,” he said.
The Apple Card is the first consumer credit card ever launched by Goldman Sachs. The firm revealed recently that it spent heavily on the launch, reportedly spending $350 for each person that signed up for the card.
“Taken together, these investments draw on our returns in the short term,” finished Solomon, “but are critical to expanding our capabilities and our competitive position.”