Goldman Sachs May Enter Credit Card Industry

Goldman Sachs May Enter Credit Card Industry

February 1, 2018         Written By Bill Hardekopf

Goldman Sachs may soon join the credit card industry. This week, the banking and investment firm acquired Final, a credit card startup.

Aaron Frank, the founder of Final, announced in December the closing all Final Visa credit card accounts but did not offer an explanation as to why. Final, which issued virtual cards, advertised itself as a more secure payment option, as it allowed cardholders to use a unique credit card number for every merchant and the ability to deactivate card numbers. Since card numbers were constantly changing, consumers did not need to worry about their permanent card details being stolen in a breach.

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As a part of the deal, engineers and production managers who created the first Final card will join the Goldman Sachs team.

The acquisition of Final is just one part of Goldman Sachs’ efforts to expand into the consumer credit industry. In October 2016, the company launched Marcus, an online personal loan and savings account service. Goldman issued over $2 billion in personal loans through this service in its first year, according to Fast Company.

It is not yet clear whether Goldman Sachs plans to release a traditional credit card or create a virtual card, such as the Final Visa.

The information contained within this article was accurate as of February 1, 2018. For up-to-date information on any of the terms, cards or offers mentioned above, visit the issuer's website. Many of the offers on this article are from our affiliate partners, and LowCards.com may be compensated if you take action with any of our affiliate partners.

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About Bill Hardekopf

Bill Hardekopf is the CEO of LowCards.com and covers the credit card industry from all perspectives. Bill has been involved with personal finance for over 15 years. He is a frequent contributor to Forbes, The Street and The Christian Science Monitor.