← Embedded Finance Index 2026

Goldman

“Can Goldman Sachs become the licensed, API-first banking infrastructure layer powering embedded financial products for major brands and enterprises, after failing to build a direct consumer bank?”

Founded1869
HQ200 West Street, New York, NY (Battery Park City)
FoundersMarcus Goldman, Samuel Sachs
Total raisedPublicly traded (NYSE: GS)
Latest roundIPO, 1999
IndustryBank / National
The story

Goldman Sachs launched its consumer fintech ambition in 2016 with Marcus and doubled down with the Apple Card in 2019 — attempting to become a consumer-facing digital bank. After sustained losses exceeding $3B in consumer banking, Goldman pivoted in 2022–2023 to a B2B embedded finance model under the 'Enterprise Partnerships' brand, positioning Goldman Sachs Bank USA as the licensed infrastructure layer behind major brand card programs (Apple, GM) and corporate transaction banking (TxB). The firm now markets an 'API-first platform' for embedding credit cards and high-yield savings into partner ecosystems rather than building a standalone consumer brand.

Last 12 months
2023-10
2022-09
2022-03
Product timeline
1869
Founded as a commercial paper business by Marcus Goldman in New York City.· banking
1999
Goldman Sachs completes its IPO on the NYSE.· ipo
2016
Launched Marcus by Goldman Sachs, a direct-to-consumer digital banking brand offering personal loans and savings.· banking
2019
Launched the Apple Card in partnership with Apple, the first major consumer credit card for Goldman Sachs.· card
2020
Launched Transaction Banking (TxB), a cloud-native, API-first corporate banking platform targeting Fortune 500 companies.· banking
2022
Partnered with Modern Treasury to offer embedded payments to corporate clients via TxB; took over GM Rewards card from Capital One.· banking
2023
Announced wind-down of consumer lending ambitions (Marcus personal loans sold to PHEAA, Apple Card partnership restructured), pivoting to Enterprise Partnerships / B2B embedded finance model.· pivot
Regulated entities
2
regulatory licences held by Goldman
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
5 layers disclosed in Goldman’s embedded-finance stack
Payments / PSP
Goldman Sachs Transaction Banking (self-operated)
Banking / BaaS
in the full report
Card issuing
in the full report
Lending
in the full report
FX & payouts
in the full report
Accounting gap: none
6 more providers across 4 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.