ApideckTape
← Embedded Finance Index 2026

Goldman Sachs

Also a bank provider — view its bank profile →

“Can Goldman Sachs monetize its balance sheet, risk infrastructure, and API platform by embedding institutional-grade financial products into third-party ecosystems and corporate treasury workflows?”

Founded1869
HQNew York, NY, USA
FoundersMarcus Goldman, Samuel Sachs
IndustryBank / National
The story

Goldman Sachs launched Marcus in 2016 as an ambitious direct-to-consumer digital bank, expanding into credit cards (Apple Card, GM Card), merchant lending (Amazon partnership), and installment finance (MarcusPay). By 2022–2023 the consumer banking push was broadly acknowledged as a costly strategic misstep, with the firm booking billions in losses on its consumer segment. Goldman pivoted back toward its institutional and corporate core, winding down Marcus consumer products and doubling down on Transaction Banking (TxB) — an API-first platform serving corporate treasurers — and on its Enterprise Partnerships model, which embeds Goldman's financial products (credit cards, savings) inside third-party ecosystems like Apple and Amazon.

Last 12 months
2024-02
2026-09-01
Product timeline
1869
Founded as a commercial paper brokerage by Marcus Goldman in New York City.· pivot
1999
Goldman Sachs went public on the NYSE, converting from a private partnership to a publicly traded company.· ipo
2016
Launched Marcus by Goldman Sachs, a direct-to-consumer digital bank offering personal loans and high-yield savings accounts.· banking
2019
Launched Apple Card in partnership with Apple, marking Goldman's entry into consumer credit cards powered by its own bank.· card
2020
Launched Transaction Banking (TxB) platform in the US, offering API-first cash management, payments, and deposit accounts to corporate clients.· banking
2020
Announced partnership with Amazon to offer Marcus-branded credit lines of up to $1M for Amazon marketplace merchants.· lending
2021
Partnered with Marqeta to launch Marcus checking accounts with debit card issuance and real-time spending data.· banking
2021
Announced partnership with American Express to integrate virtual card technology into the Transaction Banking platform for corporate clients.· card
2022
Acquired NextCapital, a digital retirement advice provider, to power its Workplace Retirement Solution for SMBs.· acquisition
2023
Goldman Sachs began winding down most Marcus consumer banking operations after strategic review, exiting the General Motors card partnership and Apple Card negotiations.· pivot
Regulated entities
3
regulatory licences held by Goldman Sachs
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
Consortium membership
Goldman Sachs is a named member of an industry alliance building shared payment/settlement infrastructure alongside these organizations — full details on /consortiums.
Global bank USD stablecoin consortiumForming · announced 2026-09-01 · targeting H1 2027 (USD token); additional G7 currencies, EUR prioritized, to follow
Bank of AmericaCapital OneCitiFidelity InvestmentsPNC Financial ServicesScotiabankTD Bank GroupWells FargoWisdomTreeBanco SantanderBBVACommerzbankCrédit AgricoleDeutsche BankLloyds Banking GroupRabobankUBSMUFG BankSirius International HoldingStandard Bank
The stack
6 layers disclosed in Goldman Sachs’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
Investing
in the full report
Accounting gap: none
9 more providers across 5 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.

Goldman Sachs — frequently asked

What bank does Goldman Sachs use?

Goldman Sachs discloses Goldman Sachs Bank USA (in-house) as its banking provider, according to the Embedded Finance Index 2026.

Is Goldman Sachs a bank?

Goldman Sachs does not disclose a bank charter of its own; its banking services are provided through Goldman Sachs Bank USA (in-house).

Who is Goldman Sachs's payment processor?

Goldman Sachs processes payments through Goldman Sachs Transaction Banking (self-operated).

Who issues Goldman Sachs's cards?

Goldman Sachs's cards are issued through Marqeta.

Who handles Goldman Sachs's FX and cross-border payouts?

Goldman Sachs uses Goldman Sachs Transaction Banking (self-operated) for FX and cross-border payouts.

Who powers Goldman Sachs's investing products?

Goldman Sachs's investing and wealth products are powered by NextCapital (in-house, acquired 2022).

What is Goldman Sachs's embedded finance stack?

The Embedded Finance Index 2026 maps 6 layers in Goldman Sachs's stack: Payments / PSP (Goldman Sachs Transaction Banking (self-operated)); Banking / BaaS (Goldman Sachs Bank USA (in-house)); Card issuing (Marqeta); Lending (Marcus Personal Loans, MarcusPay (point-of-sale installment loans), Amazon Merchant Credit Lines (up to $1M), Apple Card credit and 1 other); FX & payouts (Goldman Sachs Transaction Banking (self-operated)); Investing (NextCapital (in-house, acquired 2022)).

Who founded Goldman Sachs?

Goldman Sachs was founded by Marcus Goldman and Samuel Sachs and is founded in 1869, headquartered in New York, NY, USA.

Benchmark your own stack

Request an embedded finance strategy assessment

Get a read on where your own stack stands against Goldman Sachs and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.

  • Your category, mappedHow your stack compares to Goldman Sachs and the other companies in its category.
  • Build vs. buyWhere a provider relationship would close a gap faster than building it.
  • A named analyst, not a form replyA short call to scope what's actually worth assessing for you.

No newsletter, no sharing your address. We use this to reach out about the assessment and nothing else.