“Can Goldman Sachs build a scaled digital consumer bank under the Marcus brand that generates sustainable retail deposits and loan revenue?”
Marcus launched in 2016 as Goldman Sachs' consumer banking brand, initially focused on high-yield savings accounts and personal loans — a strategic diversification away from Goldman's traditional institutional business. The brand expanded into checking accounts and credit cards, partnering with Apple for the Apple Card. In 2020, Marcus partnered with Amazon to offer merchant credit lines, deepening its embedded lending ambitions. Over time, Goldman Sachs faced significant losses in consumer banking, leading to a strategic pullback and restructuring of the Marcus brand.
Marcus discloses Goldman Sachs Bank USA (in-house) as its banking provider, according to the Embedded Finance Index 2026.
Marcus does not disclose a bank charter of its own; its banking services are provided through Goldman Sachs Bank USA (in-house).
Marcus's cards are issued through Marqeta.
The Embedded Finance Index 2026 maps 3 layers in Marcus's stack: Banking / BaaS (Goldman Sachs Bank USA (in-house)); Card issuing (Marqeta); Lending (Marcus Personal Loans and Amazon Merchant Credit Lines (up to $1M, via Amazon partnership)).
Marcus is founded in 2016 and headquartered in New York, NY, USA.
Get a read on where your own stack stands against Marcus 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.