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Marcus by Goldman Sachs

“Can a global investment bank build a durable direct-to-consumer digital bank — and if not, what's the graceful retreat back to deposits and wealth?”

Founded2016
HQNew York, NY, USA
IndustryFintech / Consumer banking
The story

Marcus launched in 2016 as Goldman Sachs' first foray into digital consumer banking, starting with unsecured personal loans and high-yield savings, then expanding into SMB credit lines through partnerships with Amazon, Walmart, C2FO, and Nav. A planned Marqeta-powered consumer checking account was built but never broadly launched. In October 2022, following ~$1.2B in projected consumer losses, Goldman reorganized and folded Marcus into its Asset & Wealth Management division, effectively ending the standalone consumer-bank ambition. The remaining product footprint today is essentially the high-yield savings deposit business (US and UK), while the SMB lending partnerships were wound down.

Last 12 months
—
Product timeline
2016
Launched as Marcus by Goldman Sachs, offering online personal loans and high-yield savings in the US.· banking
2018
Expanded Marcus to the UK with online savings accounts.· banking
2019
Launched Apple Card in partnership with Apple and Mastercard.· card
2020
Announced small business credit line partnership with Amazon (up to $1M).· lending
2020
Partnered with Walmart Marketplace to offer sellers lines of credit ($10K–$75K).· lending
2021
Selected Marqeta to power Marcus checking accounts card issuing.· card
2021
Partnered with C2FO to extend unsecured financing to SMBs.· lending
2022
Partnered with Nav to offer SMB lines of credit.· lending
2022
Goldman folded Marcus into Asset & Wealth Management; retreated from broad consumer strategy; consumer checking product deprioritized.· pivot
Regulated entities
2
regulatory licences held by Marcus by Goldman Sachs
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
Same company
Marcus by Goldman Sachs was analysed under more than one name on the same domain, so its stack is split across these dossiers. Each was analysed independently and may name providers the others do not.
Marcus1 layer →
The stack
5 layers disclosed in Marcus by Goldman Sachs’s embedded-finance stack
Banking / BaaS
Goldman Sachs Bank USA (in-house)
Card issuing
in the full report
Lending
in the full report
Open banking
in the full report
FX & payouts
in the full report
Accounting gap: none
10 more providers across 4 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.