What you need to know
- Goldman Sachs CEO David Solomon has said that Apple Card is "the most successful credit-card launch ever".
- News was announced during an investor call today.
- Apple Card was released in August of this year.
CEO of Goldman Sachs David Solomon has suggested that the launch of Apple Card is "the most successful credit-card launch ever."
According to CNBC, Solomon gave the news during a conference call with investors on Tuesday:
"In three short years, we have raised $55 billion in deposits on the Marcus platform, generated $5 billion in loans, and built a new credit-card platform and launched Apple Card," Solomon said, adding "which we believe is the most successful credit-card launch ever... since August, we've been pleased to see a high level of consumer demand for the product. From an operational and risk perspective, we've handled the inflows smoothly and without comprising our credit underwriting standards."
There are no details to speak of when it comes to how successful the launch has actually been, whilst it's possible that Apple may have something to say about the launch at its earnings call in a couple of weeks, it's probably too early at this stage to expect figures on the updates. Apple may even decide to go the Apple Watch route and withhold uptake figures altogether, choosing instead to focus on different metrics such as user satisfaction, or the positive impact the card might have on credit ratings.
The news will likely come as strong encourgament to those sat around the table at both Apple and GS, who have partnered to launch the Apple Card. Back in August, we reviewed the Apple Card, here's what we had to say about it.