What you need to know
- The person credited with the Apple Card deal has now left Goldman Sachs.
- Apple Card is an Apple-branded credit card that is backed by Goldman Sachs.
- Scott Young has left the bank and is moving to a new fintech startup.
Scott Young, the man that was known as the "deal guy" at Goldman Sachs, is leaving the company to join a new fintech startup. Young was involved in the deal that got Apple Card off the ground and into wallets.
Apple Card has proven popular with iPhone owners thanks to its modern way of doing things. But it's actually backed by one of the oldest banks in town — Goldman Sachs. CNBC reports that Young was "credit with helping secure the bank's Apple Card partnership in 2018," but he's now off to pastures new at fintech startup iCreditWorks.
While the deal with Goldman Sachs might have been done in 2018, Apple Card didn't launch until 2019. It's also a product that remains exclusive to the United States, although rumors of expansion to other countries are not unheard of. Apple's growth into international markets will require new credit card partners, something that isn't an easy feat.
Apple recently bought a UK company that could help it launch in the territory. Credit Kudos is a company that "helps lenders make better decisions."
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Oliver Haslam has written about Apple and the wider technology business for more than a decade with bylines on How-To Geek, PC Mag, iDownloadBlog, and many more. He has also been published in print for Macworld, including cover stories. At iMore, Oliver is involved in daily news coverage and, not being short of opinions, has been known to 'explain' those thoughts in more detail, too.
Having grown up using PCs and spending far too much money on graphics card and flashy RAM, Oliver switched to the Mac with a G5 iMac and hasn't looked back. Since then he's seen the growth of the smartphone world, backed by iPhone, and new product categories come and go. Current expertise includes iOS, macOS, streaming services, and pretty much anything that has a battery or plugs into a wall. Oliver also covers mobile gaming for iMore, with Apple Arcade a particular focus. He's been gaming since the Atari 2600 days and still struggles to comprehend the fact he can play console quality titles on his pocket computer.