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.
Known informally at Goldman as the "deal guy," Young joined in 2017 as its first head of partnerships, part of a wave of outside hires during the launch of the firm's retail-banking division. He is credited with helping secure the bank's Apple Card partnership in 2018 along with Ismail and former CEO Lloyd Blankfein, and oversaw a string of subsequent co-branding deals with the likes of GM, JetBlue, AARP and Amazon.
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."