#BankTech / GM, Goldman and Mastercard agree credit card partnership

General Motors, Goldman Sachs and Mastercard have agreed a multi-year relationship for co-branded rewards-based credit cards.

Goldman Sachs beat out competition from Barclays late last year to buy GM’s credit card business in a deal worth around $2.5 billion.

Mastercard will continue to act as the network of choice when Goldman starts acting as issuing bank for the cards from later this year.

The GM deal is the latest in a long line of forays into consumer banking for Goldman. Just this week it signed up card issuing platform Marqeta to help deliver its first digital current accounts.

The Wall Street giant is also the issuing partner for Apple’s credit card.