#BankTech / Goldman picks Marqeta to power Marcus current account rollout

Goldman Sachs has signed a deal with card issuing firm, Marqeta, which sees the latter underpin the bank’s Marcus current accounts.

Marcus, Goldman Sachs’ digital banking offshoot, is planning to launch current accounts in 2021. The bank says they are a “cornerstone of the company’s growing consumer portfolio”.

Marqeta is providing its open APIs and webhooks, as well as “cutting edge developer experience”.

Omer Ismail, global head of consumer business at Goldman Sachs, says his firm takes “great pride” in providing “best in class solutions”… “Integrating with Marqeta’s platform will allow us to create a personalised, feature-rich banking experience for our checking customers.”

Earlier this week Reuters sources reported Goldman as on the hunt for acquisitions… the bank believes online activity will be central to future growth. This is why its executives are ruling out any deals that involve acquiring branches… the bank has set an “extremely high” bar for deals. They need to be both large and transformational.

Marqeta, which provides more than 140 million cards through its platform, could be planning a 2021 IPO.