American Express replacing Goldman Sachs as Apple Card issuer could see service expanded to other countries

It was reported on Friday that Apple Card issuer Goldman Sachs is seeking to end its partnership with Apple, with the bank rumored to be looking to pass on the consumer-lending business to American Express, who would take over as the issuer for the service.

As it stands, Apple Card is only available to customers in the US, where Goldman Sachs is the issuer of the card and is responsible for underwriting, customer service, the underlying platform and all matters related to regulatory compliance through Goldman Sachs Bank USA, where it is headquartered.

Should Goldman Sachs pass on its Apple Card partnership to American Express, who have a more notable consumer-lending business internationally, Apple may be able to bring Apple Card to more countries worldwide, with Amex not having to establish new consumer-lending setups in each country, unlike Goldman Sachs who hold a relatively small market in the consumer-lending business.

It was reported in January that throughout 2022, Goldman Sachs lost over $1.2 billion from its consumer lending services, with Apple Card accounting for the majority of the loss.

Image: Apple

In 2019, Apple CEO Tim Cook confirmed his interest in expanding Apple Card’s availability, saying in an interview with German newspaper Bild, “We could not be happier the way things are going,” adding “We want to offer [Apple Card] everywhere,” and that “We want to come to Germany,” although the claim was followed with warnings that the various rules and regulations relating to banking may result in a wait for the service to launch.