Ainsley Harris reported in Fast Company today that Goldman Sachs is acquiring the employees who built Final, a credit card startup based in Oakland. Final offered a unique kind of credit card, one that would create a different virtual card number for every merchant, thereby reducing the risk of credit card fraud. The company announced in December that they were shutting down.
According to Fast Company:
Goldman gains about a dozen engineers and product managers with experience building a consumer finance product from scratch. When they arrive at Goldman in the spring, they will join a growing roster of consumer-oriented employees, all part of the bank’s new Consumer and Commercial Banking division.
It has been a busy couple of years for Goldman Sachs when it comes to their consumer facing business. This latest deal follows a long list of acquisitions for Goldman recently:
- Acquisition of GE Capital Bank – this jumpstarted GS Bank giving it a huge deposit base.
- Acquisition of Honest Dollar – the digital retirement savings app was acquired in March 2016.
- Launch of Marcus with debt consolidation loans.
- Acquisition of Genesis Capital – not really consumer facing but could add a real estate development arm to the bank.
- Bond Street – employees of the online small business lender moved to Goldman Sachs.
- Addition of home improvement loans to the Marcus offerings.