Goldman Sachs has already shown itself willing to work with big tech, as it partnered with Apple to launch the Apple Card. If the report is accurate, Goldman Sachs may be “developing technology to provide lending through Amazon’s lending platform, potentially reaching thousands of enterprises that sell through the e-commerce giant.”
As Quartz highlights, Goldman Sachs has a lot to gain by working with big tech. A latecomer to the consumer banking industry, the company has no branch locations and is likely looking at big tech as a good way to gain market share. In fact, according to Quartz, “the Wall Street bank explicitly outlined partnerships (pdf) and co-branded relationships as part of its strategy for Marcus, its fledgling consumer brand.”
Big tech companies have increasingly been looking to expand into the financial industry, seeing it as a way to keep customers involved in their ecosystems. At the same time, regulators are growing more concerned as tech companies expand beyond their traditional realm. If the report is true, a deal between Amazon and Goldman Sachs is likely to draw further scrutiny.