From high-yield savings accounts and credit cards to installment loans and contactless payments, the tech giant is growing its footprint in financial services. We mined Apple's acquisitions and partnerships to discern its strategic priorities.
Apple‘s high-yield savings account, unveiled in April through a partnership with Goldman Sachs, reached almost $1B in deposits in the first 4 days alone and 240,000 accounts in the first week.
This wasn’t the first time Apple has sent waves across the fintech landscape. Since Apple’s foray into the space almost a decade ago, the company has been gradually shaping itself into a fintech giant.
While products like Apple Pay and Apple Card laid the foundation for Apple’s fintech strategy, it has relied heavily on partnerships to drive growth in the adoption and scope of its offerings. The company has inked deals with banks, buy now, pay later (BNPL) players, card issuers, payment gateways, and spend management platforms to reach further into the sector.
Using CB Insights data, we uncovered the 4 most important strategic priorities highlighted by Apple’s fintech product launches, acquisitions, and partnerships. We then categorized companies by their business relationships with Apple across these priorities:
- Payments
- Banking & Spend Management
- Lending
- Crypto
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