Goldman Sachs has reportedly agreed to acquire digital credit card developer Final to help the bank expand its consumer efforts.
Following the close of the transaction, Final’s team will join Goldman’s consumer-focused departments, as the company looks to boost its efforts in this space, according to a report by Fast Company.
Final is a digital credit card developer that helps to protect users from fraud, by letting users generate a unique credit card number to every merchant or a disposable number for one-time purchases. As each card is unique, users are able to now instantly what merchant is charging them, with real-time receipts helping to keep the card holder up-to-date of transactions.
In a blog post, titled ‘A final farewell’ at the end of last year, Final stated it was in the process of closing its credit card portfolio and that all Final Visa Credit Card Accounts within weeks. The company outlined no more applications for Final cards would be accepted, and existing members would be able to access accounts, before they were shut down in coming months.
Goldman Sachs has had a very active start to the year in the FinTech sector. Last month, the bank took part in the $38m funding round of financial data and analytics company Visible Alpha and supplied $250m to online investment platform Cadre.
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