Goldman Sachs CEO David M. Solomon had high praise for Apple Card, the technology company’s recent foray into credit cards. During a conference call last Tuesday, Solomon offered updates on some of the bank’s recent initiatives and said that Apple Card “the most successful credit card launch ever.”

“In three short years, we have raised $55 billion in deposits on the Marcus platform, generated $5 billion in loans, and built a new credit-card platform and launched Apple Card,” Solomon said. “Which we believe is the most successful credit card launch ever.”

Apple launched the new credit card in partnership with the financial institution in August. While not providing any specific figures, Solomon said that consumer demand has been high for the card, CNBC reports.

Solomon also discussed some of the bank’s other initiatives. These include next-generation trading platforms and corporate money management business.

“Taken together, these investments draw on our returns in the short term, but are critical to expanding our capabilities and our competitive position,” Solomon said.

Apple Card is a credit card designed to seamlessly integrate with the company’s preexisting Apple Pay system. Users can use the Pay app to check their card’s statistics and access cashback rewards on a daily basis.

It was announced at an event in March alongside the forthcoming streaming service, Apple TV+.

Apple Pay and the new Apple credit card are part of the services being emphasized by the iPhone maker to keep customers in its ecosystem
It is a new alternative to the iPhone Upgrade Program or financing via a mobile provider. GETTY IMAGES / Michael Short
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