Apple Finance – ?Tipping Point?

A tipping point for consumer finance? Apple is doing much more than creating a consumer finance arm (ie in the model of GM/Ford) they expanding consumer access to credit beyond their products, based upon the unique “instant” distribution they have and their knowledge of the consumer.  This platform will support the distribution of their own unique products (Apple Pay Later) as well as partner products (Apple Card with GS) and instruments core to how consumers pay (V/MA/Amex and domestic schemes). 

Bloomberg beat me to the punch with their great article last night on Apple Pay Later and Apple Finance LLC (must read). Well, I was certainly wrong about one big thing in my Project Breakout blog “Apple doesn’t want to be a bank”. Quite frankly I believe even Goldman Sachs was surprised by the scale of what Apple is building. Last night I outlined the key points:

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