![]() ![]() Very few people actually match up their interests with TIME and MONEY. Sometimes when I ask people what they love, I'll follow up by asking them to show me how they spend time and money on it. check out □ □, it's the only newsletter you need for all things when Finance meets Technology. This is exactly why in his shareholder letter, the CEO of JPM Jamie Dimon called out Apple by name as one of their biggest competitors. In other words, Apple is building JPMorgan 2.0. Zooming out, this is yet another good illustration of how carefully Apple is executing its long-term vision - block by block the tech giant is building the Apple Finance Empire that's going to disrupt the financial services space as we know it. More importantly, being the only player which controls both the hardware and the software side of its ecosystem and having more than 1.5 billion iPhone users & over 2 billion active devices, Apple has unbeatable leverage. The key difference here is that Apple is just getting started. Nubank, the biggest challenger bank in the world, was started back in 2013 and has amassed over $16B in customer deposits. Starling Bank was launched in 2014 and now has over $10B in deposits. Monzo was founded in 2015 and now holds around $6B in customer deposits. That’s more than 10 times the national average □ĭuring the launch of Apple Savings, I said that this product is going to be a hit simply because Apple’s convenience, customer experience, and brand trust is second to none.Ĥ months and $10 billion in deposits later, Apple is effectively running one of the biggest challenger banks in the world. ![]() We can remember that the long-trailed Apple Card Savings Account powered by Goldman Sachs was launched in mid-April with a headline-grabbing 4.15% annual percentage yield. This means that Apple now runs one of the largest neobanks in the world □ Apple just announced that its high-yield Savings account has racked up more than $10 billion in deposits since launching in April. ![]()
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