Goldman Sachs: Excellence in Powering Embedded Finance

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15 March 2022

Winner of the Celent Model Bank 2022 Award for Business Model Evolution


Early on in building its transaction banking platform, Goldman Sachs recognized an opportunity beyond the traditional transaction banking business model. It set out to extend its platform to provide banking-as-a-service (BaaS) to clients that have potential to excel at embedded finance. Today, BaaS is core to the bank’s go-to-market strategy, representing a powerful business model evolution.

In building Goldman Sachs TxB, Goldman Sachs has realized the best of both worlds: fintech startup and top-tier bank. As a result, it has been able to excel in the traditional transaction banking business model as well as the BaaS business model.

  • Goldman Sachs TxB is set up like a startup within Goldman, an end-to-end business with its own dedicated resources.

  • Thanks to its startup mentality, it has been able to innovate not only in terms of its tech stack but also in terms of client/partner engagement. It has enhanced its revenue model by seizing the BaaS opportunity, and it has built a strong cocreation culture with its partners.

  • Thanks to its extensive infrastructure as a top-tier bank, it can deliver regulatory/legal and risk expertise, a balance sheet that scales, reliability, and security. In addition, its consistent global reach means that it can support partners with global ambitions.