Apple Card credit chief exits for startup

in General Discussion
As Apple is gearing up for new financial services, Apple Card's head of credit, Abhi Pabba, has left the company

Abhi Pabba, chief of credit for Apple Card. Credit: X1
Abhi Pabba, chief of credit for Apple Card. Credit: X1

Pabba will join a credit card startup called X1 to be its chief risk officer, a job he is well familiar with. Before Apple, Pabba worked at Capital One on credit card authorizations, analyzing metrics from card holders such as consumer spending, how many credit accounts end up delinquent, and the average of approved credit scores.

"I would say these three [metrics] are pretty high level, but you know, Capital One takes a lot of pride in being very, very thorough with these things, and of course, Apple had similar standards as well," Pabba said in a report from CNBC.

His new job at X1 may involve building the company's underwriting policies. The startup plans to use data such as bank account access, FICO scores, or information from companies such as Plaid, a financial data transfer company.

Apple is working on a new service with Apple Pay called Apple Pay Later. It's a feature coming later in 2022 that offers to split purchases into four weekly payments.

Although Apple continues to partner with Goldman Sachs for the Apple Card, it set up a subsidiary called Apple Financing LLC for Apple Pay Later. It will operate independently from the primary Apple corporate entity.

Read on AppleInsider


  • Reply 1 of 2
    Pabba is an expert in assessing credit and risk. He worked for Capital One prior to Apple, where he specialised in credit card authorizations.
    Goldman Sachs' consumer division, which manages the financing and issuance aspects of Apple Card, has seen a succession of departures in recent years.
    Defections from Apple's side, though, have been less noticeable. The tech company wants to make the iPhone more indispensable to its users with the Apple Card, not to increase money through sound lending choices. The iPhone is mostly used to access and manage the card.

  • Reply 2 of 2
    Considering the complete non expansion of Apple Card to any other country except the USA since 2019, not exactly much going on is there?
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