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Why Every Company Wants To Look Like a Bank-Without Becoming One
Apple has Goldman Sachs. Google now has Citigroup. Uber, Venmo, and Square all have lesser-known or undisclosed banks propping up their consumer-finance forays.
Yes, in these days of Apple Card and Facebook Pay and, soon, Google checking, every tech company seems to want to become a bank. The appeal is obvious: Handling their customers' personal finances gives Big Tech new streams of revenue, of course, but also an opportunity to embed themselves more deeply into the financial behavior-and sensitive personal data -of their customers.
Google has become the latest such tech giant to take the...
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