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Apple Card credit chief quits startup

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As Apple prepares for new financial services, Apple Card credit manager Abhi Pabba has left the company

Pabba will join a credit card startup called X1 to be its chief risk officer, a job he knows well. Prior to Apple, Pabba worked at Capital One on credit card authorizations, analyzing cardholder metrics such as consumer spending, number of credit accounts that end up delinquent, and average credit scores. approved.

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

His new job at X1 may involve developing 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 has created a subsidiary called Apple Financing LLC for Apple Pay Later. It will operate independently from Apple’s main corporate entity.