While Apple was preparing for new financial services, Apple Card credit director Abhi Pabba left the company. Abhi Pabba will join a credit card startup called X1 as its chief risk officer, a job he is very familiar with. Before joining Apple, Abhi Pabba worked in credit card authorization at Capital One, analyzing cardholder metrics such as consumer spending, the number of credit accounts that ended up delinquent, and the average approved credit score.
Abhi Pabba's new job at X1 may involve developing the company's underwriting policy. The startup plans to use data such as bank account access, FICO scores, or information from financial data transfer firm Plaid, among others.
Apple is developing a new service for Apple Pay called Apple Pay Later. This is a feature coming later in 2022 that will split purchases into four weekly payments. Although Apple continues to work with Goldman Sachs to develop the Apple Card, Apple has established a subsidiary called Apple Financing LLC for Apple Pay Later. It will operate independently of the main Apple entity.