Apple at risk of ending partnership with CoreCard, JPMorgan in talks to take over credit card issuer

CoreCard is at risk of losing its credit card business with Apple due to Apple's potential partnership with JPMorgan to take over as the card issuer from Goldman Sachs. CoreCard CEO Leland Strange has publicly stated that the company could lose its Apple credit card if JPMorgan were to take over. Euronet recently announced a $248M all-stock deal to acquire CoreCard.

CoreCard, a lesser-known fintech company, is at risk of losing its biggest client, Apple, due to Apple's potential partnership with JPMorgan Chase. The company's CEO, Leland Strange, has publicly stated that the company could lose its Apple credit card business if JPMorgan were to take over [1].

Apple's decision to end its credit card partnership with Goldman Sachs has led to this potential shift. Goldman Sachs, which initially took on the Apple Card in 2019, announced in 2023 that it would be withdrawing from the consumer credit market [2]. JPMorgan Chase is now in advanced talks to take over the Apple Card portfolio, with the companies reportedly close to a deal [3].

CoreCard has been responsible for managing the day-to-day functioning of the Apple Card, including transaction processing and billing. The company developed distinctive features such as the first-of-the-month billing cycle and the "payment wheel" graphic on bills, which show cardholders their projected interest costs [1].

The transition to JPMorgan Chase is likely to cut out CoreCard as the Apple Card's processor in favor of JPMorgan's in-house payment processing capabilities. This move is expected to have minimal impact on Apple Card users in the short term, as JPMorgan is unlikely to make noticeable changes to the card's features [1].

Euronet Worldwide, a global payments services company, has entered a definitive agreement to acquire CoreCard for approximately $248 million in an all-stock deal. The acquisition values CoreCard at $30 per share and is expected to be completed by late 2025 [2]. This deal provides CoreCard with some security about its future, even if it loses the Apple card business.

CoreCard's unlikely story stretches back to 1986 when Leland Strange invested in a small credit-card startup in Florida. The company has since grown to manage the Apple Card, which has over 10 million users [4]. However, the company's future remains uncertain as it faces potential loss of its biggest client.

References:
[1] https://appleinsider.com/articles/25/08/03/apple-card-shifting-to-another-big-bank-will-probably-kill-this-small-company
[2] https://www.fintechfutures.com/m-a/euronet-acquires-corecard
[3] https://www.pymnts.com/credit-cards/2025/goldmans-apple-card-partner-faces-uncertain-future/
[4] https://www.wsj.com/finance/apple-card-corecard-leland-strange-ff5ac7da