This morning, Goldman Sachs announced plans to acquire B2B2C lender GreenSky in a deal worth $2.24 billion. The acquisition, which is still subject to regulatory approval and is expected to close in the fourth quarter of 2020 or the first quarter of 2021, is positioned to bolster the firm’s consumer business and offer new products and new ways to attract consumers to its Marcus by Goldman Sachs brand of finance products.

Goldman launched Marcus five years ago as a consumer-focused brand in part to compete with a growing set of fintech startups, neobanks, and online trading platforms that have sprung up over the last decade. While it has attracted 8 million users since launch — putting it ahead of many so-called challenger banks — Marcus still trails Chime and Robinhood among banking and trading apps (at least among number of users).

But with the purchase of GreenSky, it’s hoping to add another way to pull consumers into its Marcus funnel.

GreenSky operates a platform that facilitates loans for big-ticket items like home improvement projects or elective dental or medical procedures. It enables brands like Home Depot, as well as medical and dental practices, to offer installment loans …read more

Source:: TechCrunch – Startups

      

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