Goldman this morning Sax Announces Plans to Buy B2B2C Lenders GreenSky so Transactions worth $ 2.24 billion.. The acquisition, which still requires regulatory approval and is scheduled to close in the fourth quarter of 2020 or the first quarter of 2021, will strengthen the company’s consumer business and attract consumers to the company. It aims to provide new products and new methods. Goldman Sachs framework Brand of financial products.

Goldman launched Marcus five years ago as a consumer-centric brand. This is to counter the growth of fintech startups, neobanks, and online trading platforms that have sprung up over the past decade. It has attracted 8 million users since its launch, but is ahead of many. The so-called Challenger Bank – Marcus is chasing Chime and Robin Hood between banking and commercial applications (at least for the number of users).

But with the purchase of GreenSky, we want to add another way to engage consumers in the Marcus goal-achieving process.

GreenSky operates a platform that facilitates the financing of high value products such as: Home renovation project Too Selective medical or dental procedure.. This will allow brands like Home Depot to offer installment loans to customers at the point of sale, as well as in medical and dental practice, increasing customer sales and conversions. GreenSky then sells these loans to many banks and other lending partners.

This transaction can be seen as a way for Goldman to enter the “buy now pay later” trend and provide Marcus users with an additional way to raise funds for their purchases. Took off recentlyAs it shows Acquisition of Afterpay by Square, Acquisition of PayPal from Paidy, When Amazon Signs Contract to Provide BNPL Financing Through Affirm..

But according to Stephanie Cohen, Global Co-Head of Consumer & Wealth Management at Goldman Sachs, the acquisition is just as important as bringing GreenSky customers into the Marcus ecosystem. He also believes that by bringing GreenSky to Goldman Sachs and renting its balance sheet, there is no limit to the scale it can grow to.

That said, don’t expect Goldman or Marcus to start offering BNPL rentals for your everyday purchases anytime soon. Cohen says Green Sky is attractive because of the expensive nature of home renovation rentals.

To learn more about the company’s plans, we spoke with Cohen about the deal and asked how GreenSky fits into Marcus and other Goldman businesses. Below is a full interview, lightly edited for length and clarity.

Goldman Says $ 2.2 Billion Purchase From BNPL Vendor GreenSky Will Help Expand Marcus Source link Goldman Says $ 2.2 Billion Purchase of BNPL Vendor GreenSky Will Help Expand Marcus



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