Goldman Sachs has posted a press release announcing its acquisition of US-based fintech GreenSky for US$2.24bn. The deal will help bolster its retail banking platform Marcus.
Launched in 2006, Atlanta-based GreenSky offers funding for home renovation, with a “buy now, pay later” (BNPL) model.
The firm, which now boasts of over 4 million customers and a vast network of over 10,000 merchants, became a publicly-traded company for the first time in 2018, with a valuation of about US$4 billion.
Speaking on the acquisition, David M Solomon, chair and CEO of Goldman Sachs, indicated that GreenSky’s scalable technology will aid Marcus as it works to “become the consumer banking platform of the future”.
“GreenSky and its talented team have built an impressive, cloud-native platform that will allow Marcus to reach a new and active set of merchants and customers and provide them with an expanding set of solutions,” he added.
GreenSky CEO David Zalik expressed the excitement of his team at the opportunity to join Goldman Sachs as both firms hope to “continue delivering innovative point-of-sale payment solutions for our merchant partners and their customers on an accelerated basis.”
Pan Finance is a print journal and news website providing worldwide intelligence on finance, economics and global commerce. Known for our in-depth analysis and opinion pieces from esteemed academics and celebrated professionals; our readership consists of senior decision makers from across the globe.