David Zalik, Founder and CEO of GreenSky.
Chris Hamilton | Green sky
Goldman Sachs acquires digital lender GreenSky for $ 2.24 billion as investment bank invests more in consumer credit.
The deal on all shares of GreenSky, called the largest fintech platform for home improvement loans in a statement announcing the transaction, is expected to close by the first quarter of 2022, the companies said on Wednesday. GreenSky shares jumped 44% in pre-market trading before their shutdown.
“We have made clear our aspiration for Marcus to become the consumer banking platform of the future, and the acquisition of GreenSky advances that goal,” Goldman CEO David Solomon said in the statement. “GreenSky and his talented team have built an impressive cloud native platform that will allow Marcus to reach a new active set of merchants and customers. “
The move helps Goldman expand into consumer credit, a huge opportunity outside of its historic field of investment banking, trading and wealth management for the rich. Goldman started in retail banking five years ago with its Marcus loan brand, and has since added automated investing and personal finance, as well as partnerships with Apple, Jetblue and Amazon.
The bank said the GreenSky deal broadens its customer base and gives it access to the fintech network of more than 10,000 merchants.
This story is developing. Please check for updates.
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