Goldman says the $ 2.2 billion purchase of BNPL provider GreenSky will help grow Marcus – TechCrunch

Goldmann this morning Sax Announces Plans To Buy From B2B2C Lenders Green sky so Transactions worth $ 2.24 billion.. The acquisition, which is subject to regulatory approval and is expected 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. Marcus from Goldman Sachs Brand of financial products.

Goldman launched Marcus as a consumer-centric brand five years ago. The aim is to counteract the growth of FinTech start-ups, neobanks and online trading platforms that have emerged over the past decade. It has attracted 8 million users since its inception but is ahead of many. So-called Challenger Bank – Marcus chases Chime and Robin Hood between banking and trading apps (at least for the number of users).

However, with the purchase of GreenSky, we would like to add another way of engaging consumers in Marcus’ goal achievement process.

GreenSky operates a platform that enables the financing of high quality products such as: House renovation project Likewise Selective dental or medical intervention.. This enables brands like Home Depot to offer their customers at the point of sale as well as medical and dental practices installment loans, which will increase customer sales and conversions. GreenSky then sells these loans to many banks and other credit partners.

This transaction can be seen as an opportunity for Goldman to enter the “buy now, pay later” trend and provide Marcus users with an additional way to raise funds for their purchases. This market Chopped off recentlyAs proven by Takeover of Afterpay by Square, Takeover of Payy. through PayPal, When Amazon signs an agreement to provide BNPL funding through Affirm..

But, according to Stephanie Cohen, Global Co-Head of Consumer & Wealth Management at Goldman Sachs, the acquisition is just as important as engaging GreenSky’s customers in the Marcus ecosystem. She also believes that by bringing GreenSky to Goldman Sachs and leasing its balance sheet, there are no limits to growth for GreenSky.

However, don’t expect Goldman or Marcus to start offering BNPL rentals for their daily shopping anytime soon. Cohen says Green Sky is attractive because of the high cost of home renovation.

To learn more about the company’s plans, we spoke to Cohen about the deal and asked how GreenSky fits in with Marcus and other Goldman companies. Below is a full interview which has been edited slightly for length and clarity.

Goldman says the $ 2.2 billion purchase of BNPL provider GreenSky will help grow Marcus – TechCrunch Goldman says the $ 2.2 billion purchase of BNPL provider GreenSky will help grow Marcus – TechCrunch

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