Goldman Sachs Group has signed a deal to acquire GreenSky, a fintech platform for home improvement consumer loan originations, in an all-stock transaction valued at approximately US$2.24 billion.
GreenSky’s differentiated lending capabilities and market-leading merchant and consumer ecosystem will help accelerate the efforts of Goldman Sachs to create the consumer banking platform of the future.
Since its founding, GreenSky has provided simple and transparent home improvement financing solutions for approximately four million customers.
GreenSky has a growing network of over 10,000 merchants and helps them accelerate their business by incorporating a seamless financing experience into their commerce flow.
“We have been clear in our aspiration for Marcus to become the consumer banking platform of the future, and the acquisition of GreenSky advances this goal.
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.”
said David M. Solomon, Chairman and CEO of Goldman Sachs.
In other news, Goldman Sachs Asset Management had led platform payment technology provider Form3’s US$160 million Series C funding round.
Form3 said that it welcomes new shareholder Goldman Sachs alongside existing investors Lloyds Banking Group, Nationwide Building Society, Barclays, Mastercard, 83North and Draper Esprit.
The firm is expected to move into new markets including the USA where it is in advanced conversations with a number of banks.
“More and more financial institutions (FI’s) are placing mission critical processes onto a platform. Cloud-native technology is now proven at an industrial scale and confidence is high and growing.
This announcement marks the beginning of a global roll out for Form3, and the funding required to tackle the next big challenges in payments; how should payments become smart – uniquely possible with our cloud native technology and an exciting new phase to come.”
said Michael Mueller, Chief Executive Officer at Form3.
