Goldman Sachs buys fintech GreenSky for $2.2bn

Goldman Sachs has announced it is to acquire fintech platform GreenSky for $2.24 billion, as part of its strategy to “create the consumer banking platform of the future”.

Atlanta-headquartered GreenSky provides home improvement financing solutions for approximately four million customers. It currently services a $9 billion loan portfolio and has a network of more than 10,000 merchants.

Goldman Sachs said that the acquisition aligns GreenSky’s “unique capabilities and growing user base” with the expanding products of its consumer business unit Marcus by Goldman Sachs, to create “a compelling banking platform”.

David Solomon, Goldman Sachs chairman and CEO, said: “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. We welcome the GreenSky team to the Goldman Sachs family.”

The deal is expected to close in either the fourth quarter of 2021, or the first quarter of 2022.

David Zalik, CEO of GreenSky, added: “In combination with Goldman Sachs, we’re excited to continue delivering innovative point-of-sale payment solutions for our merchant partners and their customers on an accelerated basis.”