US bank Goldman Sachs has announced it will acquire BNPL business GreenSky for $2.2bn.
In Brief:
GreenSky is a platform focusing on home improvement loans.
It offers this in partnership with merchants via a cloud-native platform.
GreenSky’s shares rose 53% when the all-stock deal was announced.
What does this mean?
Goldman Sachs CEO David Solomon says the acquisition of the platform is all about the bank’s next steps into retail banking. “We have been clear in our aspiration for Marcus [Goldman’s consumer focused savings platform] to becomes the consumer banking platform of the future, and the acquisition of GreenSky advances this goal,” he explained.
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