Goldman Sachs Acquires Consumer Lending Fintech GreenSky for $2.24B

On September 15, 2021, Goldman Sachs announced a definitive agreement to acquire GreenSky, a fintech platform that originates point-of-sale consumer loans for home improvement projects, in a deal valued at approximately $2.24 billion. GreenSky operates a technology platform that connects consumers seeking financing with merchants and banks, effectively embedding lending at the point of sale. Goldman Sachs planned to integrate GreenSky into its Marcus consumer banking unit, expanding its reach into embedded consumer lending distributed through merchant networks.

The acquisition gives Goldman a technology-driven loan origination platform and a network of over 10,000 active merchant partners. GreenSky's model of partnering with banks to fund consumer loans through merchant channels is a form of embedded finance, making this deal significant for the bank-fintech convergence trend. Financial terms were disclosed at $2.24 billion in an all-stock transaction.

The deal was expected to close by the end of 2022, subject to regulatory approvals.