Goldman Sachs to buy point-of-sale lender GreenSky

Goldman Sachs Group in New York has agreed to buy point-of-sale lender GreenSky for roughly $2.2 billion. 

The deal is expected to close by the first quarter of 2022.

GreenSky offers payment plans to customers who are planning home-improvement projects or have health care costs. Banks use the company’s technology to make loans to super-prime and prime consumers.

GreenSky services a $9 billion loan portfolio; roughly 4 million customers have financed more than $30 billion of purchases using its technology since its formation in 2006. 

“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,” David Solomon, Goldman’s CEO, said in a Wednesday press release. “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.”

Truist Financial recently said it would end a loan-origination agreement with GreenSky after agreeing to buy Service Finance, a home improvement lender. GreenSky later said the termination would not have a material impact on its financial results.