Goldman Sachs is set to buy US-based speciality lender GreenSky for $2.2 billion.

GreenSky was founded in Atlanta, Georgia in 2006, listed publicly in 2018, and provides consumer loans to around 4 million customers.

The FinTech’s service allows consumers to split the cost of large purchases – like home improvements or cosmetic surgery – into smaller chunks.

This represents the largest acquisition by Goldman since the current chief executive, David Solomon, began his role in 2018.

The news comes as the Wall Street firm looks to diversify its traditional investment banking business; last month it acquired Dutch insurer NN Group for €1.6 billion.

GreenSky claims to have conducted $30 billion of commerce via their platform, and that it currently services a $9 billion loan portfolio.

Goldman is set to pay $12.11 per share. Shares in the FinTech rose 52 per cent on the news.

“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,” said David Solomon, chairman and chief executive at Goldman Sachs. “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.”

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