Goldman Sachs Takes on Fintech Startups with Launch of Online Lending Platform

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Goldman Sachs has launched an online lending platform. The platform, called Marcus, will allow borrows to apply for unsecured loans up to $30,000 to refinance credit card debt or pay for household projects.

The stuffy Wall Street banking firm has given Marcus a decidedly casual vibe. “No jargon. No tricks. Just straight talk,” the site reads.

Initially Goldman is targeting customers with credit scores above 660. Even so, Marcus is a notable departure for Goldman, a bank that rarely dabbles in consumer banking. Goldman has changed its tune: “Debt happens—and it can happen to anyone. We created Marcus to help you better manage it,” the Marcus site says.

Marcus will take on financial technology startups that have sprouted up across North America.

The platform is named after Marcus Goldman, who founded the bank in the 19th century.

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