Goldman Sachs' new online lending business just hit a $2 billion milestone

www.businessinsider.com

The US bank launched online lending business Marcus last October, and passed the $1 billion mark this summer. And in a September presentation, the bank said it expected to have lent out $2 billion by year end. But in a presentation on Tuesday, chief financial officer Marty Chavez said the bank hit that milestone last night, suggesting the platform may be picking up momentum in terms of issuing loans. According to the presentation, Marcus had $1.96 billion in originations as of November 9, which would imply $40 million in new loans in four days.

Further proof that Goldman Sachs is not messing around, projecting a $13B lending opportunity over three years. Top down market sizing slide is interesting, GS predicts a 6% potential market share of all interest-earning consumer balances within their target profile to get to 13bn.

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