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Goldman ‘deal man’ behind Apple, GM playing cards leaves for fintech start-up iCreditWorks

iCreditWorks CEO Scott Younger, former chief business officer of Goldman Sachs Marcus.

Courtesy: Goldman Sachs

A Goldman Sachs government identified for securing among the trade’s largest bank card offers lately has left to hitch early stage start-up iCreditWorks, CNBC has realized.

Scott Younger, who was chief business officer of Goldman’s Marcus client enterprise, shall be becoming a member of the New Jersey-based firm subsequent month, in line with iCreditWorks founder Stephen Sweeney.

Younger is the newest in a string of exits from Goldman’s client enterprise sparked by the February 2021 defection of Omer Ismail, the previous Marcus head who joined Walmart’s fintech start-up with a key deputy. These departures embody the previous CFO and head of product for the enterprise, and extra just lately the unit’s branding chief.

Identified informally at Goldman because the “deal man,” Younger joined in 2017 as its first head of partnerships, a part of a wave of out of doors hires throughout the launch of the agency’s retail-banking division. He’s credited with serving to safe the financial institution’s Apple Card partnership in 2018 together with Ismail and former CEO Lloyd Blankfein, and oversaw a string of subsequent co-branding offers with the likes of GM, JetBlue, AARP and Amazon.

Earlier than becoming a member of Goldman, Younger labored at GE, Barclays after which Citigroup, the place he helped wrest the Costco card away from American Categorical in 2015. That was a seismic deal within the card trade, the place the largest contracts with corporations together with Costco, Amazon and American Airways could make up a disproportionate share of an issuer’s enterprise.

At iCreditWorks, Younger shall be tasked with persevering with to make offers.

The beginning-up’s predominant product is a degree of sale cell app that handles the applying, vetting and funding for private loans. The preliminary audience is well being care and elective medication, taking up trade chief CareCredit, a unit of Synchrony Financial institution.

After that, they’ll transfer into different areas together with auto and home-improvement loans, Sweeney mentioned.

“If you’re making an attempt to construct a disruptive platform that has large business attraction, you want an government who has the chops to make these offers occur,” Sweeney mentioned. “As chief business officer at Goldman, he was on the nexus of all these transactions; sourcing, negotiating and securing offers.”

Sweeney mentioned that he and his companions, a gaggle of serial entrepreneurs, have plowed greater than $50 million into iCreditWorks since its founding three years in the past. That inflow of funds has helped Sweeney snap up banking veterans together with Suresh Nair, who serves as chief data expertise officer. Nair was a senior expertise officer at Financial institution of America and helped engineer Merrill Lynch’s buying and selling platform.

The corporate just lately employed Truist Monetary to boost its first spherical of out of doors funding, in search of $50 million at a roughly $200 million valuation, Sweeney mentioned.

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