Goldman Sachs is entering P2P lending. This is a major milestone for our industry since it marks the 1st bank to enter. The New York Times posted a lengthy article about Goldman’s plans to launch its online lending platform and compete with top platforms like Lending Club and Prosper. There are many details yet to be known but, according to the New York Times article, they plan to launch their own platform early next year. They are still in the early planning stages and it still isn’t clear how this new offering will be branded.
Goldman Sachs will offer unsecured personal loans and will also venture into lending to small businesses according to several articles about the new business unit. Joining the team at Goldman to run the new operation is Harit Talwar, a former executive at Discover, who they have brought on as a partner. From the Times article: