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FinanceGoldman ‘deal guy’ behind Apple, GM cards leaves for fintech start-up iCreditWorks

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

iCreditWorks CEO Scott Young, former chief industrial officer of Goldman Sachs Marcus.

Courtesy: Goldman Sachs

A Goldman Sachs government recognized for securing a number of the business’s greatest credit-card offers in recent times has left to affix early stage start-up iCreditWorks, CNBC has discovered.

Scott Young, who was chief commercial officer of Goldman’s Marcus client enterprise, will likely be becoming a member of the New Jersey-based start-up subsequent month, in keeping with iCreditWorks founder Stephen Sweeney.

Young is the most recent 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 startup with a key deputy. Those departures embrace the previous CFO and head of product for the enterprise, and extra lately the unit’s branding chief.

Known informally at Goldman because the “deal guy,” Young joined in 2017 as its first head of partnerships, a part of a wave of out of doors hires because the funding financial institution launched its retail banking division. He is 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 corporations together with GM, JetBlue, AARP and Amazon.

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

At iCreditWorks, Young will likely be tasked with persevering with to make offers.

Its most important product is a degree of sale cell app that handles the applying, vetting and funding for private loans. The preliminary target market is healthcare and elective drugs, taking up business chief CareCredit, a unit of Synchrony Bank.

After that, they’ll transfer into different areas together with auto and residential enchancment loans, Sweeney stated.

“When you’re trying to build a disruptive platform that has wide commercial appeal, you need an executive who has the chops to make those deals happen,” Sweeney stated. “As chief commercial officer at Goldman, he was at the nexus of all those transactions, sourcing, negotiating and securing deals.”

Sweeney and his companions, a gaggle of serial entrepreneurs, have plowed greater than $50 million into iCreditWorks since its 2019 founding, he stated. That 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 Bank of America and helped engineer Merrill Lynch’s buying and selling platform.

The firm lately employed Truist Financial to lift its first spherical of out of doors funding, in search of $50 million at a roughly $200 million valuation, Sweeney stated.

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