Until last fall, Goldman Sachs did not lend money to Main Street. But that all changed when the Wall Street bank unveiled Marcus, an online lending offering designed to compete with the likes of Lending Club and Prosper, in October. While skeptics questioned the bank’s ability to successfully develop consumer-facing products, Goldman kept mum about Marcus’s performance—until now.
Marcus has issued over $1 billion in loans to date and is on track to issue another $1 billion before the end of the year, CEO Lloyd Blankfein told CNBC earlier this evening during an appearance on Mad Money. If Marcus maintains that growth trajectory, it will have grown faster than SoFi’s personal loan product during its first year of operations.
In parallel to Marcus, Goldman has been marketing its deposit platform. Earlier this month, the bank raised the interest rate it offers on consumer deposits from 1.05% to 1.2%, the highest rate of any bank in the country.