Goldman launches new online lending strategy for mass affluent

Goldman launches new online lending strategy for mass affluent

Goldman Sachs Group Inc is launching a new digital platform where customers of other wealth management firms and brokerages can apply for loans, the bank said on Thursday.
The platform, called GS Select, will make loans of $75,000 to $25 million using borrowers’ investment portfolios as collateral.

 To find customers, Goldman is partnering with Fidelity Investment’s clearing and custody business, which caters to small brokerages and wealth management firms. Those firms, in turn, have investors who may need loans.

“It’s a relatively lower risk marketplace but a very big market,” Andy Kaiser, head of Goldman’s private bank, said in an interview.

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