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


Scott Young, former Chief Commercial Officer at Goldman Sachs Marcus, is CEO of iCreditWorks.

Courtesy: Goldman Sachs

Goldman SachsExecutive who has secured the largest credit card deals for the industry in recent years is leaving to start an early stage company iCreditWorksCNBC recently learned.

Scott Young, who is chief commercial officerStephen Sweeney founder at iCreditWorks says that Marcus Consumer Business, Goldman, will join the New Jersey-based start up next month.

Young is one of many exits from Goldman’s consumer business that have been triggered by the February 2021 vote defectionOmer Ismail was the ex-head of Marcus who joined Walmart’s fintech startup along with his deputy. These departures include: former CFOHead of Product for the Business, as well as the Unit’s Director. branding chief.

Young, who was known at Goldman informally as “the deal guy”, joined the bank in 2017 to become its first head for partnerships. He was part of an outside wave that hired people as the retail banking division launched. His contribution to the bank’s success is widely acknowledged. Apple CardPartnership in 2018 with Ismail as well as the former CEO Lloyd BlankfeinOversaw several subsequent deals for co-branding with businesses, such as GMJetBlue, American Airlines, and AARP Amazon.

Young was employed at GE and Barclays before joining Goldman. CitigroupCostco, which he was able to take away the Costco Card American Express2015 This was a major deal in the industry of cardmaking, with the biggest contractsCostco and Amazon, as well as American Airlines, can represent a significant portion of the business of an issuer.

Young, at iCreditWorks is responsible for continuing to make sales.

The main product of the company is an app for point-of sale that manages personal loans funding, approvals and processing. Its initial audience was healthcare professionals and those who are interested in elective or alternative medicine. CareCreditSynchrony Bank’s unit –

Sweeney stated that they would then move on to other fields, including home and auto loans.

Sweeney explained, “When you want to create a disruptive platform which has broad commercial appeal, then you need to have an executive who can negotiate those deals.” He was the chief commercial officer of Goldman and was responsible for all transactions including sourcing, negotiation, and closing.

Sweeney said that iCreditWorks has been funded by his and his associates, a group made up of serial entrepreneurs. Sweeney has been able to acquire banking professionals, including veterans. Suresh NairChief information technology officer. Nair served as a senior technology officer. Bank of AmericaMerrill Lynch’s Trading Platform.

Recently, the company hired Truist FinancialSweeney stated that the company is seeking outside financing in order to raise $50 million. The valuation of the business would be approximately $200 million.