Goldman Sachs Dealmaker Scott Young Departs For iCreditWorks

A Goldman Sachs executive known as the bank’s dealmaker when it came to credit cards is leaving the company for fledgling startup iCreditWorks.

As CNBC reported Thursday (May 12), Scott Young, chief commercial officer for Goldman’s Marcus consumer unit, will head to the New Jersey-based startup.

Young joined Goldman in 2017 and has become known as the firm’s “deal guy,” credited with helping land the bank’s Apple Card partnership and securing collaborations with companies such as GM, JetBlue, AARP and Amazon.

His previous employers include GE, Barclays and Citigroup, where he helped woo the Costco card away from American Express, which CNBC calls a “seismic deal.”

Based in New Jersey, iCreditWorks offers a point-of-sale mobile app that handles personal loan applications, vetting and funding, targeting people who need to pay for healthcare and elective medicine. However, Founder Stephen Sweeney said the company plans to move into other sectors, such as auto and home improvement loans.

The company will be competing with CareCredit in the medical/health space, CNBC noted.

“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 said. “As chief commercial officer at Goldman, he was at the nexus of all those transactions, sourcing, negotiating and securing deals.”

Last month, Goldman said its checking account will soon be ready for use. The company said it was internally testing the no-fee, interest-bearing account with its entire 20,000-person workforce in the U.S..

Read more: Goldman Sachs Checking Progresses Toward Reality

“This week we extended exclusive beta access to all of our U.S. employees,” said Stephanie Cohen, the company’s global co-head of consumer and wealth management.

“As beta participants, they have the opportunity to be the first to explore the new product, test select features and share feedback with us. … This beta is only the beginning of what we hope will soon become the primary checking account for tens of millions of customers.”