Scott Young, CEO of iCreditWorks, former Chief Commercial Officer of Goldman Sachs Marcus.
Courtesy of Goldman Sachs
A Goldman Sachs executive known for closing some of the industry’s largest credit card deals in recent years has left to join start-up iCreditWorks, CNBC has learned.
Scott Young, who was chief commercial officer of Goldman’s Marcus consumer business, will join the New Jersey-based startup next month, according to iCreditWorks founder Stephen Sweeney.
Young is the latest in a string of exits from Goldman’s consumer business sparked by the February 2021 defection of Omer Ismail, the former Marcus chief who joined the fintech startup from Walmart along with a key deputy. Those departures include the company’s former chief financial officer and product manager, and most recently the unit’s chief brand officer.
Known informally at Goldman as the “deal guy”, Young joined in 2017 as its first head of partnerships, part of a flurry of external hires as the investment bank launched its banking division. Retail. He is credited with helping secure the bank’s Apple Card partnership in 2018 with Ismail and former CEO Lloyd Blankfein, and overseeing a series of subsequent co-branding deals with companies including GM, JetBlue, AARP and Amazon.
Before joining Goldman, Young worked at GE, Barclays and then Citigroup, where he helped snatch the Costco card from American Express in 2015. It was a seismic deal in the card industry, where the biggest deals with companies such as Costco, Amazon, and American Airlines can account for a disproportionate share of an issuer’s business.
At iCreditWorks, Young will be responsible for continuing to close deals.
Its main product is a point-of-sale mobile application that manages the application, verification and funding of personal loans. The initial target audience is elective health and medicine, taking on industry-leading CareCredit, a unit of Synchrony Bank.
After that, they’ll move into other areas, including auto and home improvement loans, Sweeney said.
“When you’re trying to build a disruptive platform that has broad market appeal, you need a framework that has the chops to make those deals happen,” Sweeney said. “As chief commercial officer at Goldman, he was at the heart of all these transactions, researching, negotiating and closing deals.”
Sweeney and his partners, a group of serial entrepreneurs, have invested more than $50 million in iCreditWorks since its founding in 2019, he said. This has helped Sweeney recruit veterans from the bank, including Suresh Nair, who serves as chief information officer. Nair was chief technology officer at Bank of America and helped design Merrill Lynch’s trading platform.
The company recently hired Truist Financial to raise its first round of outside financing, seeking $50 million for a valuation of around $200 million, Sweeney said.