(Bloomberg) -- Goldman Sachs Group Inc. is losing a key executive in its fledgling consumer-banking business.
Colin Kennedy is leaving Goldman’s Marcus unit to join technology startup Stripe Inc., where he’ll head up financial partnerships, according to a Stripe spokesman. He has been chief revenue officer and chief operating officer at Marcus, according to his LinkedIn profile.
Marcus is Goldman’s foray into consumer banking, a significant pivot from its focus on the biggest institutions and corporations for much of its existence. The unit offers personal loans and savings accounts, with eyes on expansion through other products, including credit cards. Goldman’s leaders, including Chief Executive Officer David Solomon, have identified Marcus as a key pillar of their plan to boost revenue in the next several years.
Stripe builds software and payment infrastructure that helps businesses accept money online and across borders. A funding round earlier this year pushed the the company’s valuation to $22.5 billion, making it one of the most valuable private startups.
Kennedy joined Goldman as part of its acquisition of Clarity Money, a personal finance startup founded by Adam Dell, the brother of Michael Dell, in 2016. Marcus has gradually integrated Clarity over the past year as the firm looks to expand its consumer offerings. Kennedy was tasked with building out the firm’s partnerships, identifying new product areas for Marcus and increasing revenue.
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