- Goldman’s Marcus is hiring a leader and associate focused on its buy now, pay later offering.
- MarcusPay currently works with JetBlue, offering installments on flights and vacations.
- Barclays is also pushing into BNPL, taking on leaders like Affirm, Afterpay, and Klarna.
- See more stories on Insider’s business page.
One area it appears keen to grow: buy now, pay later.
Marcus is looking for two people to build out its point-of-sale lending business, MarcusPay, according to two job posts viewed by Insider. It’s looking for a VP of product management to lead development of new buy now, pay later features for the bank. It’s also hiring an associate for the MarcusPay product and partnership strategy team with a specific focus on buy now, pay later products.
MarcusPay is the buy now, pay later offering used by JetBlue, which offers installment payments for its flights and vacation packages.
Both postings list New York; Richardson, Texas; and Wilmington, Delaware as possible locations where the role will be based.
BNPL is becoming a competitive space between banks and fintechs
The buy now, pay later market has been dominated by players like Affirm, Afterpay, and Klarna. The fintechs got their start offering installment payments with online retailers, but are increasingly leaning into larger purchases like travel.
Now, keen to grab a piece of the growing market, banks are pushing in.
Barclays announced a partnership with white-label BNPL player Amount in April. It’ll enable Barclays to add buy now, pay later products to its existing co-branded card business. Alliance Data, one of the leaders in the co-brand retail card space, acquired Bread, another white-label BNPL player, in October 2020.
There are also industry-specific players like Uplift, which works with airlines and other travel sites.
While banks are looking for ways to give retailers their own BNPL tools, Affirm, Afterpay, and Klarna are hoping to establish their own brands with consumers. Many offer loyalty programs and are increasing their marketing spend.
The specifics of Marcus’ buy now, pay later ambitions are unclear, but overall, its growth strategy is two-pronged: a direct-to-consumer strategy and a partnerships route. Its DTC strategy is led by former Stripe exec Swati Bhatia. The partnerships side was led by David Stark until he departed to join Walmart’s mysterious fintech venture in February. That role is yet to be filled.
In addition to its relationship with JetBlue, Marcus serves as the bank behind the Apple Card. It also won General Motors’ $2.5 billion credit card business in October 2020.
The co-brand space is another area Goldman is looking to grow. The bank is hiring a vice president of marketing for its co-brand credit cards business, an associate on the marketing analytics team whose focus includes co-brand relationships, and marketing product lead for Marcus Cards business.
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