Goldman Sachs launches transaction banking business in the UK

By Megha Bhattacharya

Goldman Sachs today announced the launch of Transaction Banking (TxB) in the UK. Since launching in the US last June, the company stated that it has attracted more than 250 clients, taking on over $35 billion in deposits and processing trillions of dollars through its systems. The launch of this business in the UK will bring a suite of new services to corporate and institutional clients via a digital-first cash management platform.

Hari Moorthy, global head of TxB, said: “We set a mission to provide a global transaction banking platform that is secure, easy to use, and nimble to help our clients run and grow their businesses. The growth of this business has exceeded our estimates and we are very excited to bring TxB to the UK to expand our client reach and streamline banking for multinational corporations with a presence in the US and the UK.”

Recently, The European Bank for Reconstruction and Development (EBRD) and New York-headquartered global investment banking firm Goldman Sachs announced that they are looking to invest in Turkish financial technology provider DgPays. The investment is reportedly to be among the largest international investments made in Turkey’s FinTech sector so far. It is expected to be completed following approvals from the relevant authorities. However, the value of the investment was not disclosed.

Jim Esposito, Global Co-Head of the Investment Banking Division at Goldman Sachs added, “As we surveyed our clients we heard consistent feedback that there was scope to improve the cash management and payment processing set of services. Goldman Sachs is uniquely positioned to disrupt this market building on over 150 years of financial and risk management experience, yet unencumbered by legacy banking infrastructure. We see huge potential to grow this business in the UK and globally”.