Barclays has reached an agreement to acquire Best Egg, a digital financial services platform specializing in loan origination, for $800 million. The deal, announced October 29, 2024, will expand Barclays’ U.S. consumer business and accelerate its growth in the personal loan sector.
The acquisition provides Barclays with a scalable platform and established customer base in the attractive and growing U.S. personal loan market. Best Egg originates and services a range of loans, including unsecured personal loans, and has demonstrated strong credit performance. This move allows Barclays to diversify its lending portfolio and tap into a segment increasingly favored by consumers seeking flexible financing options. The transaction is subject to regulatory approvals and is expected to close in early 2025.
Barclays intends to leverage Best Egg’s technology and data analytics capabilities to enhance its existing offerings and develop new products. Best Egg’s current management team will continue to lead the business following the acquisition, operating as part of barclays’ U.S. Consumer Bank. The deal underscores Barclays’ commitment to investing in digital innovation and expanding its presence in the U.S. financial landscape.
