Barclays Makes a Big Play in the U. S. Lending Scene

Barclays is stepping up its game in America. The bank just bought Best Egg, a company that gives out personal loans, for a cool $800 million. This isn't just a small move. It's a big deal for Barclays. They want to grow their presence in the U. S. beyond just credit cards. They're diving into the world of personal loans, which is growing fast. Best Egg is based in Delaware. Since 2013, they've given out over $40 billion in loans to more than two million people. They focus on folks with good credit. Barclays likes what Best Egg does. They plan to keep the same business model. Best Egg works with investors to fund the loans. They make money by charging fees for setting up and managing these loans. Barclays thinks this buy will make their consumer finance operations stronger. It will also complement their existing products. The CEO, C. S. Venkatakrishnan, said this deal is a big opportunity. It will boost their personal lending capabilities. But why is this happening? Well, the digital lending market is booming. More people are borrowing money online. Barclays wants a piece of that pie. By buying Best Egg, they're not just expanding. They're also getting a company that knows the U. S. market well.