Goldman Sachs folks quit a lot for this fintech
The fintech industry has been having a hard time lately as valuations plummet and VC enthusiasm dries up, but for well-funded fintechs now is a good time to double down on hiring. Or at least, ONE, it seems that the money management app started and supported by Walmart thinks so.
Over the past month, ONE has hired at least nine people who have come either directly or immediately from Goldman Sachs.
The five people who have left Goldman for one, mainly in the last month, include four CEOs. They are: Yoohyun Sung, a former CEO and engineer of Goldman Sachs from Apple’s card business in Marcus, Goldman’s app-based bank; Mitch Hochberg, the former compliance manager for Marcus (now ONE’s chief compliance officer); Adi Sharma, a former Marcus MD who has joined the product; Tom Sjoberg, a former Goldman software engineer, and Nishit Sharma, Goldman’s former product development manager.
Since May, ONE has also employed: Kwang Lim (VP in strategy and technology in GS until 2019); Eva Poon (Product Manager at GS until April 2021); Nicholas Homble (a technologist at Goldman until the end of 2020), Nameet Pai (head of cloud technology at GS until the end of 2020), and … a former Goldman VP in payments and reconciliations.
What is the appeal – apart from the fact that ONE has the support of the USA’s largest food retailer? It probably has something to do with the fact that ONE’s CEO is Omer Ismail, the former head of Goldman’s consumer business.
In a LinkedIn post three months ago, Ismail said that ONE had put together a team of 300 (mostly from the acquisition of ONE Finance Inc. and Even Responsible Finance Inc.) and that it planned to grow, “far beyond that. “
“The strategy is to build a financial services superapp, an easy place for consumers to manage their money,” he told the Wall Street Journal in January.
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