Barclays to Acquire Leading U.S. Personal Loan Originator Best Egg

Barclays PLC (“Barclays”)¹ today announces that its wholly-owned US consumer banking subsidiary Barclays Bank Delaware (operating as “Barclays US Consumer Bank” or “USCB”) has agreed to acquire Best Egg, Inc. (“Best Egg” or the “Business”)² for $800 million³ (the “Transaction”). Completion of the Transaction (“Completion”) is subject to required regulatory approvals and other conditions.

Best Egg is a leading US direct-to-consumer personal loan origination platform with a focus on prime borrowers and an established track record of risk management. The Business has consistently grown since its establishment in 2013 and has facilitated over $40 billion in personal loans to more than two million customers.

In 2025, Best Egg is expected to facilitate more than $7 billion in personal loan originations via its platform. The loans are funded through structures including securitization programs and forward flow arrangements provided by a range of alternative asset managers, with the Business generating largely fee-based capital-light income as a result of its loan origination and servicing activities. The Business currently services approximately $11 billion in personal loans. Following Completion, Barclays expects to continue this model and retain a small portion of Best Egg’s new lending flow on its balance sheet.

Best Egg complements USCB’s established partnership-driven credit card business, which provides unsecured personal lending to customers through a number of existing co-brand card partner programs. The Transaction strengthens USCB’s franchise by acquiring digital and risk capabilities in this attractive part of the US consumer finance market and providing significant flexibility in the efficient deployment of lending capacity and capital.

The consideration paid for Best Egg represents a high-single digit Price/Earnings multiple⁴. The acquisition, including the realization of synergies, is expected to generate an attractive return on investment for Barclays, comparable to our three highest-returning UK businesses, over time. It is expected to be accretive to USCB’s Return on Tangible Equity (“RoTE”) in 2027, supporting delivery of its stated mid-teens RoTE target post 2026. It is also expected to be accretive to Barclays’ RoTE and Earnings Per Share in 2027.

The Best Egg acquisition is expected to complete in Q2 2026, after completion of the previously-announced sale of Barclays’ American Airlines co-brand credit card receivables. The net effect of both transactions is estimated to be an approximate 6bp increase in the Group’s CET1 ratio in Q2 2026. The Best Egg acquisition is expected to consume approximately 16bps of Group CET1 capital upon Completion. The Transaction will not affect Barclays’ stated total distribution target of at least £10 billion between 2024 and 2026⁵.

Further information can be found on the Barclays Investor Relations website.

C.S. Venkatakrishnan, Group Chief Executive of Barclays, commented: “The deep and sophisticated US consumer finance market offers rich prospects for growth at Barclays. The Transaction will strengthen our US Consumer Bank and offers an exciting opportunity to significantly bolster our capabilities in personal lending.”

Denny Nealon, Chief Executive of Barclays US Consumer Bank, commented: “This acquisition represents a significant step forward in our strategy to grow and diversify our US consumer banking business. As a leader in the personal loans market, Best Egg gives us the ability to reach more US consumers through a proven platform that has been successful for over a decade. We look forward to welcoming Best Egg’s customers as well as its talented and experienced management team and colleagues upon closing in 2026.”

Paul Ricci, Chief Executive Officer of Best Egg, added: “At Best Egg, we are driven by a mission to empower people with financial confidence and flexibility through our suite of lending products and financial health tools. Joining forces with Barclays marks a pivotal moment in our journey – one that amplifies our ability to reach even more people through innovative lending solutions that truly make a difference. This transaction is a testament to the strength of the incredible business we’ve built over the past 12 years, our talented team, and the trust we’ve earned from our customers. Together with Barclays, we’re excited to accelerate our growth and continue shaping the future of consumer finance in ways that are both meaningful and impactful.”