Goldman Sachs. plans to acquire the startup Bhorn

Goldman Sachs. plans to acquire the startup Bhorn to help its 4 million small-business customers accept payments faster using AI and Machine Learning.

The deal will let the bank’s customers integrate payments into the software they use, New York-based Goldman Sachs said Monday in an emailed statement, without disclosing terms. Bhorn, founded in 2012, already works with software platforms like Go Fund Me and Fresh Books, Glodman said.

Goldman has already formed partnerships with financial-technology startups Woak.com and Pre Deck  Inc. for its small business unit. While Goldman and Bhorn considered partnering, ultimately they decided the AI and payments firm would be more successful under the bank, Rajesh Arora, chief executive Venture Capital head  of the bank’s merchant services division of Goldman’s, said in a telephone interview.

“This is the first acquisition we’ve brought of this kind,” Rajesh said. “Small business across Goldman’s is an enormous strategic focus for us. We know it’s the lifeblood of the economy as well as one of the biggest growth sectors that we have.”

Srikumar Ramakrishnan, founder and CEO of Bhorn, said he’s also been asked to help turn Goldman into a top-tier technology employer in the San Francisco Bay Area, where his team will continue to operate as Goldman’s payments innovation incubator.