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Goldman Sachs are about to launch a new digital lending platform to allow clients of other brokerages, investment firms and wealth management companies to access loans.

The new lending platform will go by the name of GS Select, potential customers will be able to apply for loans of between $75,000 and $25,000,000 using their current investment portfolio as collateral.

To help find the customers they are looking for this will be a joint venture with Fidelity Investments clearing and custody business, who work primarily with the small brokerages and wealth management firms, who will have the client base looking for these type of loans.

“It’s a relatively lower risk marketplace but a very big market,” Andy Kaiser, head of Goldman’s private bank, said in an interview.

Goldman also plans to leverage relationships with outside investment managers through its asset management division, which sells its own mutual funds, structured notes, and alternative investments.

Goldman Sachs deals mainly with the ultra wealthy investors and corporations, with this venture they are looking to target a bigger audience and those investors that typically have less than $10,000,000 in investable assets, a big drop from the typical Goldman Sachs investors that has at least $50,000,000.

GS select will make applying for these loans very quick and easy with loans taking on average just one day to approve, as they reduce the amount of paperwork needed in the application.

Over the last few years, it has been an objective of Goldman Sachs to grow its traditional banking business, with other investments like bonds on the decline.

In 2016 Goldman Sachs acquired over $17 billion worth of online retail deposits from GE capital bank, this coincided with the launch of Marcus a consumer lending side of its business, it also bought Honest Dollar which is an online retirement and savings platform for small businesses and startups.

Goldman has nearly tripled its funded loans over the last four years, but its $64 billion loan portfolio at the end of 2016 is only a fraction of those of bigger consumer banks like JPMorgan.

Goldman’s chief rival Morgan Stanley has also been trying to lend more to its own wealthy clients, primarily through securities-based loans.

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