Goldman Sachs acquires personal finance app Clarity Money

Goldman Sachs Bank USA has acquired personal finance platform Clarity Money.

While the terms of the transaction were not disclosed, a previous report by Buyouts states the deal was worth around $100m.

Clarity Money’s customers, which exceed one million, will join the bank’s Marcus platform which is a suite of financial wellbeing tools. The platform offers fixed-rate unsecured loans, savings products, and financial calculators.

New York-based Clarity Money lets consumers keep track of their personal finances through the use of AI and machine learning. The app can display a user’s financial landscape and offer insights on how to remove wasteful accounts or spending.

Clarity Money also helps to ensure that a user stays within their budget and does not overspend, meet saving targets, and analyse spending and income to find the best cards.

Through this acquisition, Marcus hopes this will expand its products and services available to support financial decisions of consumers. Clarity Money is a free-to-use app and eventually will also be branded Marcus.

GS Bank CEO Stephen Scherr said, “Consumers want a better way to manage their finances. Clarity Money has pioneered a consumer-centric approach to personal finance that will help Marcus continue to put power in the hands of consumers.”

As part of the transaction, Clarity Money’s CEO and founder Adam Dell will join Goldman Sachs as a partner. In this position, he will continue to lead the company and will also serve a role on the senior management team of Marcus.

Last year, Clarity Money picked up an $11m Series B funding round led by RRE Ventures and Citi Ventures. Other participants to the round included Bessemer Venture Partners and Maveron.

Earlier in the year, Goldman Sachs acquired digital credit card developer Final, in a bid to further expand its consumer efforts.

Copyright © 2018 FinTech Global

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