Goldman Sachs Bank USA announced Sunday (April 15) that it has acquired Clarity Money, the personal finance app, for an undisclosed sum.
In a press release, Goldman Sachs said it will be integrated into Marcus, its online lending service. According to Goldman Sachs, Clarity was attractive because it is a leading app that helps consumers make better personal finance decisions by using machine learning to provide advice that consumers can act upon. Goldman Sachs said the acquisition of Clarity Money is “integral” to Marcus’ aim to create a platform where millions of consumers will go to borrow and save money that is transparent, easy and has the customers’ best interest in mind. Clarity Money will be free to use and over time will be rebranded Marcus by Goldman Sachs. “Consumers want a better way to manage their finances,” said Stephen Scherr, chief executive officer of GS Bank and head of the consumer and commercial banking division, in a press release announcing the deal. “Clarity Money has pioneered a consumer-centric approach to personal finance that will help Marcus continue to put power in the hands of consumers.”
Goldman Sachs said Clarity Money’s team of engineers, designers, and marketers will join Marcus, while the company’s founder and chief executive officer Adam Dell will join Goldman Sachs as a partner. He will continue to head up Clarity Money and will play an active role on the senior management team of Marcus, where he will report to Harit Talwar, head of digital finance and Omer Ismail, chief commercial officer of digital finance. “We started Clarity Money to help people make better financial decisions,” said Adam Dell. “I am extremely impressed with the Marcus team and their commitment to transforming financial services for the benefit of the consumer.”
Marcus was rolled out in October of 2016 and is aimed at going after regular consumers that are suffering from credit card debt. The service provides loans to those who could take advantage of consolidating loans and is expanding into other consumer finance products.