Goldman Sachs acquires personal finance app Clarity Money

The US banking giant is edging closer to retail financial services, as it buys up Clarity to join its online lending start-up Marcus.

Goldman Sachs is gaining another 1m customers for its online lending start-up Marcus, as it completes the acquisition of US-based personal finance app Clarity Money. 

According to the bank, the acquisition of Clarity is “integral” to Marcus’ vision of creating a complete money management platform for its customers, allowing users to take control of their financial lives. Currently Marcus offers its users no-fee, fixed-rate personal loans and high-yield savings accounts, and with the addition of Clarity Money, products to help users better understand their finances.

The app will remain free to use and able to connect to thousands of other financial institutions, as it crosses over into Marcus by Goldman Sachs branding. 

“Consumers want a better way to manage their finances,” said Stephen Scherr, CEO of Goldman Sachs Bank and head of the consumer and commercial banking division.

“Clarity Money has pioneered a consumer-centric approach to personal finance that will help Marcus continue to put power in the hands of consumers.”

Marcus will be taking in Clarity Money’s team of engineers, designers and marketers as part of the acquisition, led by its founder and CEO, Adam Dell, who will join Goldman Sachs as a partner. According to Goldman Sachs, Adam will continue to lead Clarity Money, and will also play an active role on the Marcus senior management team.

“We started Clarity Money to help people make better financial decisions,” said Dell. “We're making plans to offer more financial features for our customers. Only now, we're backed by Marcus and their commitment to helping customers achieve financial well-being.”