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  • Date of publication: 31 August 2020
  • 3092
  • businessbuysale.com
  • Goldman Sachs buys personal finance start-up Clarity Money

    Synopsis

    Goldman Sachs Group Inc bought Clarity Money, a personal finance startup, to bolster its Marcus online lending business, it said Sunday.

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Description

Goldman Sachs Group Inc bought Clarity Money, a personal finance startup, to bolster its Marcus online lending business, it said Sunday.

 

Buying Clarity Money, a free app that helps consumers manage their personal finances, is expected to add over 1 million customers to the financial service firm’s Marcus business. Marcus offers tools to help customers save and borrow. Clarity Money will be re-branded as Marcus by Goldman Sachs over time, the company said.

Terms were not disclosed.

Goldman launched Marcus in October 2016 as a way to court Main Street borrowers saddled with credit card debt. It offers loans from $3,500 to $40,000 and targets credit card borrowers who can benefit from consolidating debt into a single loan with a lower interest rate.

GS Bank, a subsidiary of Goldman Sachs, is making the acquisition. Clarity Money CEO Adam Dell will join Goldman Sachs as a partner.

(This version of the story corrects in paragraph 4 to say that Marcus offers loans up to $40,000, not $30,000)

 

Reuters.com