Goldman Sachs has acquired personal financial management startup Clarity Money, as it continues its march into the retail financial services.
The acquisition will bring one million new customers to the Wall Street firm's online lending startup Marcus.
The Clarity Money app capitalises on consumer intertia, prompting users to move their cash around to earn better returns and offering recommendations on ways to cut spending.
“Consumers want a better way to manage their finances,” says Stephen Scherr, chief executive officer of GS Bank and head of the consumer & 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 also welcomed Clarity Money’s team of engineers, designers and marketers, led by its founder and CEO, Adam Dell, who will join Goldman Sachs as a partner.
Clarity Money has raised $14.5 million since it launch in January 2017, including an $11 million investment in march last year led by RRE Ventures and Citi Ventures.