Goldman Sachs buys personal finance start-up Clarity Money
[NEW YORK] 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 US$3,500 to US$30,000 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.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Banking & Finance
Prudential shutters Hong Kong wealth unit Pulse
JPMorgan, Nomura limit Segantii exposure on Hong Kong case
UOB awards Wong Kan Seng over S$400,000 in shares
Singapore eyes giving law enforcement agencies more power to probe money laundering offences
Seventh money laundering accused to plead guilty on May 23
DBS hires chief of Ping An’s tech group to be its new chief information officer