Goldman Sachs Bank USA said April 15 it has closed its buy of Clarity Money. Financial terms weren’t announced but Buyout reported last month that Goldman is paying $100 million for Clarity, the personal finance app founded by Adam Dell. Clarity uses artificial intelligence, along with data science, to help consumers manage their finances including helping them find a better credit card or cancel wasteful accounts. Goldman is folding Clarity into its Marcus online lender and will be branded Marcus over time. Dell is joining Goldman Sachs as a partner. Clarity has raised about $15 million in funding. Investors include RRE Ventures, Citi Ventures, Bessemer Venture Partners, Soros Capital, Maveron Ventures and SV Angel.
Marcus by Goldman Sachs® Announces Acquisition of Clarity Money
New York, NY, April 15, 2018—Goldman Sachs Bank USA (“GS Bank”) has completed the acquisition of Clarity Money and is delighted to welcome its over one million customers to Marcus. Clarity Money is a leading app that helps consumers better manage their personal finances by harnessing the power of machine learning and intuitive design to provide actionable insights.
The acquisition of Clarity Money is integral to Marcus’ vision of creating the leading platform for millions of consumers to take control of their financial lives – offering personalized products to save and borrow, that are simple, transparent and always on the side of the customer. The acquisition expands Marcus’ products and services to help consumers make smarter financial decisions. Clarity Money is free to use and over time will be branded 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 & 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 Chief Executive Officer, Adam Dell, who will join Goldman Sachs as a partner. Adam will continue to lead Clarity Money, and will play an active role on the Marcus senior management team, reporting 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.”
For more information about the acquisition, visit claritymoney.com/marcus.
About Goldman Sachs Bank USA
GS Bank is a New York State-chartered bank that is a wholly-owned, direct subsidiary of The Goldman Sachs Group, Inc. GS Bank is a member of the FDIC and Federal Reserve System and is subject to the regulation and supervision of the Federal Reserve, the New York State Department of Financial Services and the Consumer Financial Protection Bureau. The Goldman Sachs Group, Inc. is a leading global financial services firm founded in 1869 and headquartered in New York.
About Marcus by Goldman Sachs®
Marcus by Goldman Sachs® offers products and tools designed to help people achieve financial well-being. Marcus offers no-fee, fixed-rate unsecured personal loans, including home improvement loans, high-yield online savings accounts and certificates of deposit in a variety of terms. Marcus is supported by The Goldman Sachs Group, Inc. (NYSE: GS) and its 148-year history of financial expertise, risk management and customer service. For more information please visit www.marcus.com. # # # Media Contact: Andrew Williams Tel: 212-90