Goldman Sachs acquires personal finance startup Clarity Money

New York-based multinational investment bank Goldman Sachs has announced the purchase of Clarity Money, a personal finance app that uses smart software such as machine learning.

Following the successful completion of the acquisition, Clarity Money will be integrated with Goldman’s existing Marcus platform that also looks to offer consumers personal financial solutions.

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“Consumers want a better way to manage their finances,” said Stephen Scherr, Chief Executive Officer (CEO) of Goldman Sachs 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.”

Goldman previously launched Marcus in late 2016, catering to credit card borrowers by offering them to consolidate their debt in a single loan with lower interest rates.

As part of the deal, Clarity Money’s CEO Adam Dell will join Goldman Sachs as a partner the company’s engineer, designing and marketing teams.

“We started Clarity Money to help people make better financial decisions,” said Dell. “I am extremely impressed with the Marcus team and their commitment to transforming financial services for the benefit of the consumer.”

Dell will report to Harit Talwar, Goldman’s Head of Digital Finance, and Omer Ismail, Chief Commercial Officer of Digital Finance.