Goldman Sachs buys personal finance start-up Clarity Money


NEW YORK (Reuters) – Goldman Sachs Group Inc bought Clarity Money, a personal finance startup, to bolster its Marcus online lending business, it said Sunday.

A Goldman Sachs sign is displayed inside the company’s post on the floor of the New York Stock Exchange (NYSE) in New York, U.S., April 18, 2017. REUTERS/Brendan McDermid

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)

Reporting By Jessica Resnick-Ault; Editing by Nick Zieminski

Source link

Products You May Like

Articles You May Like

Undaunted by criticism, Trump looks to next Putin meeting
May promises to protect planemakers
Trump says to run for reelection, had Brexit chat with Queen Elizabeth
Golf will never be drug-free, says Player
AirAsia mulls dual Airbus jet order but how much will it pay?

Leave a Reply

Your email address will not be published. Required fields are marked *