Goldman Sachs Bank USA (GS Bank) has completed the acquisition of Clarity Money, an app that assists the consumers to manage their personal finances.
The customers of this app, stated to be more than a million, will be transferred to Marcus, a Goldman Sachs product that offers products and tools to help people achieve their financial goals.
The acquisition is aligned with the Marcus’ objective to create a platform that will provide personalised products to save and borrow for the customers as well as complement its products and services.
GS Bank CEO and consumer & commercial banking division head Stephen Scherr said: “Consumers want a better way to manage their finances. 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 will also absorb the workforce of Clarity Money including engineers, designers and marketers.
The Clarity Money founder and CEO Adam Dell is expected to join Goldman Sachs as a partner and will continue to lead Clarity Money.
Adam Dell said: “We started Clarity Money to help people make better financial decisions.
“I am extremely impressed with the Marcus team and their commitment to transforming financial services for the benefit of the consumer.”