Goldman acquires personal finance and budgeting app startup Clarity Money

Wall Street giant, Goldman Sachs Group Inc., has acquired startup Clarity Money, the company said in a release. The terms for the deal were not disclosed. Goldman’s goal is to expand its online no-fee personal loans platform, Marcus, and expand its revenue stream. The personal finance and budgeting app was founded by Adam Dell, the brother of Michael Dell, the founder of computer manufacturing company Dell Inc. Adam Dell will join Goldman as a partner.

Named after Marcus Goldman, one of the firm’s founders, Marcus by Goldman Sachs relies on the strength and heritage of a 148-year-old financial institution to provide consumers with transparent and simple approaches to achieve financial well-being. Marcus offers unsecured personal loans from $3,500 to $30,000. Rates range from 6.99% to 23.99% APR, and loan terms range from 36 to 72 months.

Founded in October 2016, Clarity uses artificial intelligence and data science to help consumers make smarter financial decisions. Clarity Money is a free-to-download personal finance mobile app. Clarity Money uses artificial intelligence and data science to help consumers make smarter financial decisions and get the most from their money. The revolutionary features allow users to cancel and lower bills, get a lower rate credit card and create a savings account, all from within the app, and all at the push of a button.

“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.”

Harnessing the power of data science and insights from some of the world’s best financial experts, Clarity Money does the hard work of getting consumers the most from their money. By looking at users’ finances and making specific recommendations that they can act upon at the push of a button, Clarity Money is putting financial power back into the hands of consumers.

Clarity Money provides a single view into your entire financial life and auto-discovers actionable insights that can be acted upon all from within the app:

• Finds you a better interest rate credit card or personal loan
• Cancel and lower your bills
• Create a savings account
• Transfer money between accounts
• Free credit score.

Clarity Money has attracted attention from some of the most respected and trusted investors in financial services, security and technology, including Bessemer Venture Partners, Soros Capital and Maveron Ventures. “Clarity Money’s technology and team are focused on the promise of automating consumer advocacy around financial matters, which is an important and compelling vision,” said Robert Soros, President of Soros Fund Management.