The move will add Clarity’s Money’s 1 million customers to Goldman Sach’s Marcus business.
In a strategic move aimed at bolstering its online lending business, Goldman Sachs Group Inc has purchased Clarity Money, a personal finance startup.
The acquisition will add more than 1 million of Clarity Money’s customers to Goldman Sachs’ Marcus business.
Clarity Money has a free app that allows consumers to manage their personal finances.
Marcus offers tools to help customers save and borrow funds.
In a statement, Goldman Sachs stated, Clarity Money will be re-branded as Marcus over time.
The terms of the purchase were not disclosed.
In October 2016, Goldman launched Marcus as a way to court consumers who were saddled with credit card debts.
Marcus offers loans ranging 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.
The acquisition was made through GS Bank, a subsidiary of Goldman Sachs.
Adam Dell, Clarity Money’s CEO, will join Goldman Sachs as a partner.