Goldman Sachs buys personal finance start-up Clarity Money

By Jessica Resnick-Ault

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

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)

Related News

Kuchar leads by one at Scottsdale, Matsuyama lurks

Feb 3, 2017

US-GOLF-PGA:Kuchar leads by one at Scottsdale, Matsuyama lurks

China raises short-term interest rates in fresh...

Feb 3, 2017

US-CHINA-ECONOMY-RATES:China raises short-term interest rates in fresh tightening sign

China tourism revenue up 16 percent over Lunar...

Feb 3, 2017

US-CHINA-TOURISM:China tourism revenue up 16 percent over Lunar New Year

Cardinals ink Martinez to five-year deal

Feb 3, 2017

US-BASEBALL-MLB-STL-MARTINEZ:Cardinals ink Martinez to five-year deal

U.S. transparency reversal stings Canadian,...

Feb 3, 2017

US-USA-RESOURCES-TRANSPARENCY:U.S. transparency reversal stings Canadian, European oil firms

Abe says Japan to show 'unwavering alliance' with...

Feb 3, 2017

US-JAPAN-USA-MATTIS-ABE:Abe says Japan to show 'unwavering alliance' with U.S. under Trump

About Us

In the busy city of New York, News On Express fills you in with all the breaking world news, in short, and brief news articles so that you can read them on-the-go.

Contact us: sales[at]newsonexpress.com

Subscribe Now!