Goldman Sachs today announced it acquired PFM fintech Clarity Money for an undisclosed amount.
The Wall Street Journal first reported that the two were in talks regarding the deal in February. The WSJ reported that Goldman was paying a “high eight-figure sum” for Clarity, which reported over 500,000 users within seven months of its launch in 2017.
Clarity will be placed under Goldman Sach’s consumer lending platform Marcus. Thanks to Clarity, Marcus will have one million new users.
Under terms of the agreement, Clarity CEO Adam Dell will join Goldman as a partner, while Clarity’s engineers and managers will join the team at Marcus.
Stephen Scherr, chief executive officer of GS Bank and head of the consumer & commercial banking division, told Finextra:
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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.