NEW YORK, U.S. - In a bid to bolster its Marcus online lending business, Goldman Sachs Group Inc announced its acquisition of a personal finance startup, Clarity Money.
Clarity Money is a free app that helps consumers manage their personal finances.
The move to acquire the startup is expected to add over 1 million customers to the financial service firm’s Marcus business.
The company has explained that Marcus offers tools to help customers save and borrow and over time, Clarity Money will be re-branded as Marcus by Goldman Sachs.
Neither of the companies has disclosed the terms of the deal.
In October 2016, Goldman launched Marcus 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.
According to the company, GS Bank, a subsidiary of Goldman Sachs, is making the acquisition.
Further, the companies revealed that Clarity Money CEO Adam Dell will join Goldman Sachs as a partner.