Goldman Sachs buys personal finance company

NEW YORK – 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 more than one 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.

Goldman launched Marcus in October 2016 as a way to court Main Street borrowers saddled with credit card debt.

It offers loans from $US3500 ($F7105) to $US40,000 ($F81,200) 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.