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The Wall Street Journal: Goldman Sachs buys personal-finance app Clarity Money

Goldman Sachs Group Inc. purchased personal-finance app Clarity Money, obtaining a cell storefront for its growing shopper financial institution.

The deal closed on Friday for Clarity Money, whose backers come with Soros Capital and Citigroup Inc.’s C, -1.55%   venture-capital arm. Adam Dell — brother of Michael Dell, the personal-computer pioneer — based Clarity Money and will join Goldman GS, -1.41%   as a spouse, a title hardly ever given to outsiders.

The Wall Street company has been intensifying its push into retail banking, a decade after its conversion from a broker-dealer right into a financial institution that can take shopper deposits. Under the emblem name Marcus, Goldman began making personal loans online in 2016 and has originated greater than $2.five billion thus far. It additionally offers high-interest financial savings accounts and has about 350,000 shoppers throughout both products.

As previously reported, Goldman is paying a excessive eight-figure sum for Clarity Money — a wealthy valuation for a two-year-old startup that has but to turn a profit.  But Clarity Money’s roughly a million users will quadruple Goldman’s customer base. In addition to Dell, about two dozen other Clarity Money staff will join the financial institution.

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