Goldman Sachs Group Inc. wants to boost its campaigns to do more business with its consumers. It intends to provide a solution for their financial health and Clarity Money may just be the ideal startup to help the company’s goal.
This multinational finance company is a leading global investment banking that offers a range of financial services to a diversified client base. Clarity Money, on the other hand, is a mobile app that can assist consumers in reducing credit payments, offer instant savings features and provide online subscriptions. Together, they might help resolve Americans’ issue with their money.
When will the acquisition be?
The finance company remains in talks to obtain Clarity Money. It has strategies to include it right into its Marcus online lender.
The deal has not been wrapped up. Thus, it could still fail. The contract would certainly go through governing approval.
One of its reasons it is interested in acquiring the said startups is that it wants to step up its initiatives to do even more with customers virtually a year after its conversion right into a financial institution and enabled it to approve retail deposits. The Marcus unit started making individual funding on the web in 2016. It has gathered more than $2 billion. The company is seeking ways to broaden that reach.
Unfortunately, no one from either company wants to comment on this matter.
Earlier, it acquired Final, an Oakland, California-based credit card startup company. It offers tailored card numbers to lower incidence of scams. It also partnered with Intuit Inc, which is a manufacturer of monetary and tax management software. The startup offers loans to customers.
The company’s venture right into individual financial management software follows other online lenders. Prosper Marketpalce, Inc, for example, got BillGuard in 2015. It relabeled it to Propser Daily. Capital One Financial Corp, on the other hand, acquired Level Money the same year. Both companies have shuttered the operations.
Clarity, on the other hand, is founded by Adam Dell, the sibling of Michael Dell who founded Dell Technologies. The app makes use of AI to assist consumers in making far better financial choices by terminating or decreasing expenses, discovering better credit card or producing an interest-bearing account.
The NY-based company recently raised $11 million in 2017, led by Citigroup Inc’s venture capital arm, the Citi Ventures. It collected $15 million to date at an unrevealed valuation. Investors consist of George Soros, Bessmer Venture Partners, Abstract Ventures, and several others.
Goldman Sachs increased its funding offerings as part of its development strategy as laid out in September by its co-president. Under the strategy, financing will make up a minimum of 40 percent of $5 billion earnings growth in the next three years.
In October, the company acquired Genesis Capital LLC to supply bridge and remodeling loans of less than $100,00 to greater than $10 million to designers who buy, remodel and sell residential property.
What do you think of this deal? Will it help Goldman Sachs in boosting its efforts to provide more offers to consumers? Please let us know in the comments below.
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Author: Sam Mendez
Sam is is Wizkee’s chief wordsmith. The one who reminds us to “get to the point” and “focus on facts”, Sam skillfully crafts today’s biggest stories and most newsworthy events into digestible articles that provide the reader exactly what they need to know.