Clarity Money, fintech bought by Goldman in 2018, to shut down next month

Feb 1, 2021 | The Block News | 0 comments

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Clarity Money, the personal finance technology service acquired in 2018 by Goldman Sachs, is closing its doors early next month, the firm said Monday.

The shutdown will take place on March 5, according to an email sent to customers. After that time, “the mobile and web app will no longer be accessible” per the message.

“While it’s the end of a chapter at Clarity Money, our team here at Marcus by Goldman Sachs® can now help you make the most of your money with Marcus Insights: a new suite of smart tools and trackers, inspired by the best of Clarity Money. It’s 100% free to use, even if you’re not already a Marcus customer.”

Goldman acquired Clarity Money in April 2018, adding the startup’s personal finance services to its online lending offering, Marcus. Although the financial details of that deal were not disclosed at the time, subsequent reports indicated that Goldman bought the firm for $100 million.

“We started Clarity Money in 2016 with the goal of helping consumers make better financial decisions and when we joined the Marcus family in 2018, we knew we were making another big step towards this ambition,” the Clarity team said. “Today, we are focusing our people and efforts on a shared mission: to help millions of consumers achieve financial wellbeing by building the best digital banking experience at Marcus.”

© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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