Clarity Money uses artificial intelligence (AI), machine learning and data science to help consumers better manage their personal finances.

The app is provided with multi-level safeguards, including TLS 1.2 encryption to protect data of the customers.

GS Bank stated that the acquisition will add over one million customers to its online platform Marcus by Goldman Sachs. It will also enable Marcus to expand its products and services, which will support to take better financial decisions.

Clarity Money, which is free to use, will be branded as Marcus by Goldman Sachs in future.

As per terms of the deal, Clarity Money founder and CEO Adam Dell will join as a partner in Goldman Sachs.

He will continue to manage Clarity Money, and reports to digital finance head Harit Talwar and digital finance chief commercial officer Omer Ismail.

Dell said: “I am extremely impressed with the Marcus team and their commitment to transforming financial services for the benefit of the consumer.”

GS Bank CEO and consumer and commercial banking division head Stephen Scherr said: “Clarity Money has pioneered a consumer-centric approach to personal finance that will help Marcus continue to put power in the hands of consumers.”

Marcus by Goldman Sachs provides no-fee, fixed-rate unsecured personal loans, including home improvement loans, high-yield online savings accounts and certificates of deposit in a variety of terms.

GS Bank is a New York State-chartered bank and direct subsidiary of The Goldman Sachs Group, which offers financial services to the customers.

Goldman Sachs serves clients in financial sectors such as equities, bonds, currencies and commodities.

Its investment banking division provides services to corporations, financial institutions, financial sponsors, governments and public authorities.

The group’s securities division serves institutional clients, including asset managers, hedge funds, banks and brokerages, pensions, endowments and foundations, corporations and governments.

Image: Goldman Sachs headquarters, New York City. Photo: courtesy of Quantumquark.