Goldman Sachs is continuing its march from Wall Street to Main Street, agreeing to buy an app which claims to help about one million consumers across the US get a grip on their personal finances.
Goldman’s acquisition of Clarity Money, announced on Sunday, adds to a string of deals the bank has done under the banner of Marcus, the digital banking business it launched a year and a half ago.
The aim is to give the 149-year-old bank more streams of revenue as core businesses such as trading are squeezed by tighter regulation, a shift to electronic platforms and stop-start activity among its big institutional clients.
Clarity, a free-to-download app, says it helps consumers make better financial decisions.
It works by connecting to users’ current accounts and credit-card accounts then providing suggestions for loans they could refinance, subscriptions they could cancel or bills they could renegotiate. If a customer accepts an offer from another service provider, Clarity takes a finder’s fee.