Goldman Sachs has acquired personal finance startup Clarity Money, which now has about 1 million users, for a sum that is reportedly in the high eight figures. Clarity Money's founder, Adam Dell, will join Goldman as a partner - a title rarely given to outsiders.
But Clarity Money’s roughly one million users will quadruple Goldman’s customer base. In addition to Mr. Dell, about two dozen other Clarity Money employees will join the bank. Lacking a branch network, Goldman has partnered with tax-preparation software firm Intuit Inc. and Fidelity and has sent hundreds of millions of pieces of direct mail in an effort to draw customers.