Goldman is looking to acquire PFM app Clarity Money and fold it into it's Marcus unit, which has originated more than $2b in loans since it was started in 2016. The bank seems to be looking for new ways to push deeper into consumer retail finance.
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Goldman Is Close to Buying Personal-Finance Startup Clarity
Goldman Sachs is stepping up efforts to do more with consumers nearly a decade after its conversion into a bank allowed it to accept retail deposits. The firm’s Marcus unit, which began making personal loans on the internet in 2016, has originated more than $2 billion and the firm is looking for ways to expand that reach. The New York-based startup most recently raised $11 million in March 2017 led by Citigroup Inc.’s venture capital arm, Citi Ventures. The firm, which started just over a year ago, has about 50 employees and more than 500,000 users. Goldman Sachs has expanded its loan offerings as part of a growth plan outlined in September by Co-President Harvey Schwartz. Under the plan, lending will account for at least 40 percent of $5 billion revenue growth in the next three years.
