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.
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.