Clarity Money is closing

Yesterday, Clarity Money emailed users saying it is shutting down its mobile and web app on March 5th, 2021. The move comes after Marcus by Goldman Sachs, the owner of Clarity Money, launched Marcus Insights, a new suite of “smart tools and trackers” inspired by Clarity Money which is free to use for all, even those who are not Marcus customers.

“To create Marcus Insights, we looked to you for inspiration. We started with our most loved features and incorporated your feedback to build this new experience. With Marcus Insights you can link your accounts from thousands of institutions to see your finances together in one place, with personalized insights on your spending, saving and investing habits,” the company wrote in the email.

Founded in 2016, Clarity Money was one of the more popular money management apps. In 2018, Marcus by Goldman Sachs paid $100M to acquire the startup which raised $14.5M and had more than 1 million users.

In the past few years, more players have entered the money management space including traditional banks like Chase and Bank of America which have introduced a variety of features to help people make ‘smarter’ financial decisions. By analyzing users’ financial activities, the different players are able to take a proactive approach and recommend relevant products and services.

Bottom Line: We covered this space here and here.