We look at the trend of banks and fintechs acquiring PFM apps — and hypothesize how acquirers determine the acquisition prices.
Clarity Money founder Adam Dell will be joining Goldman as a partner, followed by about two dozen of his employees, and Clarity will be rebranded to serve as the client-facing app for Marcus by Goldman Sachs, which provides no-fee personal loans and savings accounts.
Goldman is one of a number of banks and fintechs that have acquired a personal financial management (PFM) app. Notably, these deals range in acquisition price (in terms of dollars per user) from as little as to $23 per user to as much as $113, in the case of Intuit’s purchase of Mint.
Below, we dig into some key examples of these PFM acquisitions and how they were valued at the time of purchase.
Banks and fintechs are acquiring PFM apps
Retail banks and established fintechs have been purchasing PFM apps in order to help educate, track, and assist consumers with their personal finances. These apps allow consumers to receive a digestible snapshot of their financial standing.