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Goldman Sachs sells Marcus Invest’s digital investing accounts to Betterment | Fintech InShorts: Latest fintech news, analysis by experts
Monday, December 23, 2024

Goldman Sachs sells Marcus Invest’s digital investing accounts to Betterment

  1. Deal Overview:
    • Goldman Sachs is selling its digital investment advisory unit, Marcus Invest, to robo-advisor Betterment.
    • The agreement involves transferring the unit’s digital investment accounts and assets under management to Betterment, with completion expected around 29 June.
  2. Background of Marcus:
    • Marcus was launched in October 2016 as Goldman Sachs’ digital consumer banking and lending platform, offering services such as deposits, credit cards, and savings accounts.
    • Since 2022, Marcus has operated under Goldman Sachs’ asset and wealth management division as part of the bank’s strategic shift away from retail banking.
  3. Reason for Sale:
    • Marcos Rosenberg, global head of Goldman Sachs Marcus, states that the sale of Marcus Invest follows the bank’s decision to transition away from its digital investment advisor offering.
    • Goldman Sachs aims to focus more on the Marcus Deposits platform, which serves over three million customers globally and holds over $100 billion in consumer deposits.
  4. Impact on Account Holders:
    • Betterment will offer transitioned account holders access to automated investing, tax and planning tools, and various account types with portfolio diversification opportunities.
    • Betterment currently serves more than 850,000 customers with $45 billion in assets under management.
  5. Financial Terms:
    • The financial terms of the deal between Goldman Sachs and Betterment have not been disclosed.

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