Betterment, a leading automated investing service, has announced its acquisition of Goldman Sachs’ Marcus Invest digital investing accounts. This strategic move will see Betterment take over the digitally customized investment portfolios offered by Marcus Invest. The financial details of the deal, such as the number and value of Marcus Invest accounts, remain undisclosed.
It’s important to note that this acquisition specifically pertains to the digital investing accounts at Marcus Invest and does not extend to Marcus Deposits, Goldman Sachs’ neobank serving over three million customers globally with more than 0 billion in consumer deposits. Goldman Sachs intends to continue focusing on growing Marcus Deposits and will retain ownership of all related technology, employees, and operations.
Marcos Rosenberg, Goldman Sachs Marcus Global Head, expressed confidence in Betterment as the ideal successor for Marcus Invest accounts due to their shared commitment to customer satisfaction. The transfer of Marcus Invest customer accounts to Betterment is scheduled for June 29, 2024, pending customary closing conditions unless customers opt out of the transition.
Betterment’s CEO, Sarah Levy, emphasized the company’s dedication to providing top-notch digital investing services and welcoming Marcus Invest customers to their platform. With over 850,000 customers and billion in assets under management, Betterment positions itself as a leader in the digital investing space.
Founded in 2008, Betterment’s core mission is to blend technology with personalized support to create a robust roboadvisor catering to diverse customer preferences. In addition to diversified portfolios, Betterment offers tax-smart tools, various account types, planning resources, educational materials, and access to human advisors. The acquisition of Marcus Invest accounts further solidifies Betterment’s position as a go-to platform for digital investing services.
