Adam Dell Reveals Clarity Money, Revolutionary New Personal Finance App
- 21.10.2016 10:00 am
Venture capitalist and serial entrepreneur Adam Dell today unveiled Clarity Money, a new personal finance mobile app that acts as your advocate. Clarity Money ushers in a new era of mobile personal finance management (PFM) apps that use artificial intelligence and data science to help consumers make smarter financial decisions. For the first time ever, consumers can have a single mobile app that improves all aspects of their financial life, from getting a lower interest rate credit card to lowering bills.
Consumers are accustomed to using highly intelligent technologies – from Amazon’s predictive shopping preferences to Netflix’s show recommendations. Yet, current personal financial management tools are generic. Clarity Money is a completely different kind of solution. All from within the app, consumers can take action on specific recommendations that improve their financial well being. Tools like this are deeply needed, as indicated by a recently published study which found that nearly 70% of Americans have less than $1000 in savings.1Indeed, in 2015 the total credit card debt owed by US consumers topped $700 billion.2
“I started Clarity Money because I was frustrated by how little you can do with Mint. Consumers should have an unbiased advocate helping them navigate their financial lives. Clarity Money is that advocate,” said Adam Dell, Founder and CEO of Clarity Money. “People deserve to know if they’re overpaying for the services they use or if they can get a better deal on a credit card.”
Harnessing the power of data science and insights from some of the world’s best financial experts, Clarity Money does the hard work of getting consumers the most from their money. By looking at users’ finances and making specific recommendations that they can act upon at the push of a button, Clarity Money is putting financial power back into the hands of consumers.
Clarity Money provides a single view into your entire financial life and auto-discovers actionable insights that can be acted upon all from within the app:
- Finds you a better interest rate credit card or personal loan
- Cancel and lower your bills
- Create a savings account
- Transfer money between accounts
- Free credit score.
Consumers can sign up for the Clarity Money waiting list here.
Clarity Money has attracted attention from some of the most respected and trusted investors in financial services, security and technology, including Bessemer Venture Partners, Soros Capital and Maveron Ventures. “Clarity Money’s technology and team are focused on the promise of automating consumer advocacy around financial matters, which is an important and compelling vision,” said Robert Soros, President of Soros Fund Management.
Dell has started several companies, including MessageOne, which was acquired by Dell (DVMT), and Buzzsaw, which was acquired by Autodesk (ADSK). He has invested in a number of early stage companies as a venture capitalist, including OpenTable (PCLN), Ingenio (T), Greenplum (EMC) and HotJobs (YHOO).
Clarity Money was started in April 2016 by a team of industry visionaries including Hossein Azari, Chief Data Scientist, formerly a Senior Research Scientist at Google Research; Mathew Jacobs, VP of Engineering, formerly the VP of Engineering at CommonBond; and Marc Karasu, Chief Marketing Officer, formerly the VP of Marketing at Betterment.
Clarity Money’s Customer Advisory Board includes Niall Ferguson, a Laurence A. Tisch Professor of History at Harvard University, who wrote the seminal book The Ascent of Money, and he is an investor in the company. The board also includes Erich Ringewald, the Chief Technical Architect at American Express, and Eric Johnson, Director of the Center of Decision Sciences at Columbia Business School. Clarity Money has a partnership with Dan Ariely, author of Predictably Irrational, and the Center for Advanced Hindsight, a research organization focused on behavioural economics and consumer financial health.