Goldman Sachs continues to exit from its consumer banking business, agreeing to sell its Marcus Invest digital investing accounts to digital investment advisor Betterment.

Betterment will take on Marcus Invest customers who do not opt out by late June. Those that are transferred will join Betterment, which serves over 850,000 consumers and manages $45 billion in assets. The terms of the transaction were not disclosed.

“We are excited to welcome these customers to Betterment where our scalable technology platform will continue to support them on their investing journeys,” Sarah Levy, CEO of Betterment, said.

Betterment will acquire Marcus Invest’s accounts and assets under management, but not additional accounts, technology, personnel, or operations.

Goldman Sachs will continue to concentrate on expanding its Marcus Deposits platform, which serves over three million consumers worldwide and has over $100 billion in consumer deposits.

The company wanted to find a “great home” for Marcus Invest customers as it transitions from that offering and focuses on its Marcus Deposits platform, according to Marcos Rosenberg, global head of Goldman Sachs Marcus.

Goldman Sachs launched Marcus Invest in February 2021 to facilitate automated stock buys and target retail investors. While the investment bank typically targeted investors with over $10 million in assets at the time of the launch, Marcus Invest had a minimum account balance of $1,000.

By August 2023, however, Goldman had refocused on its traditional ultra-wealthy clients, announcing the planned sale of its $29 billion Personal Financial Management business, the unit formed by the 2019 acquisition of United Capital, to registered investment advisor behemoth Creative Planning.