- Adam Dell, former head of product at Goldman Sachs’ Marcus, launched a new startup.
- Domain Money will offer actively-managed investment strategies for retail customers.
- See the 11-page slide deck used internally to map out the startup’s goals prior to launching.
When Adam Dell, the former Goldman Sachs’ partner and head of digital product within the consumer division, left the bank in 2021, he told Insider at the time that he still saw opportunities to “build new things within financial services.”
A year later, Dell — once the founder and CEO of Clarity Money, which Goldman Sachs bought in 2018 — has officially launched his latest venture.
Domain Money is an investing service offering retail customers access to actively-managed equity and crypto strategies that launched on January 25.
“We think of the market as bifurcated into two classes of platforms,” Dell told Insider after the launch of Domain Money. “There are the very light and easy investment solutions to get access to crypto, and there are very trader-centric platforms that were really built by traders and for traders.”
In Dell’s view, Domain Money will “sit in the middle” of these two classes, providing an “integrated” investing service for both stocks and crypto that will cater to a customer base more familiar with the Schwabs and E-Trades of the world.
For access to Domain Money’s actively-managed portfolios, customers will pay a 1% annual management fee, with a minimum investment of between $100 and $500.
Alongside the launch of its service, Domain Money announced it had raised $33 million in funds from a roster of backers that included Bessemer Venture Partners and individuals like Marc Benioff and Elisha Wiesel, the former CIO of Goldman Sachs.
When Dell joined Goldman Sachs, Marcus was just two years down its long path to establish itself as a recognizable consumer financial brand. In Dell’s view, he has a singular focus on a “high-caliber” product experience from his time at Clarity and Marcus.
Dell also brought 25 former Goldman employees to Domain Money. The startup’s headcount, Dell said, has now grown to 40.
Domain Money has launched during a particularly volatile time in the crypto markets. Bitcoin slumped nearly 20% in December and 17% in January.
But Domain Money’s investment team — which has been pulled from the likes of Goldman, Morgan Stanley, and Bridgewater — will also be focused on the tech underpinning the digital-asset markets, Dell said.
The startup’s investment managers, Dell said, are more interested in the “fundamental infrastructure bets in blockchain technologies that we think make up the operating system of finance going forward.”