back Back

GoLogiq to acquire Nest Egg for $30m, adding a wealth-building platform for Gen Zs and millennials

By Edlyn Cardoza

January 16, 2023

  • Consumer Data Analytics
  • Digital Currency
  • Digital Wallet

GoLogiq, FinTech, Consumer Data Analytics, Nest Egg Investments, Nest Egg Securities, FINRA, Nest Egg Investments, GammaRey, Digital Currency, Digital Wallet, USAGoLogiq, Inc., a U.S.-based global provider of FinTech and consumer data analytics, has signed a binding letter of intent to acquire privately held Nest Egg Investments in an all-stock transaction valued at $30 million.

Nest Egg offers a streamlined mobile solution for discovering, planning, and automating retirement savings, with investment products and services provided by its subsidiary, Nest Egg Securities, a FINRA-licensed broker-dealer.

Under the terms of the proposed merger, GoLogiq would acquire Nest Egg Investments as a wholly-owned subsidiary in an all-stock transaction. GoLogiq would issue Nest Egg shareholders shares of GoLogiq common stock valued at $30 million in exchange for 100% of Nest Egg and its subsidiaries.

The proposed transaction builds upon GoLogiq’s recently announced $320 million definitive merger agreement with GammaRey, a FinTech ecosystem for the new digital economy that features a commodity-backed digital currency, digital wallet, and proprietary transaction platform for securities, goods, and services, and $800 million in customer financial assets.

The addition of Nest Egg, which had previously been an acquisition target of GammaRey, will enable GoLogiq to further leverage GammaRey’s FinTech ecosystem with offerings that address the high-growth market of wealth management for Generation Z and Millennials.

“Retirement investing today has been consumed by scale, not innovation,” said Trent McKendrick, CEO of Nest Egg, who plans to join GoLoqiq following the merger. “In contrast, we believe our simplified investment app has the potential to help millions of millennials save and invest every day. Becoming part of GoLogiq as a public company supports our mission with greater access to capital, as well as benefit from the long-anticipated synergies we had envisioned through partnering with GammaRey.”

The financial wealth of Millennials and Gen Zs reportedly jumped 25% last year (higher than for Gen Xs and Baby Boomers), and their aggregate assets grew from $2.9 trillion to $3.6 trillion. Given this trend, Bain & Company has projected the wealth management market to double in size and exceed $500 billion by 2030. However, according to a recent survey, the median age of workers who begin saving for retirement has risen to 27, with 33% currently without any retirement savings plan.

Nest Egg addresses this need and significant market opportunity with engaging investor education combined with simplified, automated savings and investment tools—all conveniently provided on a secure Android or Apple mobile app. It delivers personalised investment strategies and a simplified user experience for selecting or building portfolios and automating trade executions.

Nest Egg is backed by Tier 1 partnerships, including banking and payment services. A leading financial technology provider, Nest Egg has a clearing and custody arrangement with Velox Clearing LLC. Nest Egg also includes Plaid, a financial services data network that powers the fintech tools used by millions of users and provides solutions that help users contribute to their IRAs through everyday spending.

GoLogiq interim CEO, Brent Suen, commented: “Our strong roots in mobile app development, e-commerce, and bill payment and now the addition of GammaRey, make Nest Egg a great fit. We anticipate Nest Egg’s highly capable and accomplished executive team will help us realize our greater vision of a comprehensive fintech platform that supports underserved businesses and consumers across the U.S. and around the world.”

“We see huge opportunities as we look to integrate the powerful complementary fintech solutions of GoLogiq, Nest Egg and GammaRey,” added Suen. “We anticipate the completion of these transactions will help set the stage for strong growth and profitability in the new year.”

Previous Article

January 16, 2023

Protean wholly owned subsidiary receives Account Aggregator license

Read More
Next Article

January 16, 2023

Splitit, Alipay form partnership to power ‘Pay After Delivery’

Read More

IBSi Daily News Analysis

Data privacy

July 16, 2024

Consumer Data Analytics

Rise in sophisticated attacks, state-level threats, and increased ransom DDoS Incidents

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News


Invest Blue taps GBST for its WealthConnect practice management solution

Read More

July 16, 2024

Wealth managers grapple with long client onboarding times, study shows

Read More

July 15, 2024

Daiwa Capital Markets Europe selects Delta Capita for CLM service

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q2 2024
Know More
NextGen WealthTech: The Trends To Shape The Future Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
Get your copy now! IBSi Sales League Table 2024