The Weekly Wrap: all you need to know by Friday COB | January 6th

By Puja Sharma

The Weekly Wrap is published every Friday and recaps the week’s main stories and deals, as well as upcoming events and announcements. For Prime subscribers only.

The Big Story

GammaRey has merged with GoLogiq as a wholly-owned subsidiary under the agreement. Upon acquiring GammaRey’s outstanding shares, GoLogiq will issue $320m of common stock.

As a combined company, the two companies plan to focus on the high-growth market of wealth management for millennials and Generation Z. It claims the new generation of wealth-builders will be part of the sharing economy and powered by digital banking solutions. According to the report, mobile platforms will be used for virtual payments, lending, and loyalty rewards.

According to GoLogiq, millennial and Gen Z financial wealth jumped 25% last year, rising from $2.9 trillion to $3.6 trillion. Additionally, Bain & Company predicts the wealth management market to double in size and exceed $500 billion by 2030.

GammaRey claims to be creating a FinTech ecosystem for the New World Digital Economy.  It claims to be revolutionising the speed and fee structure of remittance technologies through blockchain technologies. Speaking on the deal, GoLogiq interim CEO Brent Suen said, “This merger also paves the way to complete a new acquisition target introduced by GammaRey with whom we are in late stages of negotiation.

“We anticipate that its more than $9 billion in managed assets will further strengthen our value proposition to not only prospective customers but also the additional high-value acquisition targets we are pursuing this year. Assuming the completion of certain prospective acquisitions, we are currently targeting more than $50 million in annualised revenues for 2023.”

In tandem with the new merger, GoLogiq chairman Brent Suen has been named as GoLogiq’s interim CEO. Suen has taken over the position from Matthew Brent, who has taken an executive position at a video game publisher.

Deals of the week

• EY launches South West Innovation Hub
• Jupiter raises INR 100c in venture debt financing
• PayTech Cornerstone offloads e-money subsidiary for £600k
• IndusInd Bank partners with Qatar Airways and British Airways to launch a multi-branded credit card
• Moneyview raises $75m in a Series E funding round
• ai secures $52m in Series C funding to expand its suite of AI enterprise FinTech offerings
• Versana launches digital data platform to transform the $5t syndicated loan market
• Walnut Insurance raises $4m to power embedded insurance for enterprise brands
• Bank of Russia extends support to Payment System Entities in 2023

Be on the lookout for

Microfiance Event: Future of Fintech; March 1-2, 2023; Riyadh, Saudi Arabia: With a focus on “disruptive ideas from across the fintech ecosystem,” this event offers online and in-person sessions including: (1) Evaluating Saudi Arabia’s FinTech Venture Activity – Key Drivers and Factors; (2) Offering Financial Flexibility to Consumers through Peer-to-peer Lending Solutions; (3) Invisible Payments – Seamless Payment Experience Driven by Automated Processes, IoT [Internet of Things] and Improved Security; (4) Intelligent Cash Management – Experiencing a Fresh Way to Manage Money and Budgets; (5) Realising the Value of Blockchain, AI [Artificial Intelligence] and Data Analytics for Banking Services; (6) Discovering the Technologies That Will Have a Strategic Impact on FinTech Industry; and (7) Applying Quantum Computing for Financial Services: Banking, Financial Markets and Insurance.

Founded in 2010 and headquartered in the UAE, Nispana Global is an international business management company, organizing conferences, exhibitions and trainings. The firm has branches in India, Saudi Arabia and Qatar.