GoLogiq Will Buy The Platform Nest Egg For Building Wealth
GoLogiq will add to its wealth management capabilities by buying Nest Egg.
Nest Egg’s wealth-building platform for Gen Z and millennial consumers would be added to GoLogiq’s FinTech and mobile solutions, the companies said in a press release on Tuesday (Jan. 31). The deal is subject to the usual closing terms.
“We welcome (Nest Egg CEO Trent McKendrick) and his highly capable and accomplished executive team,” GoLogiq interim CEO Brent Suen said in the release. “As they continue to advance the Nest Egg platform, they will help us realize our vision for a comprehensive FinTech platform that supports underserved businesses and consumers across the U.S. and around the world.”
The press release says that the acquisition includes Nest Egg’s mobile solution for finding, planning, and automating retirement savings, as well as the investment products and services of Nest Egg subsidiary BeyondTrade Securities.
The release said that the Nest Egg app, which is still in beta, has automated tools for saving and investing, personalized tools for investing, and tools for building portfolios and making trades.
“We believe our simplified investment app has the potential to help millions of millennials save and invest every day,” McKendrick said in the release. “As part of GoLogiq, we expect to benefit from the long-anticipated synergies we had envisioned through partnering with GammaRey.”
This proposed deal comes four weeks after GoLogiq and GammaRey completed their merger, which had been announced a month earlier. The goal of this deal is to get into the Gen Z wealth management market.
GammaRey is now a fully owned subsidiary of GoLogiq. At the time of the merger, the two companies said that working together will help them serve younger customers.
In a press release on Tuesday, Suen said, “Our strong roots in mobile app development, eCommerce, and bill payment make Nest Egg a great fit, especially now that GammaRey is a part of it.” We see a lot of potential when we try to combine the strong FinTech solutions of GoLogiq, Nest Egg, and GammaRey.
The latest news comes not long after two other pieces of news that also had to do with money. Klarna said on Wednesday (January 25) that it was adding tools to help people manage their money to its main buy now, pay later (BNPL) app. The Cash App added a new feature that helps people save money on Tuesday.
