GoLogiq and GammaRey merge to focus on millennial wealth management
Consumer data analytics fintech GoLogiq and digital economy fintech GammaRey have merged in an all-stock transaction deal worth $320 million.
GoLogiq and GammaRey merge in $320m deal
GoLogiq will issue $320 million in common stock valued at $3.00 per share in exchange for 100% of GammaRey’s outstanding shares. The transaction is anticipated to be completed within the next few weeks, subject to customary closing terms.
The combined firm has plans to focus on the burgeoning market of wealth management aimed at Gen Z and millennials, powered by the “sharing economy” of digital banking, virtual payments and lending.
GoLogiq cites the fact that millennial and Gen Z financial wealth reportedly jumped 25% last year with their aggregate assets growing from $2.9 trillion to $3.6 trillion.
The newly merged company says it will benefit from GammaRey’s strong cash flow, nearly $800 million in customer financial assets and a full-stack fintech ecosystem including a commodity-backed digital currency, digital wallet and proprietary transaction platform for securities, goods and services.
GoLogiq chairman, Brent Suen, has been appointed interim CEO of GoLogiq, succeeding Matthew Brent. The company says the search for a new permanent CEO is underway.
Suen says: “Through this highly synergistic merger, we will have achieved our goal for GoLogiq to become a comprehensive fintech platform for underserved businesses and consumers that is generating strong revenue growth and cash flow.
“Assuming the completion of certain prospective acquisitions, we are currently targeting more than $50 million in annualized revenues for 2023,” Suen adds.
