GoLogiq to Acquire Wealth-Building Platform Nest Egg

GoLogiq is to continue growing its wealth management capabilities by acquiring Nest Egg.

The proposed transaction, which is subject to customary closing terms, aims to add Nest Egg’s wealth-building platform for Gen Z and millennial consumers to GoLogiq’s range of FinTech and mobile solutions, the firms said in a Tuesday (Jan. 31) press release.

“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 acquisition includes Nest Egg’s mobile solution for discovering, planning and automating retirement savings and Nest Egg subsidiary BeyondTrade Securities’ investment products and services, according to the press release.

The Nest Egg app, which is currently in beta, includes automated savings and investment tools, personalized investment strategies and tools for building portfolios and executing trades, the release said.

“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 transaction comes four weeks after GoLogiq and financial solutions platform GammaRey finalized their merger that had been announced a month earlier and aims to access the Gen Z wealth management market.

The merger saw GammaRey become a wholly owned subsidiary of GoLogiq, and the companies said at the time that their combined forces will help them provide services to younger consumers.

On Tuesday, Suen said in the press release: “Our strong roots in mobile app development, eCommerce and bill payment make Nest Egg a great fit, and especially with the addition of GammaRey. We see huge opportunities as we look to integrate the powerful complementary FinTech solutions of GoLogiq, Nest Egg and GammaRey.”

The latest news also comes soon after two other announcements having to do with financial well-being. On Wednesday (Jan. 25), Klarna announced it was adding financial wellness tools to its core buy now, pay later (BNPL) app. On Tuesday, Cash App launched a new feature that helps consumers with their savings.