GammaRey fintech finalises £267m merger with GoLogiq

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GammaRey fintech finalises £267m merger with GoLogiq
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Blockchain fintech and financial management platform GammaRey has signed a merger agreement with e-commerce and consumer data analytics firm GoLogiq.

Together the two US-based companies hope to grow their market share of the Generation Z wealth management market.

“The combined company plans to initially focus on the high-growth market of wealth management for Generation Z and millennials,” GoLogiq said.

“This new generation of wealth-builders represents the sharing economy that will be powered by digital banking solutions, such as virtual payments, lending and loyalty, all which can reside in a single, easy-to-use mobile application or embedded finance solution.”

Under the terms, GoLogiq will issue $320 million (£267m) in common stock and acquire all of GammaRey’s outstanding shares. The merger is expected to take place in the next few weeks.

Brent Suen, chairman of GoLogiq, said: “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.”

Suen added that GoLogiq is also in the latter stages of a deal to acquire another company – introduced by GammaRey – with more than $9 billion (£7.5bn) in assets under management.

GammaRey develops consumer digital wallets and developer software from its New York offices. The company claims to have almost $800 million (£668m) in consumer assets.

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