Despite a turbulent financial environment, the youngest cohorts of consumers in the U.S. have seen a major uptick in their monetary power in 2022, with Millennials and Gen Z increasing their wealth by 25% according to a report by Bain & Company. As one might imagine, youth-oriented fintech firms are scrambling to help this demographic make the most of their newly earned buying power, with consumer data company GoLogiq and fintech ecosystem GammaRey being two notable standouts in this race.
As of January 3, 2023, these companies are that much better equipped to meet the needs of their customer base, announcing a share exchange agreement that will merge both companies into a shared entity that will trade under the symbol “GOLQ.” The all-stock deal was valued at $320 million, and is anticipated to be completed by the end of the month.
“The combined company plans to initially focus on the high-growth market of wealth management for Generation Z and Millennials,” said the companies in a press release on the merger. “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.”