GammaRey brings to GoLogiq:
- $20 million in estimated annualized revenue run rate.
- Profitable business with strong cash flow.
- Nearly $800 million in customer financial assets.
- Full-stack fintech ecosystem designed for the New World Digital Economy, including a commodity-backed digital currency, digital wallet, and proprietary transaction platform for securities, goods and services.
- Pipeline of accretive and/or tech-enabling acquisition targets.
GoLogiq, Inc. (OTC:GOLQ), a U.S.-based global provider of fintech and consumer data analytics, has completed its previously announced merger with GammaRey, Inc., a privately-held fintech ecosystem for the New World Digital Economy.
âThe completion of this accretive merger represents the realization of our goal for GoLogiq to become a comprehensive fintech platform for the large global population of underserved businesses and consumers, and particularly for Generation Z and Millennials,â stated GoLogiq interim CEO, Brent Suen. âWe see huge opportunities ahead as we integrate our respective technologies and customer bases, and set the stage for strong growth and profitability.â
The combined company plans to focus initially on the high-growth market of wealth management for Generation Z and Millennials. 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 programs.
The company views this as a uniquely strong emerging market opportunity, with the collective wealth of Millennials and Gen Zs reportedly jumping 25% last yearâmuch higher than for Gen Xs and Baby Boomersâand their aggregate assets grew from $2.9 trillion to $3.6 trillion. Bain & Company projects the wealth management market to double in size and exceed $500 billion by 2030.
âGiven this tremendous outlook for wealth management, we believe that now as part of GoLogiq we can address this opportunity on a much larger scale,â stated Timothy Alford, former GammaRey CEO and now president of the new GammaRey subsidiary. âAs a publicly traded company, we now have better access to the capital markets. We believe this affords our combined shareholders numerous benefits. In addition to greater liquidity and higher visibility of our brand, we see this merger with GoLogiq unlocking the value we have created with our fintech platform.â
Added Suen: âWe can now move forward with completing our recently announced acquisition of Nest Egg which is one of a several companies introduced to us by GammaRey. We anticipate that NestEggâs mobile savings and investing app will further strengthen our value proposition to not only prospective customers but also the additional high-value, complementary acquisition targets we are currently pursuing.â
GoLogiq recently reported that it has begun the process of applying to list on a senior U.S. exchange. The listing would be subject to approval based on several factors, including satisfaction of minimum listing requirements. The company believes it meets the quantitative requirements, including net shareholder equity and market capitalization.
GoLogiq also believes it currently satisfies the reporting and governance requirements for the listing. It is fully reporting to the U.S. Securities and Exchange Commission, and it recently appointed two highly experienced independent board members that established a majority of independent directors on its board.
The company plans to disclose additional details of GammaReyâs financials with its 2022 audited results to be filed with the SEC later this month. Additional details about the merger transaction is available in a Form 8-K as filed at www.sec.gov and is also available in the investor section of GoLogiqâs website.
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