GoLogiq will purchase Nest Egg Investments as a fully-owned subsidiary. Credit: geralt from Pixabay.

GoLogiq, a US-based fintech and consumer data analytics provider, has entered into a binding letter of intent to buy Nest Egg Investments for $30m.

Nest Egg Investments currently offers a mobile app that is capable of facilitating the discovery, planning and automating of retirement savings.

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The firm provides customised investment plans that allow users to select or create portfolios as well as automate trade executions.

Through its broker dealer subsidiary Nest Egg Securities, the company also offers a number of investment products and services.

As part of the new all-stock deal, which is expected to be completed by the first quarter of this year, GoLogiq will purchase Nest Egg Investments as a fully-owned subsidiary.

Nest Egg shareholders will also receive shares of GoLogiq common stock valued at $30m in return of 100% of Nest Egg and its subsidiaries.

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Once the deal is closed, Nest Egg CEO Trent McKendrick plans to join GoLoqiq.

The deal complements GoLogiq’s recently announced $320m agreement to merge with fintech firm GammaRey, which earlier planned to buy Nest Egg.

Last year, Millennials and Gen Zs financial wealth reportedly grew 25%, while their total assets increased from $2.9tn to $3.6tn.  

GoLogiq interim CEO Brent Suen said: “Our strong roots in mobile app development, e-commerce, and bill payment and now the addition of GammaRey, make Nest Egg a great fit.

“We anticipate Nest Egg’s highly capable and accomplished executive team will help us realise our greater vision of a comprehensive fintech platform that supports underserved businesses and consumers across the US and around the world.”