Goldman Sachs Nears Deal To Sell Its Fintech App

Goldman Sachs (GS.N) is in advanced talks with several financial companies to spin off "Simon," its three-year-old app that sells financial products to retail investors, the Wall Street Journal reported on Wednesday, citing people familiar with the matter.

JPMorgan Chase (JPM.N), Barclays (BARC.L), HSBC Holdings (HSBA.L), Credit Suisse (CSGN.S), Wells Fargo (WFC.N) and insurer Prudential Financial (PRU.N) have expressed interest for a stake in the business, the report said.

The deal, which would value the app at around $100 million, is likely to be finalized in the coming weeks.

Goldman Sachs did not immediately respond to a request for comment.

Reuters

Reporting By Aparajita Saxena in Bengaluru; Editing by Arun Koyyur