September 19, 2018 / 2:27 PM / a year ago

Goldman Sachs nears deal to sell its fintech app: source

FILE PHOTO: The Goldman Sachs company logo is seen in the company's space on the floor of the New York Stock Exchange, (NYSE) in New York, U.S., April 17, 2018. REUTERS/Brendan McDermid/File Photo

(Reuters) - Goldman Sachs (GS.N) is in advanced talks with several financial companies to spin off its three-year-old app, Simon, which sells complex financial products to retail investors, a source familiar with the matter told Reuters.

Several companies, including JPMorgan Chase & Co (JPM.N), Barclays Plc (BARC.L), HSBC Holdings Plc (HSBA.L), Credit Suisse (CSGN.S), Wells Fargo & Co (WFC.N) and insurer Prudential Financial Inc (PRU.N), have shown interest in the app, which is expected to be valued at about $100 million, the source said.

Simon, or Structured Investment Marketplace and Online, is part of Goldman’s web services platform, Marquee, which offers risk management and analytics tools to clients.

Goldman’s shares were up 2.1 percent at $223.71 in mid-day trading.

Reporting By Aparajita Saxena in Bengaluru; Editing by Arun Koyyur and Anil D'Silva

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