Goldman Sachs is looking to spinoff one of its tech bets at a $75 million valuation
The investment bank launched Simon - which stands for Structured Investment Marketplace and Online - a couple years ago to help clients more easily learn about structured investments and execute transactions. This saves them time over having to call a company's structured-products desk and discuss potential investments over the phone.
The service has gained traction among retail brokerages, which buy these complex investments on behalf of clients, but Goldman Sachs rivals which compete in selling structured products have been reluctant to use the platform, according to the report.
JPMorgan, for instance, has partnered with IBM to create its own alternative to Simon.
Goldman Sachs hopes that bringing in outside investors will provide a neutral sheen and encourage other banks to embrace the app, according to The Wall Street Journal.
The investment bank, which has aspirations of becoming the Google of Wall Street, has been investing in an array of fintech bets, including online personal loan provider Marcus, secure messaging platform Symphony, and a forthcoming robo-advising service.