SoFi Technologies is acquiring banking-software maker Technisys for about $1.1B in an all-stock deal, reported The Wall Street Journal.
Technisys, a cloud-based banking platform, in an all-stock deal valued at about $1.1 billion. Under the terms of the deal, Technisys shareholders will receive about 84 million SoFi shares, or less than 10% of its fully diluted share count as of Sept. 30.
“Technisys has built an attractive, fast-growth business with a unique and critical strategic technology that all leading financial services companies will need in order to keep pace with digital innovation,” SoFi said in a statement.
The company has become a leader in Gen 3 multi-product banking core technology, it added, and is expected to help SoFi with its goal of becoming a one-stop-shop financial services platform and for its goal of building the AWS of finance.
The purchase comes three weeks after SoFi completed its $750 million acquisition of California’s Golden Pacific Bank, with plans to provide automated savings and what it said would be “differentiated checking and savings accounts for easy budgeting.”
As PYMNTS noted at the time, the Golden Pacific purchase puts SoFi in the company of firms like LendingClub, Block (formerly Square) and Varo, all digital upstarts that sought banking charters or have folded banks into their operations.
Based in Silicon Valley and founded in August 2011 as a student loan refinancing service, SoFi has expanded its offerings in the last decade to include things like mortgages, personal loans, credit cards and investing.
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