In a deal valued at over a $1 billion, SoFi said it has inked a definitive deal to buy Galileo Financial Technologies. The online personal finance firm will pay total purchase consideration of $1.2 billion composed of shares and cash, according to an announcement.
SoFi CEO Anthony Noto said in the announcement, “SoFi has established itself as a leader in the fintech sector, providing our more than one million members a full array of financial products to help them get their money right.”
Noto continued, “The response by our members to our innovation across borrowing, saving, spending, and investing has motivated us to think bigger, bolder and more expansively given the insatiable consumer appetite for financial services innovation.”
The digital payments platform of Galileo provides savings and checking account-like abilities through its open application programming interfaces (APIs). The firm’s offerings can be accessed through desktop, mobile and a tangible debit card. The APIs of Galileo fuel functions including direct deposit, account setup, funding and check balance, among other features.
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