US online personal finance business SoFi is purchasing Technisys.
In Brief:
Technisys is a digital, cloud-based core banking system.
The business will be acquired in an all-stock transaction worth around $1.1bn.
SoFi will control its own core banking platform.
What does this mean?
SoFi, which currently focuses on refinancing student debt, aims to become a “one stop shop” for banking needs. It has recently also purchased a community lender and a company that issues debit cards.
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This partnership marks a significant milestone as PayPal remains one of the preferred payment options for Mollie's customers
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