Consumer financial services platform SoFi has acquired account and payments infrastructure company Galileo.
The deal is for a total $1.2bn cash and stock.
Galileo provides APIs allowing FinTechs to issue cards as well as other services.
All five of the UK’s largest FinTechs use Galileo.
What does this mean?
The deal adds a B2B element to SoFi’s business, with the platform hoping to expand its suite of finance products so it can add a source of revenue and better serve its customers.