SoFi acquires Galileo for $1.2bn

April 08, 2020 | FinTech

Written by FinTech Alliance

SoFi acquires Galileo for $1.2bn

Consumer financial services platform SoFi has acquired account and payments infrastructure company Galileo.

In Brief:

  • 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.

Read more here.

 

More in FinTech

TransferWise expands to Switzerland
FinTech
July 02, 2020

TransferWise expands to Switzerland

TransferWise has brough TransferWise for Banks to Switzerland. In Brief: The company&rsq...

Klarna expands into Spain
FinTech
July 01, 2020

Klarna expands into Spain

Swedish buy now, pay later FinTech Klarna has launched in Spain. In Brief: The Snoop Dog...

Lemonade will look to raise $286mn
FinTech
June 30, 2020

Lemonade will look to raise $286mn

InsurTech Lemonade has announced its US IPO plans for July. In Brief: It aims to raise...

FinTech
May 27, 2020

West Midlands FinTech Ecosystem Report 2020

This report focuses primarily on the activity in the geographical area covered by the West Midlands...

FinTech
May 27, 2020

Fintech Banking Spotlight on Capital Structure

Fintech Sector: Capital Structure Observations • As the global economy starts to digest the...

FinTech
May 14, 2020

Whitecap Consulting’s Regional FinTech Ecosystem Analysis

Whitecap has been analysing the UK’s regional FinTech ecosystems since 2018 and has now conduc...

London FinTech Week

London FinTech Week

When: Jul 03rd - Jul 08th, 2020
Where: Leonardo Royal London Tower Bridge, London
Price: £960
Fintech 2020: Figuring out what’s next in Fintech

Fintech 2020: Figuring out what’s next in Fintech

When: Jul 08th, 2020
Where: Webinar, London , UK
Price: FREE
How ML & Smart Analytics are helping FinTechs understand their data

How ML & Smart Analytics are helping FinTechs understand their data

When: Jul 09th, 2020
Where: Webinar, London , UK
Price: FREE