Consumer financial services platform SoFi has acquired account and payments infrastructure company Galileo.
In Brief:
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The deal is for a total $1.2bn cash and stock.
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Galileo provides APIs allowing FinTechs to issue cards as well as other services.
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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.
