08 April 2020

SoFi acquires Galileo for $1.2bn

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.

 

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