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Personal finance company SoFi announced in a press release that it has agreed to buy financial service API and payment platform Galileo Financial Technologies for $1.2 billion worth of cash and stock deal.
"SoFi has established itself as a leader in the fintech sector, providing our more than one million members a full array of financial products to help them get their money right," said Anthony Noto, CEO of SoFi.
"Together with Galileo, we will partner to build on our companies' strengths to drive even greater financial technology innovation, making those products and services available to both current and future partners. While we march forward on our mission to help people achieve financial independence through our own direct efforts, with Galileo, we can enable a broader ecosystem of companies to join us in helping the world achieve financial independence."
Fintech Galileo enables critical checking and savings account-like functionality with its powerful open APIs. It provides companies with an easy way to create sophisticated consumer and B2B financial services.
Its offerings are accessible via mobile, desktop, and physical debit card. SoFi Money is already integrated with Galileo’s payment platform including several of its leading account and events API functionalities.
Galileo and SoFi will be working together to speed up technology innovation and offer Galileo’s partners and consumers more value. The new functionalities and services they are working are meant to help Galileo’s current and new partners capture the secular shift of financial transactions from the physical-only to a multi-channel digital and physical platform.
"SoFi has built a very strong diversified financial services company focusing on a full suite of financial services. These are products that many of our leading fintech clients are asking for. Distributing products through our enterprise-class API is the vision behind this combination. I think it's very powerful," said Clay Wilkes, CEO of Galileo.
"We're excited to work with SoFi to build on the services that have made Galileo the leading supplier of infrastructure services to leading financial, technology, and fintech companies. With the help of SoFi, we intend to continue to grow with and support all of our existing clients and the product roadmaps that they have defined."
Meanwhile, for SoFi, the addition of Galileo helps strengthen its capabilities and round out its world-class technology system. Their partnership will also extend SoFi’s reach to Galileo partners in the U.S. and international markets while offering diversification and scale to its existing infrastructure.
Galileo will continue to operate as an independent subsidiary of Social Finance Inc and will collaborate with SoFi to accelerate the technology roadmap needs for consumer financial offerings. It will also offer the full SoFi suite of products to Galileo partners who wish to broaden their offering to meet their clients’ needs.
