SoFi to acquire banking and payments platform Galileo for USD 1.2 bln

Wednesday 8 April 2020 13:16 CET | News

Online personal finance company SoFi has agreed to acquire fintech company Galileo Financial Technologies in a deal valued at USD 1.2 billion.

Galileo, a US-based financial services API and payments platform, powers a wide array of financial startups including Robinhood, Revolut, and Chime.

Its APIs allow fintech firms to easily create bank accounts and issue physical and virtual credit cards, among various other services.

Galileo will offer a full suite of SoFi products and services to its partners who intend to expand their offerings to meet the needs of their customers.

SoFi Money is already integrated with Galileo’s payment platform and as well as its accounts and API functionalities.

Through this acquisition, SoFi aims to expands its footprint in the US and international markets.

The transaction is subject to the receipt of regulatory approvals.

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Keywords: SoFi, banking, payments , Galileo, fintech
Categories: Banking & Fintech
Countries: United States
This article is part of category

Banking & Fintech