SoFi has acquired Galileo Financial Technologies in a $1.2 billion cash and stock deal.

Salt Lake City-based Galileo provides the Application Programming Interface (API) infrastructure for the likes of Robinhood, Monzo, Revolut and Transferwise. It processed over $53 billion of annualised payments volume in March.

San Francisco-based SoFi began as an online student loan lender, but has been gradually expanding into other areas. In 2017, it bought mobile banking business Zenbanx and last year partnered with Coinbase to add cryptocurrency trading to its platform.

A statement explained that the companies will work together to offer SoFi's products to Galileo's partners.

Upon closing, Galileo will continue to be led by chief executive Clay Wilkes, as an independent subsidiary of SoFi.

SoFi chief executive Anthony Noto commented: "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."

Share Story: