SoFi, a San Francisco, CA-based online personal finance company, is to acquire Galileo Financial Technologies, a Salt Lake City-based financial services API and payments platform.
SoFi will pay $1.2 billion to acquire Galileo, comprising cash and stock (the transaction is subject to regulatory approvals and other customary closing conditions).
SoFi Money is already integrated with Galileo’s payment platform including several of its account and events API functionalities. With the addition of it, the company strengthens its capabilities and will extend the reach of its products to other Galileo partners in the United States and international markets, while offering diversification and scale to its existing infrastructure.
Led by Clay Wilkes, CEO, and backed by Accel, Galileo provides a digital payments platform that enables critical checking and savings account-like functionality via its open APIs, providing companies with an easy way to create consumer and B2B financial services. The company’s offerings are accessible via mobile, desktop, and a physical debit card. Galileo’s APIs power functionalities including account set-up, funding, direct deposit, ACH transfer, IVR, early paycheck direct deposit, bill pay, transaction notifications, check balance, and point of sale authorization as well as dozens of other capabilities. The company processed over $53B of annualized payments volume in March 2020, up from $26B in September 2019, with accelerating growth.
Galileo will continue to operate as an independent subsidiary of Social Finance Inc, with Wilkes as CEO.
Led by Anthony Noto, CEO, SoFi provides products for borrowing, saving, spending, investing, and protecting to more than one million members.