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SoFi to Purchase Galileo for $1.2 Billion to Expand Banking Tech

April 7, 2020, 4:00 PM

Social Finance Inc. agreed to pay $1.2 billion in cash and stock for Galileo Financial Technologies, a startup that creates applications for card issuers and payments platforms.

SoFi already uses Galileo for its cash-management product, and the acquisition will help the company build up its technology for brokerage and investment services, a company representative said Tuesday.

Galileo builds “bank in a box” technology that powers the checking-account services at digital banks including Chime Inc. and Monzo Bank Ltd. Adding Galileo will give SoFi access to technology it didn’t previously own, while extending the reach of its products to other...

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