SoFi to acquire payment software company Galileo for $1.2 billion

Personal finance start-up SoFi has agreed to buy Utah-based payment processor Galileo for $1.2 billion.

The cash-and-stock deal will help the companies launch new products, expand internationally and capitalize on consumers' shift to digital finance, according to the CEOs of both companies. Galileo has been around for a decade longer than its acquirer. The Salt Lake City, Utah-based software company connects banks to credit card processors through APIs, or application programming interface software. The two companies first started working together early last year when SoFi began using Galileo as its payments processor for SoFi Money.

"We see product road maps that have big gaps in them that can easily be filled with the products SoFi has developed," Wilkes said. "Now is a good time to do this."

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

ViacomCBS Fully Acquires Israeli Pay-TV Company AnaneyViacomCBS Networks International (VCNI) has announced that it has completed a full buyout of Israeli pay-TV operator and producer Ananey Communications Group after first investing in the company in…
Source: DEADLINE - 🏆 109. / 63 Read more »

ViacomCBS Acquires Full Control of Israeli TV Company AnaneyThe studio international networks division, led by CEO David Lynn, nabbed the majority stake in the Israeli media player it didn't already own.
Source: THR - 🏆 411. / 53 Read more »