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."

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