SoFi, an online personal finance company, has announced they will acquire Galileo Financial for its API functions for $1.2B.
“We see product road maps that have big gaps in them that can easily be filled with the products SoFi has developed, now is a good time to do this.”
Clay Wilkes, Galileo’s CEO
“It’s the right time to do something like this — we’re on the precipice of a transition to digital from physical finance. It’s going to serve people in this environment and the need for mobile financial services is only going to accelerate.”
SoFi CEO Anthony Noto
The deal will be financed with a mix of $875M in SoFi stock, $75M in cash, and $250M in debt.