SoFi Is Buying Galileo for $1.2 Billion

SoFi, a fintech company, has the intention to buy Galileo, a payment system software developer, for $1.2 billion.

Galileo is cooperating with SoFi’s competitors, such as Robinhood, Chime, Revolut, TransferWise, and Monzo. Despite the deal, the software developer will continue to cooperate independently, and Clay Wilkes, Galileo’s founder, will remain its CEO.

SoFi strives to become a highly diversified financial company. The deal will open up the opportunity for the parties to arrange the collaboration and release new products.

“Together with Galileo, we will partner to build on our companies’ strengths to drive even greater financial technology innovation, making those products and services available to both current and future partners. While we march forward on our mission to help people achieve financial independence through our own direct efforts, with Galileo, we can enable a broader ecosystem of companies to join us in helping the world achieve financial independence” said Anthony Noto, CEO of SoFi.

The transaction is subject to regulatory approvals and other customary closing conditions.

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