Name: SoFi acquires banking tech firm Galileo
Uploaded: 2020-04-07
Duration: 53 s
Description: It's a $1.2 billion deal.

SoFi has announced the 1. 2 billion dollar acquisition of the tech company Galileo. The personal finance platform relies on third parties like Galileo for tech and support. So far CEO Anthony Noto announced the deal in a statement saying quote, 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 over achieve financial independence. While financial details weren't disclosed in the announcement, a source familiar with the deal said it includes 875 million in sofa shares, along with the $ 75 million in cash. And a quarter of a billion dollars in debt financing. Noto recently told Fortune that moving forward, the company's growth would be driven by working with customers of all financial backgrounds. Until this point, its core membership has consisted of Ivy League grads.