Social Finance (SoFi) – the pro-crypto financial company from California – has reportedly finalized its acquisition of crypto payment platform Galileo.
Specifically, SoFi disclosed that an agreement worth $1.2 billion has been confirmed from their side, to acquire Galileo Financial Technologies. The majority of the payment ($875 million) will reportedly be in cash, $250 million in seller financing debt and the remaining $75 million is in the form of fiat papers.
“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.” Anthony Noto – head of SoFi – revealed the advantage this acquisition can offer to the existing financial market.
SoFi has reportedly witnessed an upsurge in demand, since the official introduction of its free-of-charge crypto trading on its platform SoFi Invest, back in September last year.
Apart from investing resources in Fintech, SoFi further will, via acquiring Galileo, “extend the reach of its products to other Galileo partners in the United States and international markets, while offering diversification and scale to SoFi’s existing infrastructure.”
“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.” Noto further remarked.