Bitcoin-Friendly SoFi Buys Multi Billion-Dollar Payments Processor Galileo

Online personal finance company SoFi (Social Finance) has acquired banking and payments platform Galileo Financial Technologies for $1.2 billion. The move bolsters tech challengers that are rivaling the traditional banking system by offering a robust suite of mobile and crypto-friendly features geared for Millennials. SoFi says Galileo’s powerful financial services interface and payments platform will accelerate the pace of technology innovation and offerings for Galileo’s partners and eventually for consumers. Galileo powers day-to-day operations for a number of SoFi’s competitors including Robinhood, Revolut, Varo, Transferwise and Chime by providing core services across mobile and desktop devices as well as physical debit cards. The payments processor reported over $53 billion of annualized payments volume in March of 2020, up from $26 billion in September of 2019, by servicing direct deposits, ACH transfers, account set-ups and bill pay for third parties. Read More...

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