SoFi Technologies buys Technisys for $1.1 billion

SoFi Technologies announced the purchase of Technisys, a bank software maker, for about $1.1 billion, the latest in a series of deals aimed at transforming the company into a full-fledged financial services provider.

The deal equates to approximately 10% of SoFi’s market value.

The deal gives SoFi control of its own central banking platform, the technology banks use to power mobile apps, open accounts and track customer deposits.

Under CEO Anthony Noto, SoFi looked to do business to expand beyond its roots as a lender focused on refinancing student debt.

This month, it became a bank when it completed the acquisition of Golden Pacific Bancorp, a California community lender.

In 2020, SoFi agreed to spend about $1.2 billion on Galileo Financial Technologies, a financial infrastructure company focused on issuing debit cards.

Source: CNN Brasil

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