The deal is comprised of $75m in cash, $250m in seller financing debt and $875m in company stock, according to people familiar with the negotiations who asked not to be named because details were not disclosed.
Galileo also works with many of SoFi’s competitors, including Robinhood, Chime, Monzo, Revolut, Varo and TransferWise. Wilkes, who will stay on as Galileo’s CEO, and Noto said the companies will operate independently. But it’s possible some fellow fintechs would balk at a competitor owning their software partner. Still, the CEOs said the deal is likely to benefit Galileo customers by helping them expand into new product lines, such as lending.