The move is the latest in a string of deals designed to transform the lender into a one-stop financial shop. The all-stock deal is equivalent to roughly 10% of SoFi’s market value, and gives SoFi control of its own core-banking platform, the back-end technology that banks use to power mobile-banking apps, open accounts and keep track of customer deposits.
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SoFi to buy banking-infrastructure firm Technisys for about $1.1b
The market volatility hasn’t made Mr. Noto rethink SoFi’s strategy. “We’re not slowing down. The distance between us and others is only going to increase,” Mr. Noto said.
