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Embedded Briefing: SoFi amps up Galileo with Technisys acquisition

  • SoFi has acquired Technisys, a digital banking technology provider that enables traditional banks to go digital, and neo-banks to build from scratch.
  • Digital financial service providers are looking to become super apps — bringing together a wide array of functionalities into a single platform offering,
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Embedded Briefing: SoFi amps up Galileo with Technisys acquisition

SoFi, which acquired API and payments platform Galileo in 2020, has now completed the acquisition of Buenos Aires-headquartered Technisys — a digital banking technology provider that enables traditional banks to go digital, and neo-banks to build from scratch.

Technosys has a presence in 16 countries with a headcount of over 1000. In the US, the firm counts Rellevate and Tab Bank as clients, while in LatAm, it powers Brazil’s first bank with completely digital checking accounts, Banco Original. In 2021, Forrester recognized Technisys as a large established player among digital banking engagement platforms globally. 

The acquisition serves SoFi’s greater vision of becoming the ‘AWS of fintech’. The vision manifests in its banking as a service division Galileo becoming able to provide everything a company would need to get the ball rolling on launching a financial product. 

“The response by our members to our innovation across borrowing, saving, spending, and investing has motivated us to think bigger, bolder, and more expansively given the insatiable consumer appetite for financial services innovation,” said Anthony Noto, CEO of SoFi. “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.” 

 


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