SoFi Strengthens Galileo with Technisys Acquisition – Tearsheet
SoFi, which acquired the Galileo API and payments platform in 2020, has now completed the acquisition of Buenos Aires-headquartered Technisys, a digital banking technology provider that enables traditional banks to move to digital technology and neo-banks to build from scratch.
Technosys is present in 16 countries with a workforce of more than 1,000 people. In the United States, the company counts Rellevate and Tab Bank among its customers, while in LatAm it powers Brazil’s first bank with fully digital checking accounts, Banco Original. In 2021, Forrester recognized Technisys as an established major player among digital engagement banking platforms globally.
The acquisition serves SoFi’s larger vision of becoming “the AWS of fintech.” The vision manifests in its banking division as a service, Galileo, which becomes capable of providing everything a company would need to kick off the launch of a financial product.
“Our members’ response to our innovation in borrowing, saving, spending and investing has motivated us to think bigger, bolder and more expansive in light of consumers’ insatiable appetite for innovation. innovation in financial services,” said Anthony Noto, CEO of SoFi. “With Galileo, we will partner to leverage the strengths of our businesses to further drive financial technology innovation, making these products and services available to current and future partners.”
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