The deal consists of US$875 million in stock, US$250 million in seller financing debt and US$75 million in cash. (CNBC)
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The deal consists of US$875 million in stock, US$250 million in seller financing debt and US$75 million in cash. (CNBC)
Talking point: This is the latest example of consolidation in the fintech industry, and a rare acquisition in what’s generally been a quiet season, due to COVID-19. So far this year, Visa acquired Plaid for US$5.3 billion; Intuit purchased Credit Karma for US$7 billion; and Morgan Stanley picked up E*Trade for US$13 billion. SoFi and Galileo started talks before COVID-19 became widespread. The two firms hope the deal will help them expand internationally. Galileo already counts the five largest U.K. fintechs as customers and is growing rapidly, processing US$45 billion in annualized transaction volume last month, an increase from US$26 billion in October 2019.
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