SoFi to Acquire Technisys Banking Software Firm for $1 Billion

SoFi Technologies Inc, a US online personal finance firm based in San Francisco, has announced today that it has entered into a definitive merger agreement to buy Technisys, a banking software creator based in Miami.

Anthony Noto, the CEO of SoFi, disclosed that he turned to deal making in order to transform the one-time student lender.

As a result, SoFi is purchasing Technisys for about $1.1 billion. The deal, which is roughly about 10% of SoFi's market value, is set to give the firm control over Technisys’ platform and back-end technology used to keep track of customer deposits, manage user accounts and power banking apps.

Sofi estimates that the Technisys’ acquisition Acquisition Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Read this Term will bring up to $800 million in additional revenue through 2025.

Moreover, Noto elaborated about the takeover: “Technisys has built an attractive, fast-growth business with a unique and critical strategic technology that all leading financial services companies will need in order to keep pace with digital innovation. The acquisition of Technisys is an essential building block in delivering on our member-centric, digital one-stop-shop experience for SoFi members and our partners through Galileo, our provider of fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term cloud services.”

Efforts to Accelerate Business Growth

SoFi has recently embraced deal making strategies in order to move beyond its roots as a lender that focused on refinancing student debt. The digital personal finance company has plans to accelerate the expansion of its business operations in the future.

Last month, SoFi became a bank when it completed its acquisition of Golden Pacific bank based in California. SoFi obtained approval from the regulatory authorities to operate as a national bank through the acquisition.

In an effort to get a national bank charter, SoFi announced a definitive agreement last year to buy Golden Pacific Bancorp.

The purchase of Golden Pacific bank gave Sofi an incredible milestone and elevated its ability to help even more people to get their money right and realize their dreams. With a national bank charter, SoFi will be able to lend at more competitive interest rates and provide its members with a high-yielding interest in checking and savings. The firm will also be able to enhance its financial products and services to ensure they efficiently meet the needs of its members, business partners and communities across the country while continuing to uphold high regulatory standards and compliance.