SoFi Technologies Inc. has announced that it will be buying the banking-software developer Technisys SA for $1.1 billion in an attempt for SoFi to become an all-inclusive provider of financial services.
SoFi has its roots within lending as the company originally focused on refinancing student loans, but also officially became a bank through its acquisition of Golden Pacific Bancorp Inc.
The acquisition of Technisys will allow for SoFi to offer Technisys platform to offer financial services to their own customers as well as allowing other financial institutions to use the platforms.
SoFi has stated that the acquisition of Technisys will generate up to $800 million in revenue for the company as well as provide $85 million in savings through 2025.
Market volatility has caused SoFi’s stock value to drop 28% since the beginning of 2022, however, this has not dissuaded the company from its goals of expansion.
Source: Wall Street Journal