. Online personal finance start-up SoFi has agreed to buy payments software company Galileo for $1.2 billion.

The deal is a combination of cash and stock, according to the press release announcing the deal today.

SoFi and Galileo

Galileo’s digital payments platform enables critical checking and savings account-like functionality via its powerful open APIs, providing companies with an easy way to create sophisticated consumer and B2B financial services. Their platform is available through mobile applications desktop computers and physical debit card. The platform assists customers with things like account set-up, funding, direct deposit, ACH transfer, early paycheck direct deposit, bill pay, transaction notifications, check balance, and point of sale authorization as well as dozens of other capabilities.

With the addition of Galileo, SoFi strengthens its capabilities, rounding out its best-in-class technology ecosystem. Additionally, the combination will extend the reach of its products to other Galileo partners in the U.S. and international markets.

Galileo will be an independent subsidiary of Sofi, with current CEO Clay Wilkes remaining in his role. Galileo will collaborate with SoFi to accelerate the technology roadmap needs for consumer financial offerings.

These products include a wide range of fintech products that help with student loans, personal loans, home loans, investing as well as managing credit and household budgets.

Finally, this is Sofi’s second deal since its founding in 2011. In 2017 they bought Zenbanx for $100 million. This financial technology company created a mobile multi-currency account for people who live, work, or travel across borders.

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