In this video, I will be talking about SoFi Technologies ( SOFI 2.80% ) and how it is turning into “the AWS of fintech” with acquisitions like Galileo and Technisys. SoFi’s CEO Anthony Noto has been buying more shares of the company while the stock is down 45% YTD. You can find the video below, but here are some highlights.
- At the end of last month, SoFi agreed to acquire Technisys in an all-stock deal valued at $1.1 billion.
- In 2020, it agreed to buy Utah-based payment processor Galileo for $1.2 billion. Galileo works with many of SoFi’s competitors, such as Robinhood, Chime, Monzo, and Revolut.
- As reported last quarter, Galileo accounts have reached 100 million.
- SoFi’s main goal is to become a “one-stop-shop financial services platform.” These investments and acquisitions will help it build a banking-as-a-service business.
- CEO Anthony Noto has now purchased $750,000 worth of company shares since the beginning of the month.
- SoFi’s CFO recently mentioned during a conference that the company has shown its ability to execute with constant headwinds…
