American campus loan SoFi has signed an agreement to acquire payment software company Galileo for US $ 1.2 billion. According to CNBC, the acquisition involved US $ 875 of company stock, US $ 75 million in cash payments, and US $ 250 million in housing financing debt. After the acquisition is completed, Galileo will independently operate its own business, and current CEO Clay Wilkes will continue to lead the business. The announcement issued by SoFi shows that SoFi will use Galileo’s API technology to allow its members to access key financial services 24/7, and expand a wider range of financial services. Galileo was established in 2000, and its API technology can connect banks to credit card processors. The API and payment platform not only provide services for SoFi Money, a SoFi-based cash management account product, but also serve SoFi competitors such as Robinhood, Chime, Monzo and Revolut Provide services.