SoFi shells out $1.1bn for Technisys

The personal finance firm is shooting for the stars, with the Technisys acquisition part of a series of deals aiming to boost its banking offerings.

SoFi is adding another string to its giant bow, with Technisys facilitating its ambition to provide top of the range products as a one-stop-shop financial services platform.

Making bank

Whether SoFi is making waves or simply riding them, the personal finance firm is on the offensive. Just three weeks after completing a $750 million acquisition of California’s Golden Pacific Bank, it now has plans to provide automated savings and ‘differentiated checking and savings accounts for easy budgeting’.

SoFi predicts the acquisition of Technisys will see around $800 million in revenue through 2025 and create up to $85 million in savings. Things could definitely be worse.

Stacking shares

Founded in 2011 as a student loan refinancing service and based in Silicon Valley (where else?!), SoFi has had a big decade. Now offering mortgages, personal loans, credit cards and investing, its latest dealings put it in the high and mighty company of firms like LendingClub, Block (formerly Square) and Varo: digital upstarts that sought banking charters or have folded banks into their operations.

The all-stock deal for Technisys, which comes out to around 10% of the company’s market value, gives it the ability to power mobile banking apps, track deposit and open accounts.