SoFi, a personal finance startup, has agreed to acquire Galileo, a payment software company, for $ 1.2 billion. The CEOs of both companies said that cash plus stock trading will help the two companies launch new products, expand internationally, and take advantage of consumers' opportunities to switch to digital finance. SoFi ’s latest valuation is US $ 4.8 billion. It was launched in 2011 to provide student loans and has since expanded to include personal and mortgage loans, refinancing, wealth management, credit card and cash accounts, and stock and cryptocurrency transactions. It is reported that the New York Department of Financial Services granted SoFi virtual currency license in December 2019.