SoFi, a San Francisco-based lending and investment fintech, is buying Galileo Financial Technologies Inc. for $1.2 billion in cash and stock.

Galleo is one of the largest digital payments platforms and APIs in the world, powering fintechs ranging from challenger bank Chime to e-commerce delivery provider Shipt and U.K.-based remittance firm Transferwise. 

Galileo processed more than $53 billion in annualized payments in March, more than double the $26 billion in volume in September 2019. 

"SoFi has established itself as a leader in the fintech sector, providing our more than one million members a full array of financial products to help them get their money right," Anthony Noto, CEO of SoFi said in a company release. "The response by our members to our innovation across borrowing, saving, spending and investing has motivated us to think bigger, bolder and more expansively given the insatiable consumer appetite for financial services innovation."

Galileo will continue to operate as an independent brand under SoFi ownership. CEO Clay Wilkes said that the deal envisions offering a full suite of financial products through its enterprise class APIs. 

"We're excited to work with SoFi to build on the services that have made Galileo the leading supplier of infrastructure services to leading financial, technology and fintech companies," Wilkes said in the release. "With the help of SoFi, we intend to continue to grow with and support all of our existing clients and the product roadmaps that they have defined."

The deal is subject to regulatory approval and customary closing conditions.