Personal finance start-up SoFi has agreed to buy Utah-based software company Galileo for $1.2 billion. :
The cash-and-stock deal will help the companies launch new products, expand internationally and capitalize on consumers' shift to digital finance, according to the CEOs of both companies. SoFi CEO Anthony Noto said that a shift to digital has been accelerated by the coronavirus shutdown as people lose access to physical bank branches. "It's the right time to do something like this — we're on the precipice of a transition to digital from physical finance," Noto told CNBC in a phone interview.