Analyzing the SoFi-Galileo Acquisition with Anthony Noto, SoFi CEO, and Clay Wilkes, Galileo Founder & CEO

In a Wharton Fintech exclusive interview, Miguel Armaza and Guillermo Gonzalez went behind the scenes of one of the most transformational acquisitions in the fintech space to date. We sat down with Anthony Noto, CEO of SoFi, and Clay Wilkes, Founder & CEO of Galileo, to discuss their most recent transaction in which SoFi acquired Galileo for the total sum of $1.2 Billion.

What prompted SoFi to consider Galileo as a crucial strategic alternative? What were the challenges of executing a landmark transaction amidst a global pandemic?

Similarly, we had an opportunity to explore what the future holds for both companies. What products will both companies build by leveraging their unique strengths and capabilities? Wondering about international expansion?

Notably, both Anthony and Clay believe in the mission of advancing financial independence and inclusion for millions of historically disadvantaged consumers. This conviction has guided their decision to keep both companies independent, opening the door for far-reaching, industry-wide collaborations.

Thrilled enough? Join us for this exciting conversation with Anthony and Clay.

Anthony Noto is the CEO of SoFi and serves on its board of directors. Since joining SoFi in February 2018, Anthony has led the company to double down on its mission of helping its over one million members get their money right, while fully transitioning the company from a desktop lender to a fully mobile-first full suite of financial services products. Under his leadership, the company has launched five new products and numerous innovative features, including SoFi Money, SoFi Invest, SoFi-branded ETFs and fractional shares, in addition to expanding the company’s footprint outside the US with SoFi Hong Kong, while increasing its total capital raise to its most recent valuation of $4.8B. Before joining SoFi, he served as Chief Operating Officer of Twitter since November 2016, and as its Chief Financial Officer when joining the company in July 2014. Prior to Twitter, Anthony served for almost four years as Co-Head of Global TMT Investment Banking at Goldman Sachs. He joined Goldman Sachs in 1999, was named partner in 2004, and served as the Head of Communications Media and Internet Equity Research. Before returning to Goldman, Anthony spent almost three years as Chief Financial Officer of the National Football League. A graduate of the U.S. Military Academy, Anthony also holds an MBA from the University of Pennsylvania’s Wharton School.

Clay Wilkes is the Founder and CEO of Galileo Financial Technologies, whose sophisticated global payment platform and APIs set the industry standard for card issuing and digital banking. Galileo powers North America’s leading fintechs — including Chime, KOHO, Robinhood, SoFi, Varo and many others — as well as the U.S.-based business of international powerhouses, such as Monzo, Paysafe, Revolut and TransferWise. Earlier this year, Galileo established offices in Mexico, where it is certified to support domestic issuers, and is now partnering with Mexican and Latin American fintech leaders.

Galileo announced its first institutional investment round in October 2019, led by venture capital firm Accel. In May 2020, Galileo was acquired by SoFi and now operates as an independent business unit with Clay as CEO. As an independent business unit, Galileo continues to focus on serving the financial services ecosystem and its partners, with enhanced capabilities to bring investment and lending products to market.

Clay’s love of technology developed as a student while hunkered down in high school and university computer labs in his native Oregon. He launched his professional career developing communications and operating systems for Sperry, IBM and Novell. In 1994 Clay founded I-Link, which developed Voice Over IP and the first switchless voice network. As CEO, he took I-Link public and authored patents for VOIP.

With his wife, Clay founded The Galileo Foundation, providing opportunities for Galileo employees, clients and partners to engage with people worldwide who lack economic opportunity.

Post and interview co-authored by Guillermo Gonzalez and Miguel Armaza.