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Photo: Rafael Henrique/SOPA Images/LightRocket via Getty Images

SoFi, a personal finance company most recently valued at $4.8 billion, agreed to buy Galileo, a Salt Lake City-based financial services API and payments platform, for $1.2 billion in stock and cash.

Why it matters: This reflects how SoFi has expanded far beyond its student loan refinancing roots, and also how fintech remains relatively immune to the pandemic's economic impact.

Details: Multiple reports are that SoFi financed the deal via $875 million in equity, $75 million in cash, and $275 million in debt.

  • ROI: Galileo last year announced a $77 million Series A round led by Accel, but was founded in 2000 and previously raised from such firms as Mercato Partners and Kickstart Seed Fund.

The bottom line: "The acquisition will, in theory, give SoFi leverage over the likes of Robinhood and Chime, which compete with SoFi, since they depend on Galileo for day-to-day operations. Among the services Galileo provides are account setup, funding, direct deposit, early paycheck direct deposit, and bill pay." — Jeff John Roberts, Fortune

Go deeper

Schumer: Trump impeachment trial to start week of Feb. 8

Senate Majority Leader Chuck Schumer. Photo: The Washington Post via Getty

The Senate will begin former President Trump's impeachment trial the week of Feb. 8, Majority Leader Chuck Schumer announced Friday on the Senate floor.

Why it matters: Trump is the only president in U.S. history to be impeached twice. The House voted to impeach the former president last week on a single charge: incitement of insurrection for the Jan. 6 breach of the U.S. Capitol, which resulted in five deaths.

58 mins ago - Health

CDC extends interval between COVID vaccine doses for exceptional cases

Photo: Joseph Prezioso/AFP via Getty

Patients can space out the two doses of the coronavirus vaccine by up to six weeks if it’s "not feasible" to follow the shorter recommended window, according to updated guidance from the Centers for Disease and Control and Prevention.

Driving the news: With the prospect of vaccine shortages and a low likelihood that supply will expand before April, the latest changes could provide a path to vaccinate more Americans — a top priority for President Biden.

Texas AG sues Biden administration over deportation freeze

Texas Attorney General Ken Paxton speaks to members of the media in 2016. Photo: Alex Wong/Getty Images

Texas Attorney General Ken Paxton is suing the Biden administration in federal district court over its 100-day freeze on deporting unauthorized immigrants, and he's asking for a temporary restraining order.

Between the lines: The freeze went into effect Friday, temporarily halting most immigration enforcement in the U.S. In the lawsuit, Paxton claims the move "violates the U.S. Constitution, federal immigration and administrative law, and a contractual agreement between Texas" and the Department of Homeland Security.