SoFi Technologies acquired Peach, a cloud-native lending technology platform. Peach provides backend infrastructure for financial institutions. Peach co-founder and CEO Eddie O. announced the acquisition via LinkedIn.
The platform joins SoFi’s existing B2B units, Galileo Financial Technologies and Technisys. SoFi aims to build a comprehensive, vertically integrated digital financial platform through this deal.
The company's shares gained over 3% in the previous session following recent volatility. SoFi recently reported strong Q1 results despite the stock's recent weakness. This acquisition expands SoFi's technology-driven services for businesses beyond its core consumer lending operations.