Intel Capital is exiting the core banking software provider in a deal intended to upgrade SoFi's offering to a comprehensive financial technology stack.

Online personal finance provider SoFi yesterday agreed to acquire US-based digital banking technology provider Technisys, which counts chipmaker Intel as an investor, in a $1.1bn all-stock transaction.

The sale involves a consideration of about 84 million shares of SoFi’s common stock, representing just under 10% of its share volume.

Technisys provides a core-banking system product – the backbone that powers banking apps and digital experiences – for traditional and digital banks in addition to other financial technology producers.

The deal…

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Fernando Moncada Rivera

Fernando Moncada Rivera is a reporter at Global Corporate Venturing and also host of the CVC Unplugged podcast.