Visa buys Brazilian fintech Pismo for $1 billion

Pismo’s cloud-based platform for financial institutions hosts more than 70 million accounts and conducts more than $200 billion in transactions annually.

With Pismo, Visa will be positioned to provide basic banking and processing capabilities to issuers of debit, prepaid, credit and commercial cards for customers through cloud-native APIs.

Pismo’s platform will also enable Visa to provide its client financial institutions with support and connectivity for emerging payment rails, such as Pix in Brazil.

“Through the Pismo acquisition, Visa can better serve our financial institutions and fintechs with more differentiated issuer and banking solutions that they can offer to their customers,” said Jack Forestell, Visa’s product and strategy leader.

“At Pismo, we seek to enable our clients to launch next-generation banking and payment products, within a single, cloud-native platform, regardless of the rails, geography or currency being used. Visa supports us unmatched in expanding our presence globally and helping shape a new era for banking and payments,” said Ricardo Josua, co-founder and CEO of Pismo.

The transaction is subject to regulatory approvals and other customary closing conditions, and is expected to close later this year.

With information from Reuters and AFP