Visa to Acquire Pismo
Visa announced it has signed a
definitive agreement to acquire Pismo, a cloud-native issuer processing and
core banking platform with operations in Latin America, Asia Pacific and
Europe, for $1 billion in cash.
By acquiring Pismo, Visa will be positioned to provide core banking and
issuer processing capabilities across debit, prepaid, credit and commercial
cards for clients via cloud native APIs. Pismo’s platform will also enable Visa
to provide support and connectivity for emerging payment rails, like Pix in
Brazil, for financial institution clients.
“Through the acquisition of Pismo, Visa can better serve our financial
institution and fintech clients with more differentiated core banking and
issuer solutions they can offer their customers,” said Jack Forestell, Chief
Product and Strategy Officer, Visa.
"At Pismo, we aim to enable our clients to launch cutting-edge
payments and banking products within a single cloud-native platform –
regardless of rails, geography or currency. Visa provides us unrivalled support
to expand our footprint globally and help shape a new era for banking and
payments,“ said Ricardo Josua, Co-Founder, CEO, Pismo.
Pismo will retain its current management team. The transaction is
subject to regulatory approvals and other customary closing conditions and is
expected to close by the end of 2023.
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