Visa to acquire payments and banking platform Pismo for $1bn
Summary
Payments giant Visa has agreed to acquire Brazilian issuer processor and core banking platform Pismo for $1 billion in cash. The transaction is subject to regulatory approvals and is expected to close by the end of this year, with Pismo retaining its current management team. With the acquisition, Visa says it will be able to provide core banking and issuer processing capabilities across debit, prepaid, credit and commercial cards for customers via cloud-native APIs. Pismo’s platform will also enable Visa to provide support and connectivity for emerging payment rails (such as Pix in Brazil) for financial institutions. In October 2021, the company raised $108 million in a Series B funding round from Amazon, SoftBank and Accel to fuel its expansion across Asia.