Visa, one of the world’s largest digital payments multinationals, announced Thursday the signing of a definitive agreement to acquire Pismo, a cloud-native processing and banking platform for issuers, with operations in Latin America, Asia Pacific and Europe, for which it is willing to pay $1 billion in cash.
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With the acquisition of this banking technology company, isa will be positioned to provide basic capabilities in that sector and processing for issuers of debit, prepaid, credit and commercial cards for clients through native applications (APIs) in the cloud.
Pismo is a technology company with extensive experience developing and implementing banking and card solutions for digital banks and large financial institutions.
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Pismo’s client platform will also enable Visa to provide its financial institutions with support and connectivity for emerging payment rails, such as Pix in Brazil, Until now the most advanced immediate payment system in the industry.
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“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.
Pismo will retain its current management team, its directives indicated from Visa, who added that the transaction is subject to the respective approvals of the market authorities and other customary closing conditions, although they expect the transaction to be completed by 2023.
“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 provides us with unmatched support to expand our presence globally and help shape a new era for banking and payments.”said Ricardo Josua, co-founder and president of Pismo.
As recalled, Visa is one of the leading global companies in digital payments, facilitating payment transactions between consumers, merchants, financial institutions and government entities in more than 200 countries and territories.
For its part, Pismo is a technology company with extensive experience developing and implementing banking and card solutions for digital banks and large financial institutions.
