Pismo is a cloud-native issuer processing and core banking platform with operations in Latin America, Asia Pacific, and Europe. Visa announced that it has inked a definitive deal to buy Pismo for $1 billion in cash.
By purchasing Pismo, Visa will be in a position to provide clients cloud native APIs for core banking and issuer processing capabilities across debit, prepaid, credit, and commercial cards. The Pismo platform will also enable Visa to offer financial institution clients support and connection for new payment rails, such as Pix in Brazil.
“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 keep the same management group in place. The transaction is anticipated to completion by the end of 2023, subject to regulatory clearances and other usual closing conditions.
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