Visa buys Pismo for $1bn

Visa, a global payments technology company, has announced its plans to acquire Pismo, a cloud-native issuer processing and core banking platform, for a cash deal worth $1 billion. Pismo operates in various regions, including Latin America, Asia Pacific, and Europe.

This acquisition will position Visa to offer comprehensive core banking and issuer processing capabilities through cloud-native APIs, covering debit, prepaid, credit, and commercial cards for its clients. By leveraging Pismo’s platform, Visa will also be able to support and connect with emerging payment rails such as Pix in Brazil, providing enhanced services to its financial institution clients.

The integration of Pismo into Visa’s operations will allow the company to deliver more innovative core banking and issuer solutions to its financial institution and FinTech clients. Jack Forestell, Chief Product and Strategy Officer of Visa, expressed the company’s aim to offer differentiated products that meet the evolving needs of their customers.

Pismo brings valuable expertise as a technology company specialising in developing and implementing banking and card solutions for digital banks and large financial institutions. With its operations spanning Latin America, Southeast Asia, and Europe, Pismo has garnered support from prominent investors such as Redpoint eventures, Softbank, Amazon, and Accel. The collaboration between Visa and Pismo is expected to shape a new era for banking and payments, facilitating global expansion and driving innovation in the industry.