Visa, the payments giant, has announced its plans to acquire Brazilian issuer processor and core banking platform, Pismo, for $1 billion in cash. This acquisition will enhance Visa’s ability to offer core banking and issuer processing services across various types of cards and enable support for emerging payment rails.
Facts
- Visa will 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.
- Pismo will retain its current management team after the acquisition.
- In March, Visa was reported to be one of the firms competing to acquire Pismo.
- Visa aims to provide core banking and issuer processing capabilities through cloud-native APIs across debit, prepaid, credit, and commercial cards.
- Pismo’s platform will enable Visa to offer support and connectivity for emerging payment rails, including Pix in Brazil, for financial institutions.
- Pismo, founded in 2016 and based in São Paulo, offers a cloud-native platform for payment and banking services with operations in Latin America, Southeast Asia, and Europe.
- The acquisition will allow Pismo to expand its global footprint with unrivaled support from Visa.
