BRAZIL – Visa (NYSE:V) completed its acquisition of Pismo, a São Paulo, -Brazil-based global cloud-native issuer processing and core banking platform.
The amount of the deal – announced on June, 28, 2023, was $1 billion in cash.Pismo is a technology company providing an all-in-one processing platform for banking, payments, and financial markets infrastructure. Large banks, marketplaces, and fintech companies use the cloud-native microservices platform to launch next-generation solutions and move from legacy systems to the most advanced technology in the market. The cloud-based platform empowers firms to build and launch financial products rapidly, scaling as they grow to have a broader audience while keeping high security and availability standards.With the transaction complete, the combination of Visa and Pismo will provide clients with core banking and card-issuer processing capabilities across all product types via cloud native APIs. Pismo’s platform will also enable Visa to provide support and connectivity for emerging payment schemes and RTP networks for financial institution clients.Pismo will retain its current management team led by CEO Ricardo Josua.Commenting on the closing, Ricardo Josua, Co-Founder and CEO, Pismo said: “The combination of Visa and Pismo will enable our clients to launch innovative payments and banking products within a single cloud-native platform regardless of network, geography, or currency. The closing marks a new era for banking and payments.“17/01/2024
