Visa buys Brazilian fintech Pismo for USD 1 billion
Brazilian fintech Pismo, with a presence in LA, Asia Pacific and Europe, is now owned by Visa
Visa has signed a definitive agreement to acquire the Brazilian ‘fintech’ Pismo, which has operations in the regions of Latin America, Asia Pacific and Europe, for a total amount of 1,000 million dollars (about 914 million euros).
With the acquisition of Pismo, Visa will be positioned to provide central banking and issuer processing capabilities across debit, prepaid, credit and commercial cards for customers through cloud-native technologies. Pismo’s platform will also enable Visa to provide support and connectivity for emerging payment lanes, such as Pix in Brazil, and for financial institution customers.
Pismo will retain its current management team. The transaction is subject to regulatory approvals and other customary closing conditions and is expected to close in late 2023.
Visa’s director of product and strategy, Jack Forestell, has stated that through the acquisition of Pismo, Visa can “better” serve its financial institutions and ‘fintech’ clients, with “more differentiated” banking and issuing solutions.
For his part, the co-founder and CEO of Pismo, Ricardo Josua, explained that Visa provides them with “unmatched” support to expand their presence around the world and help shape a new era for banking and payments.
Source: dpa
(Reference image source: Europa Press, dpa)
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