Visa set to acquire banking and payments platform Pismo for $1bn

Visa (NYSE: V), the global leader in digital payments, has set its sights on revolutionizing the banking landscape with its latest move. The company announced today the signing of a definitive agreement to acquire Pismo, a cloud-native issuer processing and core banking platform, for $1 billion in cash.

Pismo, renowned for its cutting-edge technology and widespread operations in Latin America, Asia Pacific, and Europe, offers a comprehensive suite of services to financial institutions. By integrating Pismo into its portfolio, Visa aims to provide its clients with a powerful array of core banking and issuer processing capabilities, covering debit, prepaid, credit, and commercial cards. This strategic acquisition will enable Visa to offer enhanced support and connectivity for emerging payment rails, including the popular Pix system in Brazil.

Jack Forestell, Visa’s Chief Product and Strategy Officer, highlighted the significance of this acquisition, stating, “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.” Forestell’s statement underscores Visa’s commitment to empowering its clients with advanced solutions that drive customer satisfaction and business growth.

Ricardo Josua, Co-Founder and CEO of Pismo, expressed excitement about the partnership, saying, “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 unrivaled support to expand our footprint globally and help shape a new era for banking and payments.” With Visa’s backing, Pismo expects to leverage its cloud-native capabilities to spearhead transformative advancements in the banking and payments sectors.

Under the terms of the agreement, Pismo will continue to operate under its current management team, ensuring a seamless transition and continuity of its innovative offerings. However, the completion of the acquisition is subject to customary closing conditions and regulatory approvals. Visa anticipates finalizing the deal by the end of 2023.

Visa’s ambitious acquisition of Pismo aligns with the company’s vision of connecting the world through innovative and secure digital payments. With its extensive network spanning over 200 countries and territories, Visa facilitates seamless transactions between consumers, merchants, financial institutions, and government entities. The company’s mission centers on inclusive access to financial services as the cornerstone of global economic growth.

To learn more about Visa’s pioneering efforts in the world of digital payments, visit Visa.com.