Visa has announced its acquisition of Pismo, a cloud-native issuer processing and core banking platform, for $1 billion in cash. Through this strategic move, Visa aims to expand its core banking and issuer processing capabilities, leveraging cloud-native APIs to support emerging payment rails and provide enhanced services to financial institution clients.
SAN FRANCISCO, 30 June 2023 – Visa has announced the signing of a definitive agreement to acquire Pismo, a cloud-native issuer processing and core banking platform operating globally in Latin America, Asia Pacific, and Europe, for $1 billion in cash. This strategic acquisition positions Visa to offer comprehensive core banking and issuer processing solutions through cloud native APIs, enabling support for emerging payment rails and delivering enhanced services to financial institution clients.
By integrating Pismo’s cloud-native platform into its portfolio, Visa will expand its ability to provide core banking and issuer processing capabilities across a wide range of card types, including debit, prepaid, credit, and commercial cards. This will be achieved through the utilization of Pismo’s advanced APIs, facilitating seamless connectivity and support for emerging payment systems like Pix in Brazil.
Jack Forestell, Chief Product and Strategy Officer at Visa, highlighted the significance of the acquisition in better serving financial institution and fintech clients by delivering differentiated core banking and issuer solutions to their customers. The acquisition aligns with Visa’s vision to innovate and shape the future of banking and payments.
Ricardo Josua, Co-Founder and CEO of Pismo, expressed excitement about the partnership, stating that Visa’s support will enable Pismo to expand its global presence and contribute to a new era in banking and payments.
The transaction is subject to regulatory approvals and customary closing conditions and is expected to be completed by the end of 2023. Pismo will retain its existing management team.