Visa has spent USD 1 billion to acquire Pismo, a core banking infrastructure located in Brazil.
Pismo, a cloud-based fintech, has operations in Latin America, Asia, and Europe, with a customer base mostly in Asia Pacific. Visa claims that the acquisition will allow it to deliver core banking and issuer processing capabilities for debit, prepaid, and credit cards via cloud-based APIs.
It also provides Visa with access to payment rails in emerging markets, such as Pix in Brazil. Pismo’s present management team will be retained under the terms of the sale, and the acquisition is scheduled to occur before the end of the year, subject to regulatory approval.
Read More: Visa acquires core banking platform Pismo for $1bn
