Payment giant Visa announced it has inked a deal to acquire Pismo, a Brazilian cloud-native issuer processing and core banking platform with operations in Latin America, Asia Pacific and Europe, for US$1 billion in cash.

By acquiring Pismo, Visa will be positioned to provide core banking and issuer processing capabilities across debit, prepaid, credit and commercial cards for clients via cloud native APIs.

Pismo’s platform will also enable Visa to provide support and connectivity for emerging payment rails, like Pix in Brazil, for financial institution clients.

The deal is expected to close by the end of 2023 and Pismo will retain its current management team.

“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,”

said Jack Forestell, Chief Product and Strategy Officer, Visa.

“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 unrivalled support to expand our footprint globally and help shape a new era for banking and payments,“

said Ricardo Josua, Co-Founder, CEO, Pismo.

Featured image credit: Jack Forestell, Chief Product and Strategy Officer, Visa & Ricardo Josua, Co-Founder, CEO, Pismo. Background image edited from Freepik.