VISA acquires Pismo news: Credit card major Visa (VISA) has acquired cloud-native issuer processing and core banking platform Pismo for $1 billion in cash. Pismo has operations in Latin America, Asia Pacific and Europe. Fintech startup Pismo has some customers in India, South East Asia and Australia as well. With the acquisition, Visa will be in a position to provide core banking and issuer processing capabilities across debit, prepaid, credit and commercial cards for customers through cloud native application programming interfaces (APIs).
Customers will get good service
Jack Forrestel, Visa’s chief product and strategy officer, said that through the acquisition of Pismo, Visa can better serve our financial institution and fintech customers with more differentiated core banking and issuer solutions that are they can provide to their customers. Pismo’s platform will also enable VISA to provide support and connectivity to emerging payment rails such as Pix in Brazil for financial institution customers.
The target is to increase capacity
VISA said that at Pismo, we aim to enable our customers to launch cutting-edge payments and banking products within a single cloud-native platform – regardless of rail, geography or currency. Visa provides us with unmatched support to help us shape and expand our footprint globally. This is the era of banking and payments, said Ricardo Josua, co-founder and CEO of fintech startup Pismo.
no change in management
Fintech startup Pismo will retain its current management team. The transaction is subject to regulatory approval and is expected to be completed by the end of 2023.
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