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Visa acquires core banking platform Pismo for $1bn

Visa acquires core banking platform Pismo for $1bn

Credit card behemoth Visa has splashed out $1bn to acquire Brazil-based core banking platform Pismo.

Cloud-based fintech Pismo has operations across Latin America as well as Asia and Europe with a customer base mostly in Asia Pacific.

According to Visa, the acquisition will enable it to provide core banking and issuer processing capabilities across debit, prepaid and credit cards via cloud-based APIs.

It also gives Visa a route into emerging market payment rails, such as Pix in Brazil.

Under the terms of the transaction, Pismo will retain its current management team, and, subject to regulatory approval, the acquisition is expected to close before the end of the year.

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