Visa Acquires Pismo for 1 Billion, Expanding Digital Payment Capabilities Globally #
Visa (NYSE: V) has announced its plans to acquire the cloud-native banking and payments platform Pismo for $1 billion in cash. This strategic move aims to enhance Visa’s core banking and issuer processing capabilities across various card types, including debit, prepaid, credit, and commercial cards, through advanced cloud-native APIs. Pismo’s innovative platform is particularly significant for Visa as it facilitates support and connectivity for emerging payment rails, such as Pix in Brazil, thereby expanding Visa’s reach in financial services.
Jack Forestell, Visa’s Chief Product and Strategy Officer, emphasized that the acquisition will enable Visa to offer more comprehensive and differentiated banking and issuer solutions to its financial institution and fintech clients. Ricardo Josua, Co-Founder and CEO of Pismo, expressed enthusiasm about the acquisition, highlighting Pismo’s commitment to enabling clients to launch advanced payment and banking products across various rails and geographies.
The acquisition, which is expected to close by the end of 2023, is subject to regulatory approvals and customary closing conditions. Pismo will continue to operate with its current management team and founders, ensuring continuity in its innovative approach to banking and payment solutions. This acquisition marks a significant step for Visa in expanding its global footprint and shaping the future of banking and payments.