Visa to acquire Pismo for $1 billion in cash
“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.”
Visa has agreed to acquire Pismo, a cloud-native issuer processing and core banking platform with operations in Latin America, Asia Pacific and Europe, for $1 billion in cash, as per announcement.
Pismo will retain its current management team. The transaction is subject to regulatory approvals and other customary closing conditions and is expected to close by the end of 2023.
Core banking, card issuer, payments in LATAM, APAC, Europe
The acquisition will allow Visa to provide core banking and issuer processing capabilities across debit, prepaid, credit, and commercial cards for clients via cloud-native APIs.
Pismo’s platform also enables Visa to provide support and connectivity for emerging payment rails, like Pix in Brazil, for financial institution clients.
Jack Forestell, Chief Product and Strategy Officer, Visa, said: “Through the acquisition of Pismo, Visa can better serve our financial institution and fintech clients with more differentiated core banking and issuer solutions they can offer their customers.”
Ricardo Josua, Co-Founder, CEO, Pismo, commented: “At Pismo, we aim to enable our clients to launch cutting-edge payments and banking products within a single cloud-native platform – regardless of rails, geography, or currency. Visa provides us unrivalled support to expand our footprint globally and help shape a new era for banking and payments.”
The company has operations in Latin America, Southeast Asia and Europe. The company’s investors include Redpoint eventures, Softbank, Amazon and Accel.
Pismo tapped Sumsub for ID check capabilities
The Brazil-headquartered banking and payments infrastructure provider has recently tapped Sumsub to enhance its ID check capabilities by leveraging the KYC and AML solutions provider.
Founded in 2016, Pismo has expanded its operations globally, with offices in São Paulo, Bristol (UK), Austin (USA), Singapore, and Bangalore (India), and more than 450 employees, managing over 68 million accounts, processing US$ 195 billion in annual transactions.
Such scale leads to an increased need for a capable onboarding solution as managing compliance risks can feel intimidating, especially because identity crime and fraud attempts jumped by 36% in 2021 relative to 2020, according to the Identity Theft Resource Center.
To ensure secure operations and offer a swift onboarding experience for its global users, Pismo selected Sumsub, the leading KYC/KYB/KYT and AML compliance provider with over 2,000 global clients across the fintech, crypto, shared mobility, trading, and gaming industries.
