The payment services Visa is acquiring Pismo, a Brazilian payments startup, for $1B in cash. This deal is one of the biggest in the fintech industry this year.
Pismo, founded in 2016, is a leading provider of cloud-native issuer processing and core banking platform for banks and fintech. Big players like Citi, Itaú, Revolut, N26, Nubank, and Cora trust Pismo, which handles 50 billion API calls and $40 billion in transactions annually.
The startup has expanded beyond Brazil, operating in Latin America, the U.S., Europe, India, Southeast Asia, and Australia.
Visa’s Chief Product and Strategy Officer, Jack Forestell, is thrilled about the acquisition. “With Pismo on board, we can offer our clients even better solutions, Visa is determined to stay ahead of the game and keep providing innovative options for its customers” he said.
This acquisition represents a massive deal for the Latin American fintech industry, reflecting the growing interest of global investors.
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