Visa Inc. agreed to acquire Pismo, a Brazilian financial-technology firm that provides cloud-based payment and banking platforms, for $1 billion in cash.
With the purchase of Sao Paulo-based Pismo, Visa will be able to provide core banking and issuer processing capabilities across debit, prepaid, credit and commercial cards for clients through cloud-native applications, the San Francisco-based credit-card giant said in a statement Wednesday. Visa’s talks with Pismo were reported earlier this month by Bloomberg News.
“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,” Jack Forestell, Visa’s chief product and strategy officer, said in the statement.
Read the full story on Bloomberg here.