2023-06-28 20:14:03
Visa (NYSE: V) announced today that it has signed a definitive agreement to acquire Pismo, a cloud-native processor and banking platform with operations in Latin America, Asia Pacific and Europe, for $1 billion in cash.
By acquiring Pismo, Visa will be positioned to offer customers banking processing and issuance solutions for debit, prepaid, credit and business cards through cloud-native APIs. Pismo’s platform will also enable Visa to offer support and connectivity to emerging payment trails, such as Pix in Brazil, for financial institution customers.
“Through the acquisition of Pismo, Visa is able to better serve our financial institution and fintech customers with differentiated banking and issuance solutions they can offer to their end customers,” said Jack Forestell, Global Product and Strategy Leader, Visa.
“At Pismo, our goal is to enable our customers to launch payments and banking products on a single cloud-native platform, regardless of rails, geographies or currencies. Visa provides us with unparalleled support to expand our presence globally and help shape a new era of payments and banking,” said Ricardo Josua, Founder, CEO, Pismo.
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.
About Visa Inc.
Visa (NYSE: V) is a global leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities in more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payment network, enabling people, businesses and economies to thrive. We believe that economies that include all people everywhere improve lives for everyone, and we understand that access is critical to the future of moving money. For more information visit Visa.com.
About to Pismo
Pismo is a technology company with experience in developing and implementing banking and card solutions for digital banks and large financial institutions. The company has operations in Latin America, Southeast Asia and Europe. The company’s investors include Redpoint Ventures, Softbank, Amazon and Accel.
Forward-looking Statements
This announcement contains forward-looking statements pursuant to the US Private Securities Litigation Reform Act of 1995. These statements may be identified by the terms “expect”, “will”, “continue” and other similar references to the future. Examples of forward-looking statements include, but are not limited to, statements we make about the timing and likelihood of closing, Pismo’s future success, the acquisition’s impact on Visa’s growth, and other benefits to Visa, financial institutions and consumers.
By their nature, forward-looking statements (i) speak only as of the dates they were made, (ii) are not statements of historical fact or guarantees of future performance, and (iii) are subject to risks, uncertainties, assumptions and changes in circumstances that are difficult to predict or quantify. Therefore, actual results could differ materially and adversely due to a variety of factors, including risk factors described in our most recent Annual Report, filed with the US Securities and Exchange Commission on Form 10-K for the fiscal year ended 30 September 2022 and our other filings with the US Securities and Exchange Commission.
You must not place undue reliance on such statements. Unless required by law, we do not intend to update or revise any forward-looking statements because of new information, future developments or otherwise.
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Deborah Strong
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Source: BUSINESS WIRE
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