Pismo is backed by investors including Redpoint eventures, Softbank, Amazon, and Accel.

Visa (NYSE: V) has announced its definitive agreement to purchase Pismo, a cloud-native issuer processing and core banking platform, for $1 billion in cash. This acquisition will enable Visa to enhance its services for financial institutions and fintech clients by offering more innovative core banking and issuer solutions to its customers.

By acquiring Pismo, Visa will gain the ability to provide core banking and issuer processing capabilities across various card types, including debit, prepaid, credit, and commercial cards. These capabilities will be accessible to clients through cloud native APIs. (Businesswire)

Additionally, Pismo’s platform will enable Visa to support and connect with emerging payment systems, such as Brazil’s Pix, for financial institution clients.

According to Visa’s Chief Product and Strategy Officer, Jack Forestell, this acquisition would allow Visa to better serve its financial institution and fintech clients by offering more differentiated core banking and issuer solutions.

Pismo, as a technology company specializing in banking and card solutions, has operations in Latin America, Southeast Asia, and Europe. The company’s goal is to empower clients to launch cutting-edge payment and banking products using a single cloud-native platform, regardless of the specific payment rails, geographical location, or currency.

Pismo’s investors include Redpoint eventures, Softbank, Amazon, and Accel.

The transaction is subject to regulatory approvals and customary closing conditions, with an expected completion by the end of 2023.

Pismo will continue to operate under its existing management team.

Visa is a global leader in digital payments.

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