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The acquisition of the Brazilian payments infrastructure startup is likely one of the largest fintech M&A deals taking place this year so far. Founded in 2016, São Paulo–based Pismo has quietly racked up a list of big-name customers, and processes almost 50b API calls and $40b in transaction volumes annually, and powers almost 80m accounts and over 40m issued cards.
In a written statement, Visa said that by acquiring Pismo, it “will be positioned to provide core banking and issuer processing capabilities across debit, prepaid, credit and commercial cards for clients via cloud native APIs.” The startup’s platform will also enable Visa to provide support and connectivity for emerging payment rails, like Pix in Brazil, for financial institution clients, the company added.
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