Visa Inc. revealed on Wednesday in a statement that it will be acquiring Pismo, "a cloud-native issuer processing and core banking platform with operations in Latin America, Asia Pacific and Europe," in an agreement worth $1 billion.
"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," Chief Product and Strategy Officer at Visa Jack Forestell commented. Meanwhile, Pismo CEO Ricardo Josua shared that "Visa provides us unrivaled support to expand our footprint globally and help shape a new era for banking and payments."
The transaction should be closed by the end of this year and is subject to regulatory approvals.