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Visa Competes to Acquire Banking and Payments Platform Pismo

Visa is interested in purchasing the Pismo cloud banking and payment platform.

Visa Competes to Acquire Banking and Payments Platform Pismo

Source: Pixabay.com

The media reports that the payment giant has offered $1.4 billion for the purchase of a fintech company based in Brazil. Earlier, Visa announced its readiness to purchase a payment platform for $ 1 billion.

The media claim that bidding is currently underway for the right to acquire a fintech company. There is information that Visa and another company, whose name is not reported, are taking part in this process. The payment giant does not comment on reports about its participation in the auction, referring to the position of refusing to respond to rumors and speculation.

A Pismo representative, in response to a request to comment on the news about the possible sale of the platform, said that market rumors are not the subject of discussion.

Currently, the fintech company provides cloud services to financial institutions and implements the concept of actively expanding the scope of activities at the international level. The firm maintains 74 million accounts and 38 million cards.

Pismo CEO Ricardo Joshua said in the fall of 2021 that representatives of the financial services market who seek to rethink and change the customer experience in practice will inevitably face a pile of technologies. He also noted that the programming interfaces of banking applications (API) and platforms can help banks, fintech firms, acquirers, and trading platforms to launch new solutions without confrontation with the old infrastructure.

Also in the fall of 2021, Pismo managed to attract investment funds for 108 million dollars as part of a Series B financing round.

Earlier in March 2023, the company introduced a new credit instrument that allows financial institutions to create solutions tailored for customers. The head of Pismo’s lending and Core banking Operations department, Faisal Khan, said at the time that traditional lending solutions take a lot of time and are labour intensive.

As we have reported earlier, F5 and Visa Partner to Reduce Login Friction.

Serhii Mikhailov

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Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.