(CercleFinance.com) – Visa announced on Wednesday that it has signed a definitive agreement to acquire Pismo, a Brazilian banking and payment services platform, for one billion dollars in cash.
With the transaction, Visa says it wants to be able to provide banking services and issue debit cards, prepaid cards, credit cards and commercial cards for its customers through cloud-native APIs , i.e. entirely dematerialized.
Created in 2016, Pismo operates in Southeast Asia, Europe and Latin America, where the start-up has already attracted major banks, fintechs and large retailers.
Visa plans to maintain its leadership team, including co-founder and CEO Ricardo Josua.
The transaction, subject to regulatory approvals and customary closing conditions, is expected to close by the end of 2023.
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