:Payments giant Visa Inc said on Wednesday it would acquire Brazilian fintech platform Pismo for $1 billion in cash to expand its footprint in Latin America as the region continues to attract scores of foreign investments.Pismo will retain its current management team and the deal is expected to close by the e
:Payments giant Visa Inc said on Wednesday it would acquire Brazilian fintech platform Pismo for $1 billion in cash to expand its footprint in Latin America as the region continues to attract scores of foreign investments.
The consolidation also expands Sao Paulo-based Pismo's offerings. It provides technology through which clients can issue Visa and Mastercard cards. Pismo's cloud-based platform for financial institutions hosts more than 70 million accounts and transacts more than $200 billion a year. Pismo raised $108 million in a Series B investment round in 2021 led by Japan's SoftBank Group Corp, Amazon.com Inc and global venture capital firm Accel.
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