Visa (NYSE:V) announced today it agreed to acquire Pismo, a cloud-native issuer processing and core banking platform operating in Latin America, Asia Pacific, and Europe, for $1 billion in cash.
This acquisition will enable Visa to offer core banking and issuer processing capabilities for debit, prepaid, credit, and commercial cards through cloud-native APIs.
The transaction is subject to regulatory approvals and other customary closing conditions and is anticipated to be completed by the end of 2023, with Pismo's management team remaining in place.