US Multinational financial services firm Visa is to acquire Pismo, Brazil’s premier fintech payment and banking platform for US $1.4 billion.
Earlier this year Visa increased its offer for the cloud-based platform provider of banking services and payments. Visa’s original offer of US $1 billion was rejected by the partners in the Sao Paulo-based fintech company. Pismo then raised the offer US $1.4 billion.
Pismo’s technology enables banks and fintechs to rapidly launch card and payment products, digital wallets and marketplaces linked to LatAm retailers. It also produces and provides its B2B clients with financial data organization and management services.
Backed by Amazon
Since its inception, Pismo has acquired backing from Amazon, Falabella Ventures, Redpoint Ventures and Softbank. Its strategy for global expansion continues as the company opened offices in North America and the UK, followed by India and Singapore. Its longer-term growth plan has been the completion of the acquisition by Visa.
Pismo processes 74 million accounts and 38 million cards, an increase of over 30 percent in the past year. Pismo’s series B fundraising of US $108 million in October 2021 highlighted its growth path.
Visa’s growth strategy includes a focussed expansion in the LatAm region where it maintains a leading position in the payments sector.
The acquisition of Pismo will accelerate Visa’s progress to grow its presence in Latin America.
Pismo has retained Goldman Sachs as an advisor.
Founded in 2016
Pismo was founded in 2016 by Daniela Binatti and Ricardo Joshua together with an experienced team of entrepreneurs and technology experts. They were joined by Juliana Motta and Marcelo Parise who is Daniela’s husband. The company demonstrated potential right from the beginning. After leading their Seed round in 2016 from Redpoint eVentures, now known as Headline Brazil, the company went on to lead a Series A through the US Early Stage fund. This helped the company expand into the US market. Headline continued to support Pismo in its Series B with an investment from a global growth fund.