Visa boosts offer for Brazilian fintech Pismo to $1.4B - report

seekingalpha2023-03-25

Visa (NYSE:V) has upped its offer for Pismo, a cloud-based banking and payments platform for banks, to $1.4B from its original offer of $1B, Valor Economico reported, citing two people familiar with ...

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In Brazil, Pismo, which is backed by Amazon (AMZN) and SoftBank (OTCPK:SFTBY), provides cloud infrastructure for banks such as Itaú (ITUB), BTG+, Pactual's retail platform and part of Citi (C). It has been expanding globally, most recently into India and Singapore.  Valor reported that Visa (V) is in competition with at least one other potential party. Pismo's platform processes 74M accounts, which is up 30% from six months ago, and 38M cards, the article said.  In October 2021, Pismo reported a $108M series B fundraising round, led by SoftBank (OTCPK:SFTBY), Amazon (AMZN), and Accel. At the time, it didn't provide a valuation, but it's estimated to be $600M-$700M, Valor said.  In September 2022, Visa (V) and Finastra entered a pact to co-develop Banking as a Service functionality on Finastra's payments hub.","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":1,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2322142286"}