tVisa acquired the Brazilian fintech for $1bn in cash. By acquiring Pismo, Visa will be able to provide core banking and issuer processing capabilities across debit, prepaid, credit and commercial cards for clients via cloud-native APIs.

Pismo’s platform will allow the payments giant to provide support and connectivity for emerging payment rails for financial institution clients.

Ricardo Josua, co-founder and CEO of Pismo, commented: “At Pismo, we aim to enable our clients to launch cutting-edge payments and banking products within a single cloud-native platform – regardless of rails, geography or currency.

“Visa provides us unrivalled support to expand our footprint globally and help shape a new era for banking and payments”, Josua continued.

The announcement comes shortly after Visa teamed up with Pay.UK – a payments platform – to detect and prevent fraud.

According to GlobalData, the US payment companies dominated the top-line performance list in 2022, with American Express, Visa, Paypal and Mastercard accounting for 58.5% of the aggregate revenue of the top 20.

Jack Forestell, chief product and strategy officer at Visa, commented: “At Pismo, we aim to enable our clients to launch cutting-edge payments and banking products within a single cloud-native platform – regardless of rails, geography or currency.

“Visa provides us unrivalled support to expand our footprint globally and help shape a new era for banking and payments”, Forestell concluded.