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

March, 24 2023 03:46 PM SoftBank Group Corp ADR

2023-03-24 15:46:42 ET

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

For further details see: