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