Visa Nears Deal To Scoop Brazil Payments Provider Pismo

Visa Inc (NYSE:V) is in advanced talks to acquire Pismo, a Brazilian cloud-based payment and banking platform provider.

The American multinational financial services firm could announce a deal by June, Bloomberg cites familiar sources.

Mastercard Inc (NYSE:MA) and Visa were among the firms contending to acquire Pismo, worth $1 billion in a sale.

Reportedly in 2023, Visa offered to snap Pismo for $1.4 billion.

Pismo, co-founded by Daniela Binatti and Ricardo Josuá, helps banks and financial technology companies launch cards and payment products rapidly. 

In 2021, the company raised $108 million from investors led by SoftBank Group Corp (OTC: SFTBF) (OTC: SFTBY), Amazon.com Inc (NASDAQ: AMZN), and Accel.

Visa held $19.4 billion in cash and equivalents on March 31, 2023.

Price Action: V shares traded higher by 1.00% at $225.27 premarket on the last check Friday.

Photo via Wikimedia Commons