(Reuters) – Payments giant Visa Inc said on Wednesday it would acquire Brazilian fintech platform Pismo for $1 billion in cash to expand its footprint in Latin America as the region continues to attract scores of foreign investments.
The consolidation also expands Sao Paulo-based Pismo’s offerings. It provides technology through which clients can issue Visa and Mastercard cards.
Pismo’s cloud-based platform for financial institutions hosts more than 70 million accounts and transacts more than $200 billion a year.
(Reporting by Jaiveer Shekhawat and Mehnaz Yasmin in Bengaluru; Editing by Maju Samuel)
