On January 16, 2024, Visa announced it has completed its acquisition of Pismo, a global cloud-native issuer processing and core banking platform in an all-cash deal worth $1 billion. Wilson Sonsini Goodrich & Rosati acted as lead deal counsel to Pismo on the transaction.

The combination of Visa and Pismo will provide clients with core banking and card-issuer processing capabilities across all product types via cloud native APIs. Pismo’s platform will also enable Visa to provide support and connectivity for emerging payment schemes and RTP networks for financial institution clients. Pismo will retain its current management team led by Ricardo Josua.

Founded in 2016 by experienced tech entrepreneurs Ricardo Josua, Daniela Binatti, Juliana Binatti, and Marcelo Parise, Pismo has experienced rapid growth and expanded from Brazil to countries across Latin America as well as the U.S., Asia-Pacific and Europe. Wilson Sonsini has advised Pismo since their $108 million Series B financing in 2021, when SoftBank, Amazon and Accel joined B3, Falabella Ventures, Headline, PruVen and Redpoint eventures as investors.

Matt Squires, head of the firm’s Latin America practice group said, “The all-cash acquisition represents one of the most significant fintech deals globally over the past year and is truly a marquee transaction for the Latin American tech and venture capital ecosystem. We are extremely pleased to have been able to support Pismo through their funding, international expansion and path to this incredible outcome.”  

The Wilson Sonsini team that advised Pismo on the transaction includes:

Corporate – Latin America
Matt Squires
Vanessa Jacob Heck
Jose Corte-Real

Mergers & Acquisitions
Robert T. Ishii
Brendan Ripley Mahan
Alejandra Gonzalez
Robert Gunn

Technology Transactions
Adam Shevell
Khalil Nobles
Patrick Messenger

Tax
Myra A. Sutanto Shen
Han Shen

Employee Benefits and Compensation
Scott T. McCall
Michael J. Montfort
Toni Jennings Hodge

Employment Litigation
Jason M. Storck
Aren Balabanian
Colleen Angus-Yamada

Fintech and Financial Services
Jess Cheng
Troy K. Jenkins

Privacy and Cybersecurity
Matt Staples
Daniel Chen
Michael S. O'Brien
Dantam Le

Antitrust
Ben Labow
Kimberley Biagioli
Evan Moore

National Security
Joshua F. Gruenspecht

Regulatory
Anne E. Seymour
Seth Cowell
Jonathan R. Davey

For more information, please see Pismo’s press release.