And to think, all they had to do was build Lightning infrastructure.

“Credit card giant Visa is acquiring Brazilian payments infrastructure startup Pismo for $1 billion in cash in one of the largest fintech M&A deals in 2023. Founded in 2016, São Paulo–based Pismo has quietly racked up a list of big-name customers, including Citi, Itaú (one of Brazil’s largest banks), Revolut, N26, Nubank and Cora. The startup processes almost 50 billion API calls and $40 billion in transaction volumes annually, and powers almost 80 million accounts and over 40 million issued cards, it says.”

Via StrictlyVC newsletter.