The acquisition demonstrates Visa’s interest in global expansion under the new leadership of CEO Ryan McInerney, who was installed earlier this year after his time as president exploring the card giant’s worldwide operations.
“Through the acquisition of Pismo, Visa can better serve our financial institution and fintech clients with more differentiated core banking and issuer solutions they can offer their customers,” said Visa Chief Product and Strategy Officer Jack Forestell in the release. McInerney elevated Forestell to the chief strategy post this year.
Visa has engaged in both cooperation and competition with fintechs worldwide in recent years as a wave of startups have entered the payments arena seeking to sell digital alternatives that improve on decades-old technology.
