Payments giant Visa Inc announced that it would acquire Brazilian payments infrastructure platform Pismo to expand its footprint in Latin America for $1 billion in cash in what is likely one of the largest fintech M&A deals this year, subject to regulatory approvals. Sao Paulo-based Pismo would be under the same management team after the acquisition.

The company said the acquisition would provide support and connectivity for emerging payment rails for financial institution clients and core banking and issuer processing capabilities across debit, prepaid, credit and commercial cards via cloud-native APIs.

Visa bought the European open banking platform Tink in March 2022 for $2.2 billion and British cross-border payments provider Currencycloud in December 2021 for close to a billion dollars. 

The cloud-based fintech platform hosts nearly 70 million accounts with over $200 billion in transactions annually. The 7-year-old company operates in Europe, North America, Southeast Asia, India and Latam and has bagged big clients, including Citi, Itaú, Revolut, N26, Nubank and Cora.

SoftBank, Amazon and Accel co-led the startup’s Series B round raising $118 million with participation from Falabella Ventures, PruVen and existing investors Redpoint Ventures and Headline.