In 2021, the whole world certainly witnessed an increase in the adoption of digital payments due to the sedimentation of new habits imposed by Covid-19, and Brazil is not behind. Several fintech and paytech startups are surging the financial ecosystem of the country, one of them being São Paulo-based fintech Pismo. It is a cloud-native core processing platform that gives banks, fintechs, and other financial institutions flexibility and agility.
Recently the fintech also secured $108 million in Series B funding. The investment round was led by top global VC firms including SoftBank Latin America Fund, Amazon and Accel with participation from B3, Falabella Ventures and PruVen and existing investors and Headline and Redpoint ventures.
As per the company press release, Pismo will use the proceeds of this round to accelerate the development of market-leading technologies for banking, payments, and financial markets infrastructure. Besides this, several investors will join the Pismo board of directors.
Having said that Pismo has hit the headlines with the latest investment round that will fuel its growth and expansion, here are some details about the
How is the Brazilian fintech gunning success back to back, we at TFN take a look at it:
The founding story
In December 2016, Pismo was founded by four entrepreneurs including Ricardo Josua, Daniela Binatti, Juliana Motta, and Marcelo Parise. They signed their first big contract in December 2019 with private bank firm Itaú.
Also, Pismo has already attracted some of the biggest banks, fintechs, and retailers in Latin America as customers, including BTG, Cora, N26 and Falabella. The platform handles more than 4 billion API calls monthly, making it one of the biggest financial cloud-based platforms in the world. The Pismo platform hosts more than 25 million accounts which together transact more than $3 billion a month.
Unique all-in-one processing platform
Pismo’s unique all-in-one platform allows its customers to rapidly launch products for cards and payments, digital wallets, digital banking, and marketplaces. Also, it allows financial institutions to take complete control of their core data and use the same intelligently. Already, large banks, marketplaces, and fintechs use its cloud-native microservices platform.
With Pismo, users can open accounts instantly, and structure accounts as savings accounts, non-interest-bearing accounts, overdrafts, or any other combination. Also, it allows various transactions between accounts such as peer to peer transfers, local clearing payments, payment requests, and standing instructions. It also lets multiple account structures for a single entity. It is also possible to issue debit, prepaid, and credit cards natively.
Rapid scaling of next-gen solutions
Pismo’s cloud-based platform empowers teams to build fast and companies to launch rapidly. It also lets clients scale as they grow to have a wider audience while maintaining high security and availability standards. With its solutions, clients can launch next-generation solutions that will let them mitigate their legacy systems onto the most advanced platform out there.
Operates via global offices
Pismo, headquartered in São Paulo, Brazil, operates via global offices in the United States and the United Kingdom. Also, the fintech has announced that it will fuel its global expansion besides its existing offices with the recent funding. Infact, they also have announced plans to launch in Bristol, UK very soon.
Issue unique cards in a matter of days
Pismo leverages the bank partnerships and direct integrations with card networks for the instant issuance of credit, debit, prepaid, white-label, and private label cards. It creates a completely functional, open API-driven issuing infrastructure in a matter of weeks. It provides in-built sophisticated spending control logic, robust fraud prevention partnerships, and is fully PCI-DSS certified.
With its platform, Pismo lets build zero balance network integration that connects the client’s balance to Visa and Mastercard, prepaid cards, combo cards, debit cards and full credit cards.
There will be card Issuing services such as fraud prevention integration with the best solutions worldwide, single and dual message authorizations for debit, pre-paid, and credit, and dynamic spending controls per MCC, customer, card, and more.