The funding will help Pismo accelerate the development of banking technologies and expand globally. Here are the top-line bullets you need to know.
Pismo, a cloud-native core banking and payments platform, has raised $108M in a Series B. The round drew participation from Amazon, Accel, SoftBank Group, and Falabella Ventures, among others.
How’s the company performing?
- Brazil-based Pismo offers an API-first, cloud-based core processing platform for banking, payments, and financial markets infrastructure to large banks, fintech companies, and marketplaces.
- The microservices platform reportedly hosts over 30M accounts, adding around 2.5M accounts per month. It handles over 4B monthly API calls, resulting in more than $3.5B in transaction volumes each month.
- Pismo’s customers include Falabella, Cora, BTG, N26, and Banco Itaú.
- The startup has expanded its team size from 40 employees in March 2020 to more than 250 today.
- Pismo is headquartered in São Paulo, Brazil, with offices in Austin, Texas, and Bristol, the UK.
Why does the market matter?
- The fintech market is projected to grow at a CAGR of 23.4% to reach a value of $324B by 2026, according to Market Data Forecast.
- The market has seen a boom in funding in recent years. In Q2’21, fintech companies raised a record $30.8B across 657 deals, driven by mega-rounds ($100M+) to companies working in banking, payments, and more.
- The Covid-19 pandemic has driven the adoption of cashless transactions and increased demand for digital payment solutions and online payment gateways.