Pismo expands to Asia with OneConnect, an associate of Ping An Group


Pismo, one of the world’s fastest-growing banking software-as-a-Service (SaaS) firms, announces its new office in Singapore and the forging of a strategic partnership with OneConnect Financial Technology Co., Ltd (OneConnect), the leading technology-as-a-service (TaaS) provider and an associate of Ping An Group, in order to expand its operations in Southeast Asia region and the Middle East.

The global core banking software market is expected to reach a US$34.48 billion valuation in 2028, with a compound annual growth rate of 18% between 2021 and 2028, according to Fortune Business Insights2 and Asia plays an important role in this growth. The partnership will allow both companies to tap into this rapidly growing core banking software market in the region, thus extending the reach to a greater range of financial institutions.

Southeast Asia region and the Middle East are key markets for Pismo, as one of the highest growing economies in the world,” says Vishal Dalal, CEO (North AmericaEurope and Asia) at Pismo. “Our vision is to help banks and fintechs in their journey into BaaS and cloud for core processing. Our presence in Singapore and our partnership with a highly-accomplished institution like OneConnect underlines our deep commitment to this region.”

This partnership sees OneConnect’s current suite of cutting-edge technological solutions being complemented with Pismo’s highly scalable, nimble, and multi-tenant SaaS platform in order to better serve a broader range of financial institutions.

Tan Bin Ru, CEO (Southeast Asia), OneConnect Financial Technology, says: “We are excited by the potential that this partnership brings to both parties. As a financial technology solutions provider, we are constantly looking out for new technologies and ways for us to bring better value to financial institutions.”

She adds: “With this partnership with Pismo, we are glad to be able to extend our range of services to now include SaaS, which we envision to be more accessible and implementable for mid-to small-sized banks. This is also where we believe we can bring together the best of the East – best-in-class AI innovations and technology – and the West – a flair in product engineering.”

OneConnect chose Pismo as its latest strategic partner due to Pismo’s deep experience developing and implementing banking SaaS solutions for financial institutions including digital banks, such as Banco ItauLatin America’s largest bank, BTG Pactual, the largest investment bank in Latin America, and renowned digital bank N26. Together with Pismo, OneConnect will soon be able to offer proven SaaS-based core banking solutions suitable for smaller banks. This potentially allows for integration within OneConnect’s existing products, such as its anti-fraud engines and mobile banking applications, which previously targeted top incumbent and large banks looking to digitalise.

The office in Singapore follows the opening of Pismo’s US and Europe offices in 2021 and is part of the company’s globalization strategy. In time, the office will also become the hub for all Pismo’s product support in South-East Asia.


Pismo Raises $108 Million Series B Led by SoftBank, Amazon and Accel to Enable Cloud-Native Financial Services Globally


Pismo, the cloud-native core banking and payments platform, today announced the signing of a $108 million Series B fundraising round, led by SoftBank Latin America Fund, Amazon and Accel with participation from B3, Falabella Ventures and PruVen and existing investors and Headline and Redpoint eventures. The funding will fuel the company’s global expansion and accelerate the development of market-leading technologies for banking, payments, and financial markets infrastructure.

The financial services industry is undergoing significant technological transformation, and consumers are increasingly demanding more innovative products and frictionless experiences. Pismo has developed a cloud-native core processing platform that gives banks, fintechs, and other financial institutions flexibility and agility. Its unique all-in-one platform allows Pismo customers to rapidly launch products for cards and payments, digital banking, digital wallets, and marketplaces. In addition, it allows financial institutions to take charge of their core data and use it intelligently.

Founded in 2016 by four experienced tech entrepreneurs in Brazil, Pismo has already attracted some of the biggest banks, fintechs, and retailers in Latin America as customers, including Banco Itaú, 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.

“With the widest product coverage in the market and cutting-edge technology adopted at scale, Pismo is now ready for a new phase of growth. On the back of this funding round, we will build further on the momentum and scale we already have in LATAM, and accelerate international expansion,” says Ricardo Josua, co-founder and CEO at Pismo. “We have enabled our clients to launch and manage some of the most innovative products in the market, and we are just getting started. We are hiring over 200 engineers and world-class product, commercial, and management talent to lead banking and payment disruption all around the world.”

“Ever since we embarked on our global expansion program in EuropeAsia, and North America earlier this year, we have seen significant interest in the platform and client momentum which is already being translated into commercial momentum,” says Vishal Dalal, CEO (North AmericaEurope, and Asia) at Pismo. “This funding round will turbo-charge our aspirations globally, including the addition of three  offices: in Austin, TexasBristol, United Kingdom; and in Singapore. We’re thrilled about building our footprint and customer base in these new regions.”

“We are very excited to invest in Pismo. We believe they have a very talented team uniquely positioned to reinvent the technology behind banking, payments, fintech, and commercial transactions. The founders are outstanding and have great ambitions to make Pismo a truly global company,” says Alex Szapiro, Head of Brazil and Operating Partner at SoftBank Group International.

“We believe Pismo is the foundational fintech platform for LATAM, and now with a new influx of funding, the rest of the world,” said Ethan Choi, partner at Accel. “LATAM is in the early innings of its unprecedented fintech revolution and we’re thrilled to support Pismo in enabling more innovative services and greater financial inclusion in the region, as well as taking its core banking and payments capabilities far and wide.”

Several investors will also designate members to join the Pismo board of directors, in addition to  the Pismo founders who are already on the board— Ricardo Josua, Daniela Binatti, Juliana Motta, and Marcelo Parise.