FinTech case study: Pismo

One of the biggest cloud-based core banking platforms in the world.

Pismo, is a cloud-based technological platform designed to facilitate the creation and management of financial services. This platform comprises a suite of components that banks, FinTech companies, and other organisations can leverage to swiftly develop tailored solutions that meet the ever-evolving demands of the market. Pismo's functionality encompasses the management of accounts and cards, as well as the seamless processing of payments and various other financial transactions.

Pismo sets itself apart from its competitors in several significant ways. Unlike legacy providers, Pismo has been purpose-built for the public cloud. This means that their customers have a pay-as-you-go model, where they only pay for the resources they utilise without hefty upfront fees. Additionally, Pismo enables its clients to release products rapidly, with some even achieving daily release cycles. This agility and cost-efficiency distinguish Pismo in the market, offering a modern and flexible approach to meet the evolving needs of businesses.

Key achievements

In 2021, Pismo embarked on its international expansion journey by establishing a presence in Bristol. Since then, they've successfully set up a hub in Europe and secured clients from around the globe. A significant milestone was reached in June of this year when Citi revealed its adoption of the Pismo platform for their banking services.

Subsequently, Pismo has signed deals with their inaugural clients in Australia and the United States, firmly positioning themselves on the path to becoming a prominent global player in the core banking and payment sector.

In June 2023, Visa announced its intention to acquire Pismo for of $1 billion, pending regulatory approval, making it our region's 5th unicorn (company worth over $1bn). This strategic move underscores Pismo's growing influence and significance in the financial services industry on a global scale.

The focus over the next year is to expand the UK and European footprint while maintaining steady global growth

As business grows in the UK and Europe, Pismo believe Bristol has the potential to become the local engineering hub for Europe. Exact numbers are hard to predict, but if past record is any indicator, we believe Bristol will continue to thrive, and most of our future jobs created will be local.

Europe is the centre of the global FinTech ecosystem

European banks are globally recognised for their advanced and innovative approaches to the financial sector, so it is a logical step for Pismo to establish a presence in the West of England. From their base in Bristol, the intention is to serve these forward-thinking banks and share the advantages of their cutting-edge technology with them. This move aligns with Pismo's commitment to providing modern and efficient solutions to further enhance the capabilities of financial institutions in Europe.

Why Bristol?

Pismo's decision to select Bristol as their UK base was driven by a desire to establish a local presence. While London may have been the more obvious choice, Bristol stood out due to its compelling factors. The city boasts a rich talent pool, offers convenient access to various parts of Europe, and provides an exceptional quality of life. These attributes made Bristol an appealing and strategic choice for Pismo's operations in the UK.

Bristol was chosen as the company’s international headquarters due to two main reasons:
1. Localisation – Greenwich Mean Time is the centre of the world, making connecting to different parts of the globe far easier than from anywhere else
2. Local talent – The region provides a variety of talent that fit the company’s needs to expand and support global operations

The UK is still a favourite hotspot amongst international FinTechs and start-ups, with ample funding, support and attracting talent from around the world, which will be in the UK for the foreseeable future.