Fintech transfers its credit card portfolio to cloud infrastructure in only five months
BRISTOL, England, July 25, 2024 /PRNewswire/ — alt.bank, whose novücard is Brazil’s only credit card with automatically increasing limits, migrated its legacy credit card infrastructure to Pismo in just five months.
alt.Bank was created in 2019 by the anglo/american technology entrepreneur Brad Liebmann with the objective to bring transparent and fair lending practices to the Brazilian credit card market. The fintech chose Pismo’s cloud-native platform to boost its operations and expand the range of services available to its customers via the Visa credentials.
"To enable the delivery of the services we are creating, we need flexible, up-to-date, and reliable technology. We found the ideal partner in Pismo," says Brad Liebmann, founder and CEO at alt.bank.
The project was completed without dependency on the previous operator and without service interruptions for cardholders.
"On Pismo’s platform, we selected the microservices that made sense for our operation, and we didn’t have to wait in line for developments, as we did before. This allowed us to migrate in record time.", complements.
novücard is the first card in Brazil to offer a dynamic credit limit that automatically increases month by month as bills are paid on time and in full. Taking advantage of the Pismo platform, the fintech plans to launch several new product features for novücard – some of which will be novel to Brazil – by the end of the year.
"alt.Bank is simplifying access to financial products to its clients. And operational efficiency is pivotal for the success," says Rodrigo Melato, VP of Global Sales and Customer Success at Pismo. "By offering cutting-edge technology in small blocks, Pismo simplifies how clients manage technology. Pismo offers more than 600 endpoints, what helps keep costs under control and give clients authonomy to be in charge of their infrastructure," he concludes.
alt.bank is Brazil’s fastest growing direct credit card issuer and received more than $30 million in investment – led by New York-based Union Square Ventures. It is the first investment in South America for USV, considered the most successful Series A investor in the world. At the heart of the alt.Bank is its GUARD credit engine – Brazil’s most accurate – which is also used by other Brazilian lenders via partnerships.
Pismo, which was acquired by Visa International earlier this year, continues to play a key role in the transformation and modernisation of the financial segment landscape. Pismo provides clients with comprehensive core banking and card-issuer processing capabilities across all product types through cloud native APIs.
About Pismo
Pismo is a technology company that provides a complete processing platform for banking, card issuing and financial market infrastructure. Large banks and fintechs use our cloud-native microservices platform. Our clients have created state-of-the-art solutions while migrating their legacy systems to the most advanced technology. We enable companies to build and launch new products and services quickly. Our platform allows you to scale systems as your business grows, while maintaining high standards of security and availability.
About alt.bank
The mission of alt.bank is to improve the lives of a billion people through financial justice. Founded with a comprehensive social commitment, alt.bank launched the novücard in July 2022, offering fair and transparent interest rates to Brazilians. With more than $30 million in investments led by Union Square Ventures, the company is well-positioned to continue its trajectory of growth and positive social impact.
Media contact
Pismo
Patricia Bartuira+1 (786) 270-6253patricia@bmcsmart.com
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