JPMorgan agrees to acquire 49% stake in Greek fintech Viva Wallet


ATHENS (Reuters) – JPMorgan mentioned on Tuesday it had agreed to acquire an round 49% stake in Athens-based funds fintech Viva Wallet, topic to regulatory approvals.

Financial phrases of the transaction weren’t disclosed, however sources shut to the deal instructed Reuters Viva Wallet was valued at greater than $2.0 billion.

JPMorgan’s funding will prime $1.15 billion, together with a capital improve in Viva Wallet which won’t dilute its founders’ majority stake of 51.5%, mentioned the sources, who declined to be named.

Cloud-based Viva Wallet, which operates in 23 nations throughout Europe, supplies card acceptance companies by way of its POS software, add-on Google play gadgets and superior cost methods in on-line shops.

“We are very excited to make a strategic funding in Viva Wallet to help their imaginative and prescient to empower new development and funds innovation focused at European small and midsize companies,” JPMorgan’s head of world funds Takis Georgakopoulos mentioned in an announcement.

He mentioned the European funds sector is massive in phrases of alternative, with greater than 17 million retailers prepared to implement funds methods that may be rapidly ramped up.

The stake might be acquired from Viva Wallet’s minority shareholders, together with the Latsis household workplace, which holds about 13% of the agency, and British fund Hedosophia, with about 24%.

In 2020 Viva Wallet purchased Greece’s first digital challenger Praxia Bank, which was owned by former Barclays boss Bob Diamond and fellow Atlas Merchant Capital associate David Schamis, buying a banking licence.

In the identical yr it launched Apple Pay and Google Pay in 18 nations, providing purchasers digital enterprise debit playing cards.

“Viva Wallet’s mission is to change the best way companies pay and receives a commission in Europe with leading edge expertise,” mentioned Chief Executive Haris Karonis, co-founder of Viva Wallet.

Jefferies was Viva Wallet’s sole monetary adviser on the deal, with Davis Polk & Wardwell LLP the authorized adviser.

(Reporting by George Georgiopoulos; Editing by Jan Harvey)

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