JP Morgan complete a year-long strategic investment in Viva wallet This is to expand our European operations to Greece.
JP Morgan continues its expansion in Greece with 48.5% ownership of Viva Wallet. Headquartered in Athens, Viva Wallet is a cloud-based payments fintech company founded in 2000.
Offer merchants value-added services such as tap-to-device technology, merchant cash advances, bill payments, and expense management. Services also include virtual debit card issuance, cash payments, gift cards and loyalty.
In the process of concluding the contract, Fintech received 25 million euros with a loan from European Bank for Reconstruction and Development (EBRD). We are using this funding to develop a “tap-on-phone” solution for in-store payments. Closing the deal with JP Morgan is positive. Viva Wallet further capitalizes with his €100 million cash injection provided by JP Morgan.
JP Morgan will leverage the new state of Viva Wallet to expand the omnichannel merchant acquisition capabilities it can offer to European merchants. The deal forms a natural link between his two companies, as both work with corporate treasury services, trade finance, cards and merchant services.
“This strategic investment from JP Morgan’s payments business allows us to complete building on our vision of providing localized payment and transaction services to SMBs across Europe. Harris CaronisCEO and co-founder of Viva Wallet.
Karonis and co-founder makis Antipas It owns 51.5% of Viva Wallet’s shares and will continue to own the majority stake after the transaction closes.
As part of the transaction, JP Morgan has also converted Viva Wallet’s convertible notes, resulting in the elimination of debt by Viva Wallet Group.
JP Morgan expands into Greece
After announcing an agreement January, it seems fitting that JP Morgan would close out the year with the signing of the deal. And a month after he announced an expansion to Greece, a new stake in Viva Wallet will help pull the creases in his SMB payments rollout in Europe.
JP Morgan is busy introducing an SMB payments brand Chase Payment Solution across the United States and parts of Europe. The investment in Viva Wallet sets the groundwork for the development of future international products and services across the European region.
Plans for a new payments innovation lab in Athens will boost these efforts dedicated to research and development of the payments business.
“We are very pleased to complete this important strategic investment for our company,” he said. Takis georga copulos, Global Head of JP Morgan Payments. “We are confident that the European payments space will present significant growth opportunities in the years to come.
“With its platform and omnichannel merchant acquisition capabilities, Viva Wallet is poised to position itself with SMBs in the region.”
With local branches in 24 European markets, Viva Wallet is well positioned to serve businesses and markets on the continent.
JP Morgan Securities LLC serves as exclusive financial advisor to JP Morgan, Freshfields Brookhaus Deringer LLP When Caratzas & Partners acted as legal counsel. Jeffries Acting as exclusive financial advisor to Viva Wallet, Davis Polk & Wardwell LLP acted as legal counsel.