Viva Wallet Sells 49% Stake in Cloud-Based Fintech to JPMorgan

Viva Wallet, a European cloud-based payments fintech company, is selling a 49 per cent stake to JPMorgan (NYSE:JPM). The financial terms of the transaction were not disclosed.

Founded in 2000, Viva Wallet is headquartered in Athens, Greece, and focuses on serving SMBs in 23 countries. The company built a proprietary, cloud-based payments platform that offers value-added services to merchants including tap-to-device technology, merchant cash advance, bill pay, expense management, virtual debit card issuance, cash disbursement, gift cards, and loyalty.

“Viva Wallet’s mission is to change the way businesses pay and get paid in Europe with cutting edge technology, unprecedented agility and in-depth knowledge of the European payments landscape,” Viva Wallet’s co-founder and CEO Haris Karonis. “This strategic investment from JPMorgan’s Payments business will enable us to complete the build out of our vision to deliver fully localized payments and transactions services to SMBs across Europe.”

“We are very excited to make a strategic investment in Viva Wallet to support their vision to empower new growth and payments innovation targeted at European small and midsize businesses (SMBs) and middle market merchant services clients,” said Takis Georgakopoulos, global head of J.P. Morgan Payments. “The European payments landscape is fragmented yet large in terms of opportunity, with more than 17 million merchants1 ready to implement scalable payments solutions and this is a big focus area for added growth for JPMorgan Payments in the future.”

In a statement, JPMorgan said its payments business is focused on growing its omnichannel merchant acquiring capabilities offered to European SMBs. The Viva Wallet investment continues a strategy that combines corporate treasury services, trade finance, card and merchant services capabilities. The business recently unveiled its brand for SMB payments, Chase Payment Solutions, in the US and the strategic investment in Viva Wallet will set the stage to develop future international products and services across European SMBs.

“J.P. Morgan’s strategic investment in Viva Wallet signifies our confidence in their technology and team who already offer a holistic omnichannel merchant acquiring capability across Europe and better serve SMBs,” said Max Neukirchen, global head of payments and commerce solutions, J.P. Morgan.

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