JP Morgan buys 48.5% stake in Greek FinTech Viva Wallet

By Gloria Methri

JP Morgan has bought a 48.5 percent stake in Greece-based FinTech Viva Wallet, with a cash injection of 100 million euros. This comes after minority shareholders Hedosophia (24 per cent), the Latsis family (13 per cent) and Deca (10 per cent) agreed to the sale of their shares to JP Morgan.

Viva Wallet’s founders Haris Karonis and Makis Antypas maintain a majority stake of 51 percent and will continue to oversee the company’s operations.

As part of the transaction, JP Morgan will convert Viva Wallet’s convertible promissory note, helping the startup eliminate its debt.

The first news about the deal appeared in January 2022, when the sale and purchase agreement was signed between the two companies. The sale was approved by Greek regulatory authorities in September 2022. The deal meant Viva Wallet, which identifies itself as a cloud-based neobank, would become the first unicorn in Greece.

Viva Wallet has a presence in 24 European countries, and offers services in 19 different languages, and payments in 10 currencies. It is an official member of Visa and MasterCard. Viva Wallet offers card authorization services through its POS application, Google Play add-ons and advanced payment systems in online stores.

In 2020, Viva Wallet had revenues of €44 million, which almost tripled in size to around €130 million in 2021. The company’s stock option plan remains a key driver of growth. At least 35,000 shares worth $50 million will be distributed to 200 Viva Wallet employees. New and future employees will also have the opportunity to become part of a new share option plan.

In November 2022, the Greek FinTech partnered with Klarna to help merchants meet buyers’ demand for more flexible payment options. Back in September 2022, Viva Wallet’s French branch enabled their merchant network to accept CB payments. In May 2022, the company enabled merchants across Europe to accept Discover, Diners Club and network alliance cards.