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Direct Investment  + Latest News  + M&As  |  December 29, 2022
JP Morgan Takes 48.5% Ownership in Payments Fintech Viva Wallet for $800M
By: Joe Palmisano

JP Morgan Takes 48.5% Ownership in Payments Fintech Viva Wallet for $800M

JP Morgan has acquired a 48.5% stake in Greece-based payments fintech startup Viva Wallet for $800mn. Viva‘s majority shareholders Haris Karonis and Makis Antypas maintain the majority stake of 51.5% and will continue to oversee the company’s operations.

JP Morgan will buy the stake from Viva Wallet’s minority shareholders, including 13% from Latsis family office, 24% from UK-based fund Hedosophia and 10% from Deca Investments.

As part of the transaction, JP Morgan is also converting Viva’s convertible loan note, which effectively eliminates its debt.

In January, JP Morgan announced the deal to buy Viva Wallet without disclosing the financial value of the transaction.

The cloud-based payments company, which focuses on serving small and medium-sized businesses (SMBs) operates in 23 countries across Europe, provides card acceptance services through its point-of-sale (POS) application, add-on Google play devices and advanced payment systems in online stores.

JP Morgan’s Payments business recently unveiled its brand for SMB payments, Chase Payment Solutions, in the US and the investment in Viva Wallet sets the stage to develop future international products and services across European SMBs.

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About Joe Palmisano

Joe Palmisano is Editorial Director for Connect Money, where he brings nearly three decades experience of market insights as a financial journalist, analyst and senior portfolio manager for leading financial publications, advisory firms, and hedge funds. In his role as Editorial Director, Joe is responsible for the selection of content and creation of daily business news covering the financial markets, including Alternative Assets, Direct Investment and Financial Advisory services. Before joining Connect Money, Joe was a financial journalist for the Wall Street Journal, regularly publishing feature stories and trend pieces on the foreign exchange, global fixed income and equity markets. Joe parlayed his experience as a financial journalist into roles as a Senior Research Analyst and Portfolio Manager, writing daily and weekly market analysis and managing a FX and US equity portfolio. Joe was also a contributing writer for industry magazines and publications, including SFO Magazine and the CMT Association. Joe earned a B.S.B.A. in Finance from The American University. He holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.
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