JP Morgan considering investment in Greek startup

By John Reynolds on Friday 26 November 2021

Digital Banking

The move by the US banking giant would mark its latest investment in the fintech sector, as it looks to invest in nimble startups to bolster its position in the market.

JP Morgan considering investment in Greek startup
Image source: Chase.

JP Morgan Chase is considering an investment in a Greek startup which offers banking and payments services, according to a report.

According to Bloomberg the US bank is one of several companies considering buying or partnering with Viva Wallet.

Viva Wallet is working with a corporate adviser to explore its strategic options, sources told Bloomberg, who said the Greek company is seeking a valuation of at least €1.5bn in any transaction.

The company has a presence in over 20 European markets and offers services including digital debit cards, business accounts and payment solutions for small businesses.

It is also an approved payment company for London’s black taxis.

Viva Wallet founder Haris Karonis is on record saying the company wants to “unify the fragmented European payments market”.

The move by the US banking giant would mark its latest investment in the fintech sector, as it looks to invest in nimble startups to bolster its position in the market.

Earlier this year, it agreed to buy UK-based digital wealth manager Nutmeg for around £700m and has also shelled out more than $1bn to acquire a 40 per cent stake in Brazilian digital bank C6.

It has also made investments in several smaller fintechs and in September this year launched its new digital banking brand Chase in the UK in a bid to take on the likes of Monzo and Starling Bank at their own game.

According to Viva Wallet's financial figures, its revenues increased 29 per cent to €44m last year.

Last year, Viva Wallet snapped up Greek digital lender Praxia Bank from former Barclays boss Bob Diamond’s investment firm Atlas Merchant Capital.

In April it garnered $80m in funding, which included investment from Tencent, along with European Bank for Reconstruction and Development (EBRD) and Breyer Capital. 

JP Morgan Chase and Viva Wallet declined to comment.

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