JPMorgan Chase & Co. agreed to take a 49% stake in Greek payments firm Viva Wallet, the latest in the bank’s streak of acquisitions and investments as it seeks to stay ahead of the competition.
The deal is subject to regulatory approvals, and financial terms weren’t disclosed. Bloomberg reported in November that JPMorgan was weighing a potential investment in Viva Wallet, and that at the time Viva Wallet was considering seeking a valuation of at least $1.7 billion.
“The European payments landscape is fragmented yet large in terms of opportunity, with more than 17 million merchants ready to implement scalable payments solutions,” Takis Georgakopoulos, JPMorgan’s global head of payments, said Tuesday in a statement. “This is a big focus area for added growth.”
The announcement marks JPMorgan’s first deal in 2022, on the heels of its most prolific year for buying and taking stakes in smaller firms since at least the financial crisis. Chief Executive Officer Jamie Dimon has described a landscape full of competitive threats and said he’ll spend whatever it takes to stay ahead. That point was punctuated earlier this month by the firm’s higher expense guidance for this year.
Athens-based Viva Wallet focuses on serving small and medium-sized businesses in 23 European countries. Its services include bill pay, virtual debit card issuance and merchant cash advance.
JPMorgan’s payments business is focused on growing its merchant-acquiring capabilities in Europe. The stake in Viva Wallet “will set the stage to develop future international products and services across European” small and medium-sized businesses, according to the release.
Jefferies Financial Group advised Viva Wallet on the sale, according to the statement.
From outstanding individuals to innovative organizations, find out who made the final shortlist for top honors at the IN awards, now in its second year.
Cresset's Susie Cranston is expecting an economic recession, but says her $65 billion RIA sees "great opportunity" to keep investing in a down market.
“There’s a big pull to alternative investments right now because of volatility of the stock market,” Kevin Gannon, CEO of Robert A. Stanger & Co., said.
Sellers shift focus: It's not about succession anymore.
Platform being adopted by independent-minded advisors who see insurance as a core pillar of their business.
RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.
As inheritances are set to reshape client portfolios and next-gen heirs demand digital-first experiences, firms are retooling their wealth tech stacks and succession models in real time.