J.P. Morgan has acquired a 48.5% stake in Viva Wallet, a cloud-based neobank, alongside a €100m cash injection.
Following the close of the deal, Viva Wallet founders Haris Karonis and Makis Antypas will remain as the majority owners, with 51.5% of shares.
The deal sees J.P. Morgan also convert Viva Wallet’s Convertible Loan Note, enabling Viva Wallet Group to eliminate its debt.
Viva Wallet claims it was the first European entirely cloud-based neobank and is present in 24 European countries.
Its mission is to transform payments and unify the fragmented European payments landscape. The platform offers an omnichannel solution that supports both physical and digital transactions.
Some of the features include “tap-on-phone Viva Wallet POS app” and Smart Checkout services.
The FinTech company’s Share Option Plan means that 35,000 shares of $50m will be distributed among 200 of Viva Wallet’s employees.
J.P. Morgan is no stranger to the FinTech world. Earlier this month, the firm partnered with Trovata, a bank-connected platform that makes it easier for finance and treasury professionals to manage cash.
Through the deal, Trovata will host the Morgan Money corporate investing and trading solution on its platform.
J.P. Morgan also deployed a $150m credit facility into Lendbuzz, which is leveraging AI and machine learning to change car financing.
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