J.P. Morgan acquires 49 percent stake in Viva Wallet

J.P. Morgan announced an agreement to acquire a 49 percent stake in Viva Wallet, a European cloud-based payments fintech company. Financial terms of the transaction were not disclosed, and the deal is subject to regulatory approvals.

The strategic investment is intended to expand J.P. Morgan's merchant acquiring capabilities across Europe, focusing on small and medium-sized enterprises (SMEs). The move aims to introduce new value-added services and foster payments innovation for this market segment.

"We are very excited to make a strategic investment in Viva Wallet to support their vision to empower new growth and payments innovation targeted at European SMB and middle market merchant services clients," said Takis Georgakopoulos, Global Head of J.P. Morgan Payments. He noted that the European payments landscape is fragmented but presents a significant opportunity with over 17 million merchants ready for scalable payment solutions.

Founded in 2000 and headquartered in Athens, Greece, Viva Wallet operates in 23 countries. The company has developed a proprietary cloud-based platform offering services such as Tap to Device technology, merchant cash advances, and virtual debit card issuance.

This investment follows J.P. Morgan's recent announcement of plans to acquire a controlling interest in Volkswagen Financial Services AG's payments platform, signaling a broader push into the European payments market.