Cloud-based payments fintech firm Viva Wallet has built an extensive network across Europe, delivering card processing services and a proprietary payments platform used in 23 countries. As of January 25th, the company has another major stakeholder joining its founding leaders: JPMorgan.
Although specifics about the deal are still pending regulatory approval, sources describe the acquisition as totaling more than $1.15 billion. JPMorgan’s stake in the company, picked up from minority shareholders, adds up to approximately 49% of the company, indicating the founders will maintain their majority stake.
One arm of massive online service provider Viva Services, over the last few years Viva Wallet has snapped up competitors and built a thriving presence across the continent, all largely integrated with Google and Apple Pay. Besides its online store support and brick-and-mortar payment processing capabilities, Viva Wallet has made a name for itself with its digital business debit card offerings.
Takis Georgakopoulos, JPMorgan Head of Global Payments, pointed to the 17 million merchants across the European payments sector as a source of considerable opportunity for the global finance giant. “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 small and midsize businesses,” Georgakopoulos said in a statement by JPMorgan.