JP Morgan completes its share purchase of Greece's Viva Wallet

The 48.5 percent acquisition of Greek fintech firm Viva Wallet by American banking behemoth JP Morgan has been completed following a months-long process.

Minority shareholders Hedosophia (24 percent), the Latsis family (13 percent), and Deca (10 percent) inked a selling agreement with JP Morgan on Friday, according to Greek newspaper Naftemporiki.

Haris Karonis and Makis Antypas, the business's majority shareholders, have maintained their 51 percent interest and will continue to govern the company, they announced earlier this year.

Official statements about the deal that shook the Greek startup world are due this week.

Viva Wallet is Greece's first "unicorn" startup

When the Sales and Purchase agreement was signed last February, it made headlines. The deal was approved by Greek regulatory authorities in September.

Viva Wallet, which bills itself as "the first European totally cloud-based Neobank," became the first Greek "unicorn," a word used in the venture capital industry to indicate a private startup firm worth more than one billion dollars.

“Created to change the way businesses pay and get paid, we disrupt, innovate, and change the rules of the game within a fragmented financial ecosystem in Europe and the UK,” the startup explains on its website.

It has a presence in twenty-four European countries and employs over 600 people, offering services in nineteen different languages and accepting payments in ten different currencies. It is a Visa and MasterCard official member.

Viva Wallet earned € 44 million in revenue in 2020, which nearly tripled to over €130 million in 2021.

By fLEXI tEAM