JPMorgan acquires 48.5% of Viva Wallet at $2 billion valuation
Greek and international press is abuzz recently about the mega-deal (the biggest ever in Greece) between JPMorgan and Viva Wallet. On January 25, 2022, JPMorgan agreed to acquire 48.5% of the Greek fintech Viva Wallet with EUR 800 million. The deal includes EUR 160 million investment by JPM in capital increase and EUR 71 million to cover the bond issued for Viva by Tencent, EBRD and Breyer Capital. The total investment by the American giant closes to EUR 1.02 billion. With this deal Viva Wallet is valued at $2 billion.
JPMorgan's investment acquires stakes of the minority shareholders Hedosophia, Marianna Latsi's family office and Deca Investments and will not dilute the founders' majority stake of 51.5%. The company plans to reward its employees with an impressive bonus of EUR 88.6 million ($100 million) in cash and stock options.
Naturally, this is big big news for the Greek innovation ecosystem, as Viva Wallet becomes the first unicorn in the country, with a valuation that would place the company in the top 20 Greek companies.
Viva Wallet started in 2000 as a software house for credit institutions and soon expanded to travel and entertainment payments. In 2014, Viva obtained a license as an electronic money institution and in 2020, the company obtained its banking license.